birmingham midshires

sloughflint

opinions4u wrote: »

S

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.

LOL.You posted just as I was tidying my posts
A correct calculation maybe but completely meaningless.
How many people understand the formulae? This forum is evidence of that.
The whole point of AER is for these people.

opinions4u

sloughflint wrote: »

LOL.You posted just as I was tidying my posts
A correct calculation maybe but completely meaningless.
How many people understand the formulae? This forum is evidence of that.
The whole point of AER is for these people.

Baffles me how the regulators can allow credit cards to offer "0% balance transfer rate with a 3% fee" when on a 6 month interest free deal the APR should clearly be quoted around 5.9%.

But that's for another board!

Nick_C

When you pull money in with a DD, do you get interest from the DD date? I have looked through the T&Cs. but couldn't find the answer!

EalingSaver

YorkshireBoy wrote: »

* Delete as applicable.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.

Umm, this set of posts got me thinking. I have a BM E-Saver @ 6.50% - I'm guessing this was the earlier one (opened early June 08). Have not really been looking at the account. Have just logged in and can't see any interest payments into the account. did this account have options of annual versus monthly payments ?? (I normally opt for monthly unless there is a meangingful rate difference). As with two many providers, there doesn't seem to be a way of easily checking when logged into the account a) what the current rate is your are receiving b) what 'options' you have set on the account.

YorkshireBoy

EalingSaver wrote: »

did this account have options of annual versus monthly payments ??

No, just annual...assuming you have the original 6.50% e-Saver.

...there doesn't seem to be a way of easily checking when logged into the account a) what the current rate is your are receiving

I'm sure there's a very good reason why you missed this...

Welcome Mr XXXXXXXXX to your Birmingham Midshires e-Saver.

Please choose from the options on your left.

The 'Balance' displayed above includes uncleared items.

The ‘Available Funds’ are the funds you can withdraw today if required.

The current interest rate of this account is 6.50% gross.

For details on the AER, definitions and where the rate includes an introductory bonus, please refer to the individual product pages on www.askbm.co.uk.

...as soon as you're logged in.