Quinn Regular Savings - opening payment?

[Darando]

Have decided to open a QL Savings policy for a certain amount each month, along with an initial lump sum to begin - have been told via letter that to open the account only a cheque/draft will do, credit transfer is only available to customers outside the country!!! (even though they have sent me their account details!!!!!!!!!!! why is this so?

Im guessing its their policy but just in case has anyone else have this issue? Pain to have to go to the bank to get a draft!!

 

[xpot4]

i'd say it's there policy i opened a lump sum with them in january and had no problem with them

 

[ClubMan]

How did you pay the lump sum if not by cheque?

 

[xpot4]

i paid by cheque

 

[ClubMan]

So how is that of any relevance to the original poster's query!?

 

[cork]

What type of interest rates do these accounts give?

Any restrictions?

 

[ClubMan]

QL Freeway funds are not deposit accounts so don't offer any interest rate. They are unit linked index tracking funds so returns and capital are not guaranteed.

 

[Darando]

Eventually got this sorted - I must have been talking to a newbie on customer service the first time I called! They do accept a credit transfer for opening payment - its terrible that some companies can have people that don't know about their own products and T&Cs.

Very annoying.

 

[ClubMan]

So how do you go about sending the initial lodgement by credit transfer - e.g. what details do you put on the application form?

 

[Darando]

I think you are supposd to fill out the direct debit form, then ring them and they give you the sort code/acc number for initial lodgement. Something like that!!

As I said its not very clear - they do mention to ring them for info on credit transfer but thats all.

 

[mmalaka]

Is this a Reguler Saver account or investment plan???!!! How much its %??

 

[ClubMan]

It's a regular contribution investment plan that invests the money in one of a number of unit linked index tracking funds offered by QL. All the info about these products is available on their website. There is no capital or return guarantee and so to talk in advance of % returns is meaningless since future performance cannot be predicted. This is not a deposit account!