new account with B&B - Yes or No?

gundo

Early last week prior to the B&B news I followed Martin's savings advice and decided to open an account with B&B. The DD comes out on the 2 Oct 2008. Now all this bad news about B&B has come out. Do I cancel the DD and not go ahead?

The money is currently in the HBOS and the interest rate is poor.

Stompa

I opened one a few weeks ago and have just done a £1 test transfer into the account. Whilst I have no doubt that depositors funds will be safe, I'm still going to wait until the dust has settled before making any further deposits. If they end up being nationalized then their interests rates will undoubtedly fall.

Stavros_3

Stompa, you 100% safe up to 35k, why wait til the dust settles, the B & B isn't going to disappear, it might be taken over by another bank or the government but won't go under.

Stompa

Stavros wrote: »

Stompa, you 100% safe up to 35k, why wait til the dust settles, the B & B isn't going to disappear, it might be taken over by another bank or the government but won't go under.

Whilst I know it's 100% safe, there is the potential for the rates currently offered to be cut (though I guess that'll take a while to filter through). Given that it looks as though B&B's future will probably be decided in the next week, I intend waiting (I have no urgent requirement to make further deposits).

Andrew64

The current talk is that B&B will be taken over by the government and merged with NR. If that happens, B&B's interest rates will be cut sharply.

SeanW

I just opened a new account, but I am only transfering money already with them into this account.

The reason I do this is because B&B constantly open new versions of the same account and quietly reduce the rates of the original. (Internet and eSavers especially).

I have £15K in there, so it's covered, I am not concerned.

tessie_bear

id keep the account and go ahead..money is safe up to £35000 as i understand it

Masomnia

I'd go for it. Good rate and the site is pretty easy to use. Just keep an eye on the rate like the others have mentioned.

EalingSaver

SeanW wrote: »

I just opened a new account, but I am only transfering money already with them into this account.

The reason I do this is because B&B constantly open new versions of the same account and quietly reduce the rates of the original. (Internet and eSavers especially).

Have they dropped their rates again?? Asking in case I'm now stuck in one of their dud ones again.

Masomnia

EalingSaver wrote: »

Have they dropped their rates again?? Asking in case I'm now stuck in one of their dud ones again.

Nope, Internet Saver 3 is still 6.51%.

SeanW

:rotfl:
I have Internet Saver 2, so it depends. That is about 0.5% behind the new Internet Saver 3.

I got bored of checking all the time, they used to send update emails but I think this was only good news, I don't seem to get them anymore.