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Allan Hailstone

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Review of the Charter Savings Bank, Fixed Rate Bond:

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Good rates but slow transactions.

Charter has good products, but the main complaint I have is that they use BACS for payments instead of Faster Payments. This means that if you action a withdrawal on a Friday, you will receive the funds on Tuesday, instead of immediately with the Faster Payments system used by other banks. If a Bank Holiday intervenes you can wait 5 or even 6 days. If you want to transfer from one Charter account to another (on a Thursday or Friday) you must wait 4, 5 or 6 days and then send the money back to Charter. By that time another weekend may have intervened. Reviewed on: 4th July 2016

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