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Are savers frantically opening up fixed accounts?
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Thanks for the replies much appreciated. The rate is still up on the B&M website but I can't see it being there much longer and will be long gone by the time my money actually hits the account. This issue should really be dealt with clearly by the banks imo.0
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I'm totally new to all this (savings stuff as well as this forum) so I'm no expert on matters, but I can tell you what was told to me.
I made my BM application on Thursday and I rang them to find out what would happen between my application and the account actually being set up.
I had to ring about 8 times because they were so busy that they were just playing a recorded message and then cutting off your call.
When I eventually did get through (the following day) I was told that if they changed their rate changes in between making the initial application and setting up the account, they would write to you to advise you of the rate change and offer you the new rate or an alternative product if you wanted it.
While this is not ideal by any means, it does at least address my main concern that because there's no cooling off period with fixed term "bonds", you could find yourself with a much lower rate than the one shown when you applied, and you'd only get to know about it after the account was opened and you money already locked away for the term.
Yes this was my concern also and when I received the BM application pack this is what was mentioned in the letter, so at least you wouldn't be tied in without knowing the rate. However I have since opened on line a B&B fixed rate, just got in before they pulled the rate the next day!0 -
Realistically,, with HBOS having a 10b loan facility from Lloyds (as reported today) and still some uncertainty over future ownership, does anyone think BM will be turning away deposits (albeit at a premium rate of interest) ?0
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Can anyone who applied for the Birmingham Midshires fixed rate 1 yr bond tell me if on the application form it says the rate you are applying for. They still have them on their website at 6.6% today (saturday morning). I applied last night online (Friday) and would hope still to get the rate advertised but am waiting on the forms which I guess won't arrive until the end of next week, then by the time the cheque is sent and cleared it could be the following week so near on 2 weeks until it is operating but if I don't get the 6.6% I don't want it.
Could anyone who has the forms let me know if there is any mention of the rate on it?
TIA.
Yes, the application form does actually quote the rate of interest. I applied for the bond with monthly interest and the application form has printed on it "1 Year Fixed Rate 6.41% Monthly Interest Bond"
However, as one or two others have already mentioned, the covering letter sent with the application form states "This is a limited issue bond so to take full advantage of our latest rates, we urge you to invest before the issue is fully subscribed. If the issue is no longer available at the time you apply, we'll contact you to let you know what our existing offers are."
Hope this is helpful and I'm sorry if I've repeated what has already been said on this thread.
As a matter of interest, I didn't apply for this bond as the one offered by SAGA had a better rate of interest even though it was with BM.:j0 -
BM's "while you're on hold" telephone message says that applications should be received by the end of the month. Not a copper-bottomed guarantee, admittedly, but a possible reason to breathe a little easier.0
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Realistically,, with HBOS having a 10b loan facility from Lloyds (as reported today) and still some uncertainty over future ownership, does anyone think BM will be turning away deposits (albeit at a premium rate of interest) ?0
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I've joined the bandwagon - I received my application form yesterday for Birmingham and Midshires Access Reward Account 6.4% and only 4 withdrawals permitted. Shame as I just opened B+B savings account which has dropped its interest rates from 6.52% to 6.05% now (took AGES to get my money back from KE), I'm sure the interest rate will drop further. I've just made a BACS transfer of a few thousand quid from B+B to my Natwest acct (which is my linked account) this evening, so that's gonna take a few days, then on Wednesday I'll send off the deposit cheque to BM just to be sure the money has arrived into Natwest by then, otherwise I'd be in trouble for overdrawing my overdraft due to bad timing! Just hoping that when they receive my application by the end of the week the rates have not changed!0
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Yes this was my concern also and when I received the BM application pack this is what was mentioned in the letter, so at least you wouldn't be tied in without knowing the rate. However I have since opened on line a B&B fixed rate, just got in before they pulled the rate the next day!
I hope you have more luck with B&B than me. I have a B&B Internet Saver account, on Thursday night logged in and applied for the 1 yr fixed e-bond transferring all of my funds for the internet saver to the e-bond. The process went smoothly saying successful and would appear online in 2 to 3 days time.
E-Bond hadn't appeared by yesterday, so e-mailed them. They say that the have rejected the application as I had to leave at least £1 in the Internet Saver account. (It didn't say this online). They then said as the e-bond had been withdrawn I can't apply again:mad: I have asked them for their complaints procedure, which I will follow up with an FSA complaint. They confirmed online that the application had been successful and only when I queried where the account was did they then reject the application.0 -
I've applied and am waiting for the BM fixed rate for the year bond 6.60%. I applied last Thursday and rang them yesterday and was told it takes upto 5 days to get to me and now I see they have removed the bond.
Does anyone know if they will honour the rate as I applied before it went?0 -
Yes - I called them tonight. I opened a fixed rate BM bond after hours last night and they assured me this morning that the bond only officially closed this morning. Anyone applying up to yesterday will get the paperwork and advertised rate through.0
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