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Birmingham Midshires 4.95% with bonus for 12 mnths
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Zwicky
Posts: 73 Forumite
With interest rates falling on most savings accounts you might like to take a look at this Birmingham Midshires account ( https://www.askbm.co.uk )
Quote:
Manage your account online, access your funds at anytime and earn a high rate of 4.95% gross/AER.
Benefits:
Invest as little as £1 and earn a high interest rate of 4.95% gross/AER.
You'll receive a bonus of 0.65% for the first year.
Access your account at any time.
Make unlimited transactions with no loss of interest.
Transfer money effortlessly to and from your Internet Easy Access Account.
View full and mini statements.
£1 minimum investment Unlimited withdrawals permitted £1 balance required for top interest rate tier Gross/AER: 4.95%
Net: 3.96%
Apply
Interest rates effective from 12th April 2006
Things you need to know:
Rate includes a bonus of 0.65% for the first year.
Interest is credited annually on the anniversary of the account activation.
Maximum balance £5 million. Unquote
Amazingly the rate was 4.90% on Saturday but when I checked their web site today (expecting it might have been withdrawn) the bonus and the rate had increased by .05%!
Birmingham Midshires is part of Halifax which has recently reduced rates so this will probably not last for long.
Quote:
Manage your account online, access your funds at anytime and earn a high rate of 4.95% gross/AER.
Benefits:
Invest as little as £1 and earn a high interest rate of 4.95% gross/AER.
You'll receive a bonus of 0.65% for the first year.
Access your account at any time.
Make unlimited transactions with no loss of interest.
Transfer money effortlessly to and from your Internet Easy Access Account.
View full and mini statements.
£1 minimum investment Unlimited withdrawals permitted £1 balance required for top interest rate tier Gross/AER: 4.95%
Net: 3.96%
Apply
Interest rates effective from 12th April 2006
Things you need to know:
Rate includes a bonus of 0.65% for the first year.
Interest is credited annually on the anniversary of the account activation.
Maximum balance £5 million. Unquote
Amazingly the rate was 4.90% on Saturday but when I checked their web site today (expecting it might have been withdrawn) the bonus and the rate had increased by .05%!
Birmingham Midshires is part of Halifax which has recently reduced rates so this will probably not last for long.
That may have been what I said but what meant was.....
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Comments
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Looks like I made a grand choice ! I applied for this account over Easter glad the rate has already gone up
They must be trying to entice people from the fallout of other banks rate cuts e.g Cahoot.
I will be transfering my £30K in my Cahoot to this as soon as my account details come through.
Bonza !0 -
Just to note that the interest rate is variable, so it could go down. It's currently 4.95% but not guaranteed to remain at 4.95%.
The bonus is paid on the first year anniversary of opening the account, or on closure if that takes place before the year is up.Warning ..... I'm a peri-menopausal axe-wielding maniac
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Indeed, the bonus of 0.65% should keep it in good stead though even if they do reduce it a few months down the line.
The increase of .05% in the last few days shows that they want to get 'rate tarts' on board.
I will switch to another account once the 1 year bonus is up.
The good thing about this account is thats its a pure easy access account. You dont get penalised for making withdrawals unlike First Direct and HSBC online saver where they take 1 month's interest if you do.
I would lose out on £100 interest if I had to take out some cash for an emergency !0 -
Suprised they didn't go the whole hog and make it 5%. Much more pleasing on the eye.
I was with them for 14 years - savings and mortgage from the Birmingham & Bridgewater days. Having not missed a payment I'd hoped to stay with them (my misplaced loyalty) but they couldn't come close to matching Britannia's excellent flexible mortgage (BR+0.75% for life with attached savings account).
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
I was going to transfer my savings from the abbey a couple of years ago to Birm/mid what put me off was the identification required for me and my wife they wanted 4 different forms of id bills etc for each of us, that takes some doing, could not be bothered so I went to ing.
gary0 -
home_alone wrote:I was going to transfer my savings from the abbey a couple of years ago to Birm/mid what put me off was the identification required for me and my wife they wanted 4 different forms of id bills etc for each of us, that takes some doing, could not be bothered so I went to ing.
Most institutions (including BM) do electronic identity checks now, and only ask for physical ID if that fails for some reason. If you've moved recently, or aren't on the electoral roll, perhaps.
The authorities must have realised what an absolute pain it was to make banks insist on physical documentation, as they did when the money laundering rules came in.0 -
Stonk wrote:Most institutions (including BM) do electronic identity checks now, and only ask for physical ID if that fails for some reason. If you've moved recently, or aren't on the electoral roll, perhaps.
My partner and I both applied for accounts with BM a few days ago. My partner has been asked for proof of id and it's true the requirements are pretty onerous. Because all our utility bills etc are in my name she can only comply by providing a certfied (this means signed by an acceptable authority such as a bank, using an exact form of wording etc etc) document such as a passport or driving licence.
I was accepted without any request for proof of id. This could be because I have accounts with Halifax which BM is owned by. However, my partner has various accounts including HSBC, First Direct, Cahoot and IngDirect so the electronic id check is obviously not that extensive.That may have been what I said but what meant was.....0 -
Do not try to transfer large amounts to Birmingham Midshires with the initial transfer. It takes 10 working days for the initial transfer to go through because it is made by direct debit from your nominated account and 10 days is how long BM allows for the DD to be set up.
It is possible however, to transfer amounts by other means (BACS or CHAPS) as soon as you have the account number and sort code and they should take no longer than normal.
My initial transfer of £1 will not go through until May 2nd but I initiated a transfer from my Cahoot account on April 25 and it arrived in my BM account on April 28.That may have been what I said but what meant was.....0 -
I have just activated a BM Account...my first with them.. and have to wait a few more days for the opening fund to go in..Can I still take on a Fixed Bond with them straightaway or do I need to have my account up and running first..Thanks in advance.....Gerry and Dianne in that order;)0
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Zwicky wrote:It is possible however, to transfer amounts by other means (BACS or CHAPS) as soon as you have the account number and sort code and they should take no longer than normal.
My initial transfer of £1 will not go through until May 2nd but I initiated a transfer from my Cahoot account on April 25 and it arrived in my BM account on April 28.
I would also like to transfer some money directly from my cahoot account rather than re-routing it through my linked current account (I think I'll test with £1 first) but I can't figure out the sort code for Birmingham Midshires and am sick of waiting on the phone. I'm annoyed they didn't include it in the letter and can't find it anywhere on the website. I'll have to try again just before 8pm when it's quieter.0
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