Advanzia Bank Lux Paying 3.40% AER Instant Access for First 3 Months

My funds have lodged into the account today. Should I set a reminder to withdraw the funds on January 19th 2024 which is 6 months plus one day from now?
 
In case anyone is waiting / thinking of opening. For me this was 9 days, 7 working days between me emailing on the required docs and getting the account opened email. I am not sure is the 31st July deadline for starting the process or funding the account. Maybe the rate will be extended or increase again.
 
Looks like they are badly swamped and unable to cope. I completed and submitted an online application on 6th July. I posted the AML and Tax documents (by registered post) on 7th July and these were delivered on 18th July. I emailed Advanzia on 21st July requesting an update. I received a reply by email today 26th July saying that they were unable to locate my application on their system. I also tried calling on a number of occasions over the last week and on every occasions the calls rang but were unanswered, even after holding as long as 10minutes. I have €100k on hand since 6th July waiting to lodge, but it looks like I'll miss the deadline. Loss to me is six months at the premium rate. Fortunately I have a good paper trail and it looks like I'll be talking to the CSSF next week.
This kind of response does leave you wondering about the desirability of dealing with these outfits. I appreciate that the capital is secure by dint of the DGS, but supposing you wanted a withdrawal in a hurry, or had some other routine request ?
 
Lightyear paying 3.0% interest from nxt wk. And an awful lot easier to deal with than Advanzia. Makes you wonder.
 
khairabar said:
Lightyear paying 3.0% interest from nxt wk. And an awful lot easier to deal with than Advanzia. Makes you wonder.
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Can you clarify - makes you wonder what? I'm not sure about compensation payout deadlines (not 10 days like deposit guarantees?) and protection only up to €20k are reasons I would have for keeping my deposits with an actual bank.
 
@Lightning Advanzia now up to 3.66%. B******* not retrospectively for current customers.

Also - no mention of 6 month limit - I wonder have they abandoned the "intro" aspect, which would be great. But if they have variable rates for different customers, it's hard to see how they can ultimately prevent customers that withdraw funds, lodging them again for new rates?

Edit: Ignore, fine print still states 6 months. I do wonder after 6 months is up how they will treat "current" customers for re-lodging though.
 
@podgerodge - Thanks. B**** indeed!! Best buys updated.

I finally got around to opening an account in July. It took a phone call to get them to action the account opening docs. Their online banking is very basic to say the least. Anyways, the rate is great for now.

Will be interesting to see what they do after 6 months to retain customers.
 
Well I had planned to open a Raisin account this week but 3.66% instant access has me on the fence.

A couple of things bothering me with Advanzia though; sensitive documents having to be sent by post or email. Any reputable security conscience bank should have an upload facility internally via their website or app.

Also they are not listed on the Credit Institutions Register here.

All the Raisin partner banks are registered here.

https://registers.centralbank.ie/prerenderedreports/2.pdf
 
Lisboa said:
A couple of things bothering me with Advanzia though; sensitive documents having to be sent by post or email. Any reputable security conscience bank should have an upload facility internally via their website or app.
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Hi Lisboa. This isn’t the reassurance you are seeking. I’ve posted previously in this thread about my ongoing experience with my Advanzia application. The latest (as of Friday last) is that they can’t find my application and they can’t find my AML and Tax documents. This makes little sense as I last week (1) sent them a copy of the “Thank you for your application for an Advanzia savings account !” (the exclamation mark is theirs) screen which I grabbed immediately after submitting my application (Showing all details I entered, name, address, PPSN, email and phone number, birth and residency details etc. and (2) a copy of the Post Luxembourg delivery confirmation of the package containing my AML and Tax documents which I had sent by registered post. I currently waiting on them to check one more time before going the formal complaint route. I know that others have had more success with them, but thats my experience for what its worth.

By the way I agree 100% with your concern re sending the AML and Tax Info by email - that’s absolutely nuts and no way would I do it.
 
Shouldn't Advanzia (or Raisin bank partner BFF) be in Section 2 (a) or (b) - I don't see Advanzia there, I see BFF, but only under "non deposit taking activities" ?
 
Not really a great comparison either. Lightyear is a broker not a bank. Euro deposits with Lightyear do not have the benefit of the €100,000 cover which the DGS provides. These are two very significant differences which make a simplistic comparison disingenuous if not dangerous.

For completeness, I’ll mention that Lightyear is covered under the Estonian Investor Protection Sectoral Fund, which has different rules and a much lower limit when compared with the DGS.
 
podgerodge said:
Shouldn't Advanzia (or Raisin bank partner BFF) be in Section 2 (a) or (b) - I don't see Advanzia there, I see BFF, but only under "non deposit taking activities" ?
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Anyone know story on this? Separately, I couldn't log into Advanzia last night at all, "general errors". I know it could and has happened to loads of banks but ...
 
Does Advanzia send any kind of email on the 1st of each month to tell you how much interest has been earned?
 
PoundMan said:
Does Advanzia send any kind of email on the 1st of each month to tell you how much interest has been earned?
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On 5th July I got the June statement, in fact, while the statement showed the interest applied on 30th June, I don't think it was visible until 5th July. No interest showing yet for July for me, so I am assuming some time this week too.
 
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