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Birm Midshires/Saga fixed-rate cheque clearance times
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earlgrey_3
Posts: 583 Forumite
I've just got an application form from Saga for their 6.85% fixed rate account. It says applications will take up to 10 banking days to process which means I could have a chunk of cash sitting in a current account losing £10 a day in interest for up to 12 days. Intend opening second account for wife potentially losing another £10 a day.
Rang and they say applications should be in by 30 November for rate to be honoured but they can't predict when my cheque will be presented.
Anyone had recent experience of BM/Saga to suggest a sensible time to have cleared funds available to minimise loss of interest? Don't think transfering funds in after the account is set up is an option.
Rang and they say applications should be in by 30 November for rate to be honoured but they can't predict when my cheque will be presented.
Anyone had recent experience of BM/Saga to suggest a sensible time to have cleared funds available to minimise loss of interest? Don't think transfering funds in after the account is set up is an option.
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Comments
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'Clearing' here doesn't refer to interest, it refers to drawing the cash out again. They are obliged to pay you interest from the third* working day.....
[*Ho,ho,ho! and they call it the '[URL="http://www.chequeandcredit.co.uk/246/"]2-4-6[/URL]' system].....under construction.... COVID is a [discontinued] scam0 -
According to my application letter it says - in bold - that new account will be opened and initial cheque will be deposited within 5 banking days of receipt of application.
Interest from 2nd banking day after account opening0 -
Mine received today says 10 days (Saga). Was told it had normally been 5 days but they are currently processing applications received on the 4th (8 days/6 banking days?).Old_Slaphead wrote: »According to my application letter it says - in bold - that new account will be opened and initial cheque will be deposited within 5 banking days of receipt of application.
Interest from 2nd banking day after account opening0 -
my BM bond said 5 days. They should have received application + cheque yesterday. I made sure cleared funds were in current account by today.
I'm monitoring to see how long it stays in current account, it looks like it will be longer than 5 days.0 -
By the time I get my app in I'm sure the rush will have cooled and they'll be down to just a few days anyway0
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Wish I had known that I had until the 30th. I had intended to use the money in HSBC online saver account but did not want to pull it before end of month because of loss of interest. Instead I pulled funds from elsewhere. I could have made sure funds were in HSBC current account on 1st and application form in by end of month.
Still I'm happy that I secured the rate anyway.0 -
Mine received today says 10 days (Saga). Was told it had normally been 5 days but they are currently processing applications received on the 4th (8 days/6 banking days?).
My mothers application recieved yesterday says 10 days also, i rang Saga & its purely down to the high demand since the interest rate decrease last week. My mother applied online 2nd Nov. Sent cheque off last night so just have to wait now.chaps £20k out KE 06/10 in A&L 06/10 same day0 -
just checked status with them - recorded message still says 10 days. Spoke to someone on phone who said it is currently 7 days ( that is banking days ), so hoping mine will be set up by Thursday.0
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Hmm... I have this problem too. Received the paperwork for my BM 1 yr bond on Sat morning. I called BM and asked about the 10 days. The guy I spoke to told me that the cheque would be cashed immediately on receipt (subject to usual 3 days clearing) so I won't be without interest for 10 days, just 3. They should have received my chq by yesterday so hopefully they will pay me interest from Thursday, even though the account may take 10 days to be fully opened. Hope he's right - he was a young chap. Anyone else called them and asked the same question?0
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They should have received my form/cheque on Tue 11th. Money left current account today, so don't believe what they told 'cheque would be cashed on receipt'.0
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