Bradford and Binlgey Internet Saver

katies_mum

Hi,

This account looks pretty ok and am considering transferring our money from Egg (who I have just fallen out with for giving me duff information, we have been with them for about 7 years!!) Are B & B OK at the moment would your money be quite safe, am I right in thinking there were problems or something going on a few months ago?

Many thanks

Masomnia

B & B are perfectly safe, plus the rate will be much higher than with Egg.

They are having problems with capital at the moment, and are having a rights issue to sort it out. This has what's been in the news, and the only people with any cause to be worried are the shareholders. All the banks are having problems at the moment, and I'm sure it'll sort itself out.

Most importantly though, the Financial Services Authority guartantee up to £35,000 per person, per institution. So in the very, very unlikely event the bank collapses you'll get up to 35k back. In the Northern Rock situation, they didn't let the bank collapse, and no savers lost any money. If that happened other banks would collapse and it would be a night mare... they wouldn't let it happen.

So yeah, perfectly safe. Get that 6.51% while you can

trashcan_2

I have a Bradford and Bingley on-line account and it works very well: good service, good rates and no troubles at all.
I also have an egg account, that I am just about to close as its been nothing but trouble.
Bradford and Bingley is quality and egg has been very poor for me. It could be OK for other people but I am only going on my own experience.

katies_mum

Thanks for the replies, am going to open accounts today and close the egg ones! appreciate the advice.

matt4504

I have a BB online savings account. The rate is good and it's pretty easy to set up, the only slight issue i have is that the money takes ages to be 'available' once the direct debits gone through but you earn the interest on it so you're not loosing anything really.

katies_mum

Just opened an account each and a joint one, earliest they are going to take our initial amount from the bank is 13 Aug!! can`t work out why its that far away. Got to start closing all the Egg accounts now. I`ve also changed our bank accounts to Premier Direct ones with A & L so been a busy little person today.

Thanks for the advice everyone.

Banderman

No probs with putting money into B+B. Buying shares in them would be a different issue though. :eek: