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Are savers frantically opening up fixed accounts?

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Comments

  • evenasus
    evenasus Posts: 11,866 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    sheilanick wrote: »
    I already have Isa's with Halifax about £35000 in total.

    I have a further £45000 which I was going to invest in the Saga fixed rate bond at 6.85% and I have the application form ready to return..BUT am I right in thinking that there is a link between Halifax and Saga, which may affect the £50000 compensation limit? In which case, should I restrict my investment to under £15000?

    Yes, unfortunately they share the same FSCS licence.
  • silvercar
    silvercar Posts: 49,915 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Still waiting for the paperwork from Birmingham Midshires after applying online cash ISA last week. Hope they honour the rate!
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • ~Chameleon~
    ~Chameleon~ Posts: 11,956 Forumite
    10,000 Posts Combo Breaker
    silvercar wrote: »
    Still waiting for the paperwork from Birmingham Midshires after applying online cash ISA last week. Hope they honour the rate!

    I received my paperwork for the ISA this morning, and yes they're honouring the rate as long as you get the signed papers and deposit back to them by 30th November.

    I'm just a little confused as to how they will handle receiving a cheque that has come from an Icesave ISA though, as they included a form to send off to exisiting ISA provider to request transfer, which is obviously of no use in our case. I've tried calling them to clarify but not able to get through to a human being at mo.

    Has anyone else spoken to them about transfering in Icesave ISA funds?
    “You can please some of the people some of the time, all of the people some of the time, some of the people all of the time, but you can never please all of the people all of the time.”
  • KingL
    KingL Posts: 1,713 Forumite
    Yes, I asked the question to a couple of their bods last week. They both went away and checked with someone else. The first one said they didn't have a process yet but to apply for the application forms so at least you have got a foot in the door. The second (a couple of days later) said you will be able to send them a cheque along with your letter from the FSCS and that will count as a transfer in.

    They thought that you can submit the application form now (with zero funds) and state on it that you will be transferring in.

    It all sounded like it was still a bit evolutionary, mind. Worth checking again, probably.


    I spoke to them before they withdrew the ISA application forms. Are they saying you have to have all the funds in by Nov 30 for the ISA as well as the Fixed Rate?
  • prixon
    prixon Posts: 54 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I noticed that Kent Reliance BS are still advertising 1 and 2 year fixed rate bonds at 6% - you can download the application form but have to apply by post, has anyone done this? Just wondering how efficient they are.... Also it doesn't seem to say anything about what happens to applications in transit when they pull the issue.
  • ~Chameleon~
    ~Chameleon~ Posts: 11,956 Forumite
    10,000 Posts Combo Breaker
    KingL wrote: »
    I spoke to them before they withdrew the ISA application forms. Are they saying you have to have all the funds in by Nov 30 for the ISA as well as the Fixed Rate?

    Sorry, yes you're right, it's me just confusing the two accounts. It is the fixed rate account that needs forms/deposit by 30th Nov.
    “You can please some of the people some of the time, all of the people some of the time, some of the people all of the time, but you can never please all of the people all of the time.”
  • Veryunique_2
    Veryunique_2 Posts: 95 Forumite
    I sent BM my forms, ID and cheque on 7th - only a week but seems like a lifetime. No response yet and cheque not cashed.

    I hope this is not going to be a rerun of the 3 week wait experienced after the NR debacle when building societies were last inundated and unable to cope with the volume. I don't think it would be a good idea to leave deposit until last minute.
  • KingL
    KingL Posts: 1,713 Forumite
    I hope this is not going to be a rerun of the 3 week wait experienced after the NR debacle

    It probably will be - the last set of application forms they send out were stamped with

    "Please note: Due to exceptionally high demand, it will take up to 10 banking days to process your application. If you contact us by telephone we will be unable to confirm receipt of your application."

    Presumably as long as your envelope has hit their mailroom by the 30th you will still get the rate, even if you don't find out about it until after Christmas!
  • ~Chameleon~
    ~Chameleon~ Posts: 11,956 Forumite
    10,000 Posts Combo Breaker
    Originally Posted by KingL viewpost.gif
    I spoke to them before they withdrew the ISA application forms. Are they saying you have to have all the funds in by Nov 30 for the ISA as well as the Fixed Rate?
    Having now received both sets of paperwork for ISA and fixed rate, the ISA letter states:
    Remember, to take full advantage of our latest rates, please return your application without delay.
    It doesn't give a specific closing date. Whereas the fixed rate account letter states:
    Remember, to take full advantage of our latest rates, please return your application by 30 November 2008.
    It also says on both letters that it will take 10 banking days to process applications and they will be unable to confirm receipt of applications by telephone.
    “You can please some of the people some of the time, all of the people some of the time, some of the people all of the time, but you can never please all of the people all of the time.”
  • Berty
    Berty Posts: 67 Forumite
    I always send my apps by registered post. You can track it through the royal mails site to see if its got to them.
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