birmingham midshires

darkelf

Hi all!!..:)

I am thinking of opening a E-saver account (6.52 AER)with this building society.
after checking their website i read that the interest is paid back into your linked account and not into your E-saver account....why is that?....i would like it to keep adding to itself .
Anyone got a E-saver account and have any comments about service or the account?
thanks for any help.

YorkshireBoy

darkelf wrote: »

why is that?

Clever/deceitful* marketing, because it pushed them right to the top of the comparison website savings/best buy tables...despite it not being possible to earn the stated AER.

* Delete as applicable.

Anyone got a E-saver account and have any comments about service or the account?

I have the earlier version (interest paid to the account, not elsewhere), and it works well. DD pull in, and 2-day BACS out.

However, as with all providers, keep an eye on it because they're not averse to launching a new product and letting the interest rate on the old ones slide.

LittleVoice

darkelf wrote: »

Hi all!!..:)

I am thinking of opening a E-saver account (6.52 AER)with this building society.
after checking their website i read that the interest is paid back into your linked account and not into your E-saver account....why is that?....i would like it to keep adding to itself .
Anyone got a E-saver account and have any comments about service or the account?
thanks for any help.

BTW it's not a Building Society now. It has been part of HBOS for quite some time.

darkelf

Oh right........dosent sound like such a great deal now then if you cant earn the rate listed...can they advertise that then if you cant get it?

**didnt know who they were till now but thanks for the heads up on what group they belong to..****

ManAtHome

If you're an old git, Saga (same banking licence) have a similar deal - high/unachievable AER but better rates than the rest of HBOS.

latecomer

to be fair although the interest is paid to the linked account, as soon as it lands there you can pay it back into the savings account. You will lose a few days interest but its not that bad. also you can use the BACS info on the BM website to pay in which is a lot quicker than the direct debit pulling method that they want you to use.

I've got nothing bad to say about them.

wizard5353

Also note you don't need to pay in via DD. You can use your banks Fast Payments service to push it back within 2 hours (If your Bank supports Fast Payments) I did this last month and it does show on the Birmingham midshires statement as Payment via Fast Payment or something along those lines. Just make sure your linked account supports Fast Payments and then all you would loose is the 2 days the interest takes to move to the linked account. I think this would not cause the AER to drop too much. It's still a very good account to have.

pinkmoney

I would not recommend anyone going with Birmingham midshires; I opened an account with them & did everything they asked for & sent them a cheque for £500.00. They cashed my cheque in, in June, its now august & they still havent found my money. This bank has been the most stressful bank I have ever had to deal with, when I first rang up I explain the situation and helped it would be easily sorted. However after this I rang up numerous other occassions, and each time I rang the staff seemed to have no idea, and I had to explain the whole story again, I think I have spent more than a couple of hours, trying to get this bank to do something. After about 4 calls, and getting nowhere I asked for my money back, and this still hasnt happened. I do not see how a modern bank can lose peoples money and yet have a cheek to sit baack & do nothing to help!!! I have contacted my other bank who have tried on my behalf, because I am getting nowhere, and they have been trying to deal with birmingham misdhires, but again to no avail. SO if you want to keep your money dont go with this bank!

molly_mandy_2

Pink - forget phone calls. You will always have to start from scratch with a new person.

Send a letter to Head of Customer Services at their Head Office for Immediate Attention. Send all the info. and dates of all your useless expensive phonecalls. They claim to respond to letters in five days.

If this doesn't work - send a letter to their Complaints Department at Head Office.

Good luck! Money can't just 'go missing'.

I personally have had no problem with BM - but I understand that doesn't help you!

oldfella

BM lost a BACS transaction of mine - sent them an audit trail from Barclays. They eventually found it and I got £50 for my trouble.

opinions4u

S

sloughflint wrote: »

I have. False AER claim.

Should they have quoted an AER that breaches the guidelines laid down?

In their defence, they do state the gross rate clearly on their website and have followed the correct calculation of AER.