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Review of the Charter Savings Bank, Fixed Rate Bond:

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Very BAD first impressions

It appears the only good thing about CSB is their competitive interest rates. That is, if you can manage to open an account with them in the first place. The application process on their website is very cumbersome and full of glitches, at every step. Ridiculously, they ask for 3 security questions but limit the answers to strictly no spaces and a certain number of characters. Makes no sense if your answers require two words or more. But the frustration doesn't end there. In my case, their system wouldn't recognise my nominated current account (odd, given that another Saver I opened with a different bank recently had no troubles at all), but to add insult to injury, they then demand you post (signed delivery) bank statements to their office as evidence. As it happens, my current account is a digital bank and they don't post out paper statements. I mean, come on, it is the 21st century is it not? I find it somewhat hypocritical that CSB (an online bank, no less) insists on such dated procedures. I thought I was opening an account with a modern, digitally-friendly bank. But, clearly not. According to their paperwork, they respond to queries via email within 2 working days. Well, they don't respond within this timeframe as I discovered, and I'm not waiting around to find out if they can be bothered to assist later. First impressions are everything. They can forget my application now. Best depositing cash with a more reliable and efficient bank! Charter Savings clearly have a long way to go before they're up to the standards of other digital/online banks. In the meantime, I'd recommend AVOIDING. Don't be tempted by their interest rates – you'll regret it. Reviewed on: 27th June 2023

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