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  • G_M
    G_M Posts: 51,977
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    Birm Midshires web page says you have to use DD (3 days) to transfer £ in. Is that right or can you use Faster Payments?

    They say you can use Faster Payments to transfer out. But even that is next day...
  • skitskut wrote: »
    If you've just recently applied for the Birmingham Midshires 1.25% account, they'll automatically increase it to the currently on offer 1.30% rate.

    That's good of them. Never known that before!

    http://www.birminghammidshires.co.uk/existing-savers/interest-rates/available-accounts/?WT.ac=BMESIRAA3

    Quote:
    'If you have applied for a Internet Saver account between the 6th October 2017 and 20th October 2017, you will automatically receive the rates shown in the table effective from the 20th October 2017.'

    Had a quick look at it - It says variable rate so you need to watch it. It can go down as well as up and after a year it transfers to 0 (well .05%) so I see a fish them in then reduce account. Lots of vigilance (= work) required for small advantage. Not for me.
  • westv
    westv Posts: 6,061
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    Archi_Bald wrote: »
    PO are well known for making it as difficult as possible for anyone to get their money out. I will never again have any money in a PO account for that reason.

    That's interesting. I was considering them for some funds but that rather puts me off.
  • Looking at Junior accounts I notice there are some that prevent withdrawls by anyone until the child reaches 18 years old. This has the advantage that it can be used for relatives to save for the childs futre with the assurance that the funds will end up with the child. However the interest rates are variable.
    Has anyone had experiance of this type of account. Do banks treat these like other accounts and get money in then after a time start a new entry point and reduce the rates on existing ones. ie Do they have "Junior account 1" that has a high interest rate initially then introduce "Junior account 2" which also has a high interest rate initially then reduce the rate on "Junior account 1" and not let you move the money saying can't touch it because the child is not 18. Then progress on to account 3 etc
  • uptdale
    uptdale Posts: 152
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    PO are well known for making it as difficult as possible for anyone to get their money out. I will never again have any money in a PO account for that reason.
    They don't make it easy to pay money in either. Their dropdown menu seems to give you 2 options - "from your nominated account" or by debit card. But in the small print there is a third option, use internet banking from any account that supports it. So I experimented. "From your nominated account" means by direct debit, which takes days and days of lost interest, so avoid. Debit card takes a couple of days. But internet banking (which can of course be from your nominated account) goes through at once by faster payments. Wierd!
  • G_M
    G_M Posts: 51,977
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    uptdale wrote: »
    They don't make it easy to pay money in either. Their dropdown menu seems to give you 2 options - "from your nominated account" or by debit card. But in the small print there is a third option, use internet banking from any account that supports it. So I experimented. "From your nominated account" means by direct debit, which takes days and days of lost interest, so avoid. Debit card takes a couple of days. But internet banking (which can of course be from your nominated account) goes through at once by faster payments. Wierd!
    To be far, the drop down menu could not include Faster Payments as that would have to be set up via your originating (eg current) account.

    But there should be more publicity of the optiion.

    Birminham Midshires also don't make it clear. It took me 3 email queries before they admitted it was possible. Their website just mentions Direct debits.
  • westv wrote: »
    That's interesting. I was considering them for some funds but that rather puts me off.

    My experience earlier today may also put you off:

    I have an online savings account with the Post Office which I've held for a couple of months. Today was the first time I've tried to transfer funds out to my nominated account. When attempting to authorised the transaction I got the message "Transfer cannot be applied at this time".

    Called them up but no-one was available so I left a message to call me back, which they did. After going through the security questions, the guy on the other end said there was an IT problem with my account and he'd give tec support a call. After a 5 minute wait, he comes back on the line to say that they IT support team isn't in today because it's a bank holiday in the country where they work, I'll have to phone again tomorrow. I need to get the money transferred into another account to make a mortgage payment but this inept bunch have no IT support available for the whole of it's UK customer base, so I can't.

    Project for the rest of today is to find another savings account then close the Post Office account ASAP.
  • soulsaver
    soulsaver Posts: 5,872
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    skitskut wrote: »
    If you've just recently applied for the Birmingham Midshires 1.25% account, they'll automatically increase it to the currently on offer 1.30% rate.

    That's good of them. Never known that before!

    http://www.birminghammidshires.co.uk/existing-savers/interest-rates/available-accounts/?WT.ac=BMESIRAA3

    Quote:
    'If you have applied for a Internet Saver account between the 6th October 2017 and 20th October 2017, you will automatically receive the rates shown in the table effective from the 20th October 2017.'
    What's not so good is first deposit must be by cheque from your nominated linked account in your name.
  • ButtersUK
    ButtersUK Posts: 110
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    Such a pity that (with the exception of their monthly regular savings account) First Direct offer such paltry savings rates. Their customer service is beyond reproach. Been with them for 27 years and am constantly impressed at the service I receive online and on the phone.

    On the radio today it said HSBC (of which FD is a part ) made 4.6 billion dollars profit this year. Not surprised going by the rates they offer on savings.

    Regarding PO Savings, recent transactions have gone OK but in all the time I've had an account with them their customer service on the phone has never filled me with joy and there has always been an certain animosity in the air - unlike most of the other, mainstream, organisations who, generally speaking, have made me feel welcome and tried to help whenever possible.

    The above tale re. IT being off for the day is abysmal and does nothing to change my perception of them.
  • darren72
    darren72 Posts: 1,288
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    MSE are still listing Ulster Bank at 1.25% but this has been withdrawn from sale for new customers.
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