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  • FIRST POST
    • kelvinwebb
    • By kelvinwebb 19th Dec 17, 10:40 AM
    • 44Posts
    • 9Thanks
    kelvinwebb
    Birmingham Midshires warning
    • #1
    • 19th Dec 17, 10:40 AM
    Birmingham Midshires warning 19th Dec 17 at 10:40 AM
    After using my favourite money site (no not moneysupermarch!, this one! [oo I wonder if it is actually called that in France] ) I opted to open an account with Birmingham Midshires to stick my savings in as my Virgin ISA interest rate just fell off the edge of a cliff.

    Ok I was a bit late in getting round to it but it has taken BM 1 MONTH(!) to open the account which means it has cost me more than £100 in lost interest to go with them! This has negated any benefit in the meagre 0.05% higher rate than the next firm down in the list.

    So be warned before you condsider going with them.

    Paperwork was slow coming from them, then they require a cheque (who uses cheques in these days of near instant transactions on internet banking?), trust me people, more hassle than it is worth *awaits replies of people who have 'always had no bother with BM' etc etc
Page 1
    • EachPenny
    • By EachPenny 19th Dec 17, 11:52 AM
    • 4,067 Posts
    • 8,281 Thanks
    EachPenny
    • #2
    • 19th Dec 17, 11:52 AM
    • #2
    • 19th Dec 17, 11:52 AM
    After using my favourite money site (no not moneysupermarch!, this one! [oo I wonder if it is actually called that in France] ) I opted to open an account with Birmingham Midshires to stick my savings in as my Virgin ISA interest rate just fell off the edge of a cliff.

    Ok I was a bit late in getting round to it but it has taken BM 1 MONTH(!) to open the account which means it has cost me more than £100 in lost interest to go with them! This has negated any benefit in the meagre 0.05% higher rate than the next firm down in the list.

    So be warned before you condsider going with them.

    Paperwork was slow coming from them, then they require a cheque (who uses cheques in these days of near instant transactions on internet banking?), trust me people, more hassle than it is worth *awaits replies of people who have 'always had no bother with BM' etc etc
    Originally posted by kelvinwebb
    How have you 'lost' £100 interest?

    The T&C's were fairly clear about the account opening process and the need to send a cheque to verify your identity. It was also clear that the cheque didn't have to be your one and only deposit into the account, a cheque for £1 would do just as well. Your £80+k could have been sitting in the next best savings account earning interest until the BM account was open, and once open and with full access you could just transfer the money across.

    If you mean you've lost one month's worth of the 12 month 1.45% rate then it remains to be seen exactly when the clock starts ticking. And a lot of people have probably opened the account fully expecting 1.45% not to be the best interest rate around in 12 months's time, so the end date of the bonus is possibly academic.

    At most you should only lose the 0.05% difference for one month, which I make to be somthing slightly over £3?
    "In the future, everyone will be rich for 15 minutes"
    • 18cc
    • By 18cc 19th Dec 17, 12:14 PM
    • 167 Posts
    • 107 Thanks
    18cc
    • #3
    • 19th Dec 17, 12:14 PM
    • #3
    • 19th Dec 17, 12:14 PM
    I have to agree the BM account opening procedure is dinasouric (if that's a word). When you consider you can open eg an Atom or Starling account in practically minutes...

    I applied for a Halifax credit card - another slow institution. A month down the line I was still sending signed bits of paper back, and the postman was wheelbarrowing paper-printed T&Cs down the driveway.
    • Heng Leng
    • By Heng Leng 19th Dec 17, 12:52 PM
    • 4,310 Posts
    • 1,324 Thanks
    Heng Leng
    • #4
    • 19th Dec 17, 12:52 PM
    • #4
    • 19th Dec 17, 12:52 PM
    Pay the minimum by cheque then FP in the remainder once the account is up and running.
    • martin177
    • By martin177 19th Dec 17, 5:54 PM
    • 32 Posts
    • 7 Thanks
    martin177
    • #5
    • 19th Dec 17, 5:54 PM
    • #5
    • 19th Dec 17, 5:54 PM
    Totally agree .
    Opening a BM account these days is painful.
    Applying online is ok ,but then after four letters in the post and a couple of phone calls it then transpired that I required a visit to a solicitors or doctors to get letter to verify my identity.
    That was after previously being a member 4 years ago .


    I gave up and went to Charter !
    • polymaff
    • By polymaff 19th Dec 17, 5:57 PM
    • 1,854 Posts
    • 799 Thanks
    polymaff
    • #6
    • 19th Dec 17, 5:57 PM
    • #6
    • 19th Dec 17, 5:57 PM
    Totally agree .
    Opening a BM account these days is painful.
    Applying online is ok ,but then after four letters in the post and a couple of phone calls it then transpired that I required a visit to a solicitors or doctors to get letter to verify my identity.
    Originally posted by martin177
    No local Lloyds Bank branch?
    • martin177
    • By martin177 19th Dec 17, 6:59 PM
    • 32 Posts
    • 7 Thanks
    martin177
    • #7
    • 19th Dec 17, 6:59 PM
    • #7
    • 19th Dec 17, 6:59 PM
    Yes
    But they close at 4:30 each day... too early for people at work
    • elver man
    • By elver man 20th Dec 17, 12:17 AM
    • 20,633 Posts
    • 3,672,355 Thanks
    elver man
    • #8
    • 20th Dec 17, 12:17 AM
    • #8
    • 20th Dec 17, 12:17 AM
    Dealing with BM is probably how it used to be back in the stone age, applied 6 Dec and still waiting for the paperwork to enable me to send a chq off. With Christmas fast approaching i am anticipating it will be over a month from application to account opening.


    In this day and age its not only poor but a classic example of how some of the financial institutions treat customers.
    Thoughts:

    The surest sign that there is intelligent life in the universe is that they haven't contacted us yet
    Life's most urgent question is: what are you doing for others?
    Life's most urgent question is: What are you doing for others - Martin Luther King jr
    • colsten
    • By colsten 21st Dec 17, 9:38 AM
    • 8,765 Posts
    • 7,596 Thanks
    colsten
    • #9
    • 21st Dec 17, 9:38 AM
    • #9
    • 21st Dec 17, 9:38 AM


    In this day and age its not only poor but a classic example of how some of the financial institutions treat customers.
    Originally posted by elver man
    Only those customers who let themselves be treated like this. Which appears to be a fair number of people chasing a 0.05% advantage in interest rates.
    • PeacefulWaters
    • By PeacefulWaters 21st Dec 17, 10:19 AM
    • 7,563 Posts
    • 9,482 Thanks
    PeacefulWaters
    I think it's fairly obvious Lloyds Banking Group have totally neglected this "tactical brand" to invest in the online propositions of Lloyds, Halifax and Bank of Scotland.

    It's not as if they've exactly chased savers in recent years.
    • polymaff
    • By polymaff 22nd Dec 17, 3:03 PM
    • 1,854 Posts
    • 799 Thanks
    polymaff
    I think it's fairly obvious Lloyds Banking Group have totally neglected this "tactical brand" to invest in the online propositions of Lloyds, Halifax and Bank of Scotland.

    It's not as if they've exactly chased savers in recent years.
    Originally posted by PeacefulWaters
    BM has always been an odd organisation. We wouldn't be talking about them now, except for a recent rush of blood that saw them briefly offering 1.45% on £1. Now they're back to a far-more-BMish 0.2%

    I managed to open one of the 1.45% versions. Typical BM - if you want to make a fast deposit you do an FPS transfer -

    to an account at BM's local branch of Barclays Bank !
    Last edited by polymaff; 22-12-2017 at 3:14 PM.
    • Random Bod
    • By Random Bod 12th Jan 18, 3:41 PM
    • 3 Posts
    • 13 Thanks
    Random Bod
    Stone Age BM Savings
    I agree that they are truly awful.

    I opened 1.45% account with existing log in, DD set up fine.

    Then a month of back and forth getting then losing internet access to the account, and eventually being told they made a mistake letting me open the account without a cheque, despite having numerous accounts with them previously.

    So I got my quill pen out and wrote them a cheque. I debated sending them a single peppercorn too as cheques are such a modern invention, but decided the sarcasm would be lost on them.

    Still no internet access as doubtless it will take ages for them to do anything at all.

    Hopeless.
    • Mchambers
    • By Mchambers 12th Jan 18, 4:14 PM
    • 591 Posts
    • 195 Thanks
    Mchambers
    They have been very good with me. Very quick and prompt. Can't complain (unfortunately).
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