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Birmingham Midshires 5 year bond in email

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Comments

  • Sauveur
    Sauveur Posts: 35 Forumite
    Fred_Bear wrote: »
    Sauveur - where did you get that date from? I am not due to receive funds into my current account until the 23rd so I will need to time my cheque very carefully!
    Fred

    I was told that by someone at the BM call centre. I think they just have to receive your cheque and application form by that date so if you plan it carefully you should be fine, although a word of warning - a cheque I wrote to Northern Rock left my account after 2 working day so you will just need to keep an eye on things.
  • OnlyMe_08
    OnlyMe_08 Posts: 283 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    dougz wrote: »
    Sorry but it seems not, there would be more tax than you calculated, so the net interest is less.

    OK, let give it another shot:

    £30000 for 1 yr at 5.15% gross
    £1545 gross interest
    £309 tax on interest
    £381 90 day gross interest penalty
    £855 net interest receivable

    So this would effectively be 3.56% gross?
  • Sauveur
    Sauveur Posts: 35 Forumite
    OnlyMe_08 wrote: »
    OK, let give it another shot:

    £30000 for 1 yr at 5.15% gross
    £1545 gross interest
    £309 tax on interest
    £381 90 day gross interest penalty
    £855 net interest receivable

    So this would effectively be 3.56% gross?

    I agree with that calculation.
  • Sauveur
    Sauveur Posts: 35 Forumite
    By my calculations these are the following annual gross interest rates if you withdraw your money at end of each year.

    Year 1 3.56%
    Year 2 4.36%
    Year 3 4.62%
    Year 4 4.75%
    Year 5 5.15%
  • shropsboy
    shropsboy Posts: 34 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Hello. I have applied for the Birmingham Midshires 5 yr bond and have received the paperwork today. I'm wondering if I should transfer £7000 from my cash ISA into this as well as it's only paying 2.6%. Is that a wise suggestion or not? :rolleyes:
  • KingL
    KingL Posts: 1,713 Forumite
    Up to you. But if you are paying 50% tax in 5 years time, you might wish you had kept as much as possible in a tax free wrapper, is all....
  • kar999
    kar999 Posts: 708 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    I have an outstanding AA application to submit once I receive their forms.

    I called and they confirmed the application and cheque has to be received by 23rd which is very tight given the potential postal strike. Fortunately for me, their postal address is only down the road from me at the BM head Offfice so they will let me deliver it by hand!
    If the ball had gone in the net it would have been a goal.
    If my Auntie had been a man she'd have been my Uncle.
  • Fred_Bear_2
    Fred_Bear_2 Posts: 392 Forumite
    kar999 wrote: »
    Fortunately for me, their postal address is only down the road from me at the BM head Offfice so they will let me deliver it by hand!

    kar999 - The address I have is PO box 183.... WV9 5BR. How do I deliver to this address by hand? I can't find this postcode and the Post Office website tells me this postcode is invalid.
    Fred
  • kar999
    kar999 Posts: 708 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 15 October 2009 at 2:14PM
    Hi Fred.

    You should have a prepaid envelope... I haven't got mine yet which is for an AA apllication but she said the address was a PO box number on Penderford Business Park which I know is BM's HQ as I know the business park and building. She said it would be OK to hand it into reception.

    Personally I would double check it is OK before leaving it, explaining your concerns about the postal strike. I'd hate it to be left there if it wasn't going to get processed by the correct department by the 23rd. I believe there are different PO box numbers for the same building and the first parts of the postcode indicate they are more or less one and the same... WV9 5...


    Head Office Address :
    Birmingham Midshires Corporate Centre
    P.O. Box 81,
    Pendeford Business Park
    Wobaston Road,
    Wolverhampton WV9 5HZ
    Ownership : HBOS group
    Phone : (01902) 302000 /0845 850 0059
    Fax : (01902) 302811
    If the ball had gone in the net it would have been a goal.
    If my Auntie had been a man she'd have been my Uncle.
  • DomTom
    DomTom Posts: 299 Forumite
    i'm not sure where this 23/10/09 came from, i rang up this morning asking about the "deadline" and he said i needn't worry as although they've closed the account so that no one could apply anymore, and that i had roughly 3 weeks to send in my cheque, and that they hadn't been given a cutoff date yet.
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