BM Savings - deposit and linked account

Application mentions the need for a current account with a cheque book as the first deposit must be made by cheque for ID verification. Is this really the case? First time I've ever seen such a requirement.

Can there be multiple linked accounts or only one?

How easy is it to change the linked account? (Does it need writing a letter)

Does the linked account have to be the same as the one set up for regular DD?

Comments

  • xylophone
    xylophone Posts: 44,140
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    I recently made an application on line - an e mail was sent to say the application was successful and to await postal communication.

    The first communication confirms the account number and tells you that the DD will be set up on the linked bank account and to await a further postal communication which will enclose a form requiring your signature and inviting you to send the cheque drawn on the linked account.

    Once this has been received it will then take several more days before money can be paid in or taken out of the account...

    And be careful to check the BM telephone number on that first letter - mine had the wrong number (old stationery apparently)....

    I am awaiting the further communication......
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    OP, suggest you read the T&Cs again as most/all of your questions appear to be answered in condition 6.1 do they not?
  • elouisecc
    elouisecc Posts: 20 Forumite
    Cheers for that xylophone.

    Sounds a bit too much like Post Office to me. Not worth the extra 0.09% over Virgin which was a breeze.

    Won't bother. Thanks.

    YB, I was asking for real world experience.

    Right, time to get out before the usual crew come to tell us all about high paying current accounts.
  • xylophone
    xylophone Posts: 44,140
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    high paying current accounts.

    Been there, done that, and got the regular savers....:)
  • As far as I am aware, all online saving accounts need a linked current account to transfer money out of the savings account.

    I recently opened a BM Savings account and once it is up an running, you can pay money into it from ANY account but can only withdraw to the linked account.
  • Ifts
    Ifts Posts: 1,950
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    I recently opened a BM Savings account and once it is up an running, you can pay money into it from ANY account but can only withdraw to the linked account.

    Also I find using the Faster Payment method (from any account that offers FP's) the money gets credited quicker to my BM Savings account than using the linked account. Like you I just use the linked account for withdrawals.

    This from the BM Savings website:
    I want to make a deposit. What are your bank details?

    For payments through the Faster Payments Service:
    Sort Code 20 97 78
    Account Number 00968773

    For telegraphic transfers:
    Sort Code 20 97 78
    Account Number 10968870

    You must quote your personal account number as your reference
    http://www.bmsavings.co.uk/existing-savers/managing-your-account/general-account-management/?WT.ac=BMESMYAGAM3#bank-details
    Never let the perfume of the premium overpower the odour of the risk
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