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Bradford & Bingley - don't lose out to inertia!
emphatiC_hanK
Posts: 74 Forumite
Bradford & Bingley's latest e-savings ISA, catchily (?) entitled eISA (3), now pays 0.35% extra for balances over £10,000, as opposed to any of the earlier (now discontinued) versions of its e-ISA accounts
These earlier incarnations are the esavings ISA, and eISA (2), which will still be held by the majority of savers, as although the old versions no longer allow new accounts to be opened, the exisiting accounts remain.
So that's a very reasonable 5.90% AER for higher balances (and a reasonable, but not-quite-so-good 5.55% for lower balances.)
It's the usual 'trick' of leaving the older accounts less competitive, and then having a better headline rate to bring in new customers.
However, we savvy savers like to remain one step ahead, do we not?
Therefore, it would be worthwhile, unless you're going to switch anyway, to transfer to the new eISA (3) account, which can be done by signing in to your online account as usual and look for the eISA (3) link, which is down towards the bottom right of the account summary page (if I recall correctly.)
This change to the most recent reincarnation of their account is worth an extra £35 per annum for each £10k you have in your account.
I hope this is useful to some other MSE ISA savers.
:A emphatiC_hanK :A
These earlier incarnations are the esavings ISA, and eISA (2), which will still be held by the majority of savers, as although the old versions no longer allow new accounts to be opened, the exisiting accounts remain.
So that's a very reasonable 5.90% AER for higher balances (and a reasonable, but not-quite-so-good 5.55% for lower balances.)
It's the usual 'trick' of leaving the older accounts less competitive, and then having a better headline rate to bring in new customers.
However, we savvy savers like to remain one step ahead, do we not?
Therefore, it would be worthwhile, unless you're going to switch anyway, to transfer to the new eISA (3) account, which can be done by signing in to your online account as usual and look for the eISA (3) link, which is down towards the bottom right of the account summary page (if I recall correctly.)
This change to the most recent reincarnation of their account is worth an extra £35 per annum for each £10k you have in your account.
I hope this is useful to some other MSE ISA savers.
:A emphatiC_hanK :A
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Comments
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Have any existing B&B eISA customers made the switch to the new ISA?
If so, can you please confirm whether setting up the new account and transferring the old eISA is as simple as doing so for the internet saver account switch?
If it's not a case of almost instant set up and transfer, I may as well seek out a new provider with a better rate.0 -
Have any existing B&B eISA customers made the switch to the new ISA?
If so, can you please confirm whether setting up the new account and transferring the old eISA is as simple as doing so for the internet saver account switch?
If it's not a case of almost instant set up and transfer, I may as well seek out a new provider with a better rate.
What an absolute nightmare! They certainly don't want to make it easy for you to switch to their new better paying account!
First of all it wasn't obvious how to switch online.
Then I finally discover the link on the account page (well hidden away.)
This seemed to suggest everything would be done automatically within 48 hours.
However, an email enquiry I had sent earlier contradicted this, and sure enough I received a letter from them saying I had to fill out a form.
I have now done this, but to say that the process is full of contradictions would be an understatement!
If I were you I'd be tempted to find somewhere else that took their existing customers a bit more seriously!0 -
Thanks emphatiC_hanK.
Are you saying they send you a form in the post in addition to the online application form? What more info are they asking for?
How long did the whole process take before your new account was set up with balance showing?0 -
Thanks emphatiC_hanK.
Are you saying they send you a form in the post in addition to the online application form? What more info are they asking for?
How long did the whole process take before your new account was set up with balance showing?
They are insistent now (even though the online process didn't mention it) that they do require a signed form from me.
I have now filled in that form and posted it off and am awaiting confirmation that they have done the switch.
Surely the process should be simpler when you're not transferring between two different institutions, and the transfer is between different accounts offered by the same provider?
I think that I'm going to give serious consideration to finding an alternative provider once this debacle has finally been sorted out.
:A emphatiC_hanK :A0 -
They just use the same system as for transfering from an ISA with another provider.
How long before they start issue 4 and make issue 3 obsolete ?:eek:0 -
HanK, I'll be interested to hear if you lose any interest during this process. You shouldn't but it wouldn't surprise me if they do something bizarre like raise a cheque to themselves for the transfer and you are penalised during the clearing period. Stranger things have happened....0
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I notice B&B have a fixed rate 1 year 5.75% ISA as well. I think that maybe that is only available for new money paid in. It might be worthwhile as UK interest rates are bound to fall and the 5.90% payable on eISA issue3 will go down to 5.65% or lower.0
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Yes, very numpty question. This was my first ever ISA and I was a bit lax with the paperwork.
I opened it on 11 September 2006 and it's only got one years allowance in there plus a bit of interest (£3, 168.88 to be exact). I don't believe I have any of the paperwork and I can't see on screen what issue it is or what the current interest rate is.0 -
Ring them up and ask them for the exact account name - they will probably want the account number, but should be able to tell you the account type from that.0
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I'm still waiting...
Surely it shouldn't take so long for an INTERNAL ISA transfer???
I'm beginning to wish that I had transferred out to another provider, and I will certainly be giving that option some serious consideration as soon as this situation is resolved.0
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