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Are savers frantically opening up fixed accounts?

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Comments

  • milla
    milla Posts: 298 Forumite
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    Stompa wrote: »
    And I'm told they'll continue to do so (for 90 days so they say), though of course you will only be able to make 1 transfer.


    They have just told me the same thing . I opened a bond on Thursday evening ( and somehow another one ? ) The first bond has the money in that I transferred from my Internet Saver 3.

    The second one is now open and awaiting money from Icesave as the lady on the phone said once its opened you have 90 days in which to deposit money .:D
    Without the rain you wouldn't have the rainbows !

    I came into this world with nothing and I've still got most of it left!
  • Stompa
    Stompa Posts: 8,379 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    milla wrote: »
    They have just told me the same thing . I opened a bond on Thursday evening ( and somehow another one ? ) The first bond has the money in that I transferred from my Internet Saver 3.

    The second one is now open and awaiting money from Icesave as the lady on the phone said once its opened you have 90 days in which to deposit money .:D

    Thanks, it's reassuring to have that confirmed!
    Stompa
  • Squibbler
    Squibbler Posts: 298 Forumite
    milla wrote: »
    They have just told me the same thing . I opened a bond on Thursday evening ( and somehow another one ? ) The first bond has the money in that I transferred from my Internet Saver 3.

    The second one is now open and awaiting money from Icesave as the lady on the phone said once its opened you have 90 days in which to deposit money .:D
    I was told the same thing too by BM :)

    Also the Coventry Poppy bond that I opened on Thursday, rate will definitely apply to me even if withdrawn to new savers - I received the form this morning & sent it straight off. :)
  • Stompa
    Stompa Posts: 8,379 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Squibbler wrote: »
    Also the Coventry Poppy bond that I opened on Thursday, rate will definitely apply to me even if withdrawn to new savers - I received the form this morning & sent it straight off. :)

    The rate may apply, but are you sure you'd still be able to make a deposit?

    http://www.coventrybuildingsociety.co.uk/savings/productfeatures.aspx?ProdCode=CPB1

    "Once your account is open you can make payments into it by cheque or internal transfer but only while the account is still open to new investors."
    Stompa
  • gvlewis
    gvlewis Posts: 53 Forumite
    Bank of Cyprus has a good 2 year fixed rate bond paying 6.55%. However, this is a non-UK bank which uses the Passport Exemption - ie they have their own protection scheme protection which covers up to the first 20,000 Euros. Unfortunately, the scheme only protects 90% of your money. Therefore if I put £10,000 in the bank and it went bust, would I only get £9,000 back - or would the FSA step in with the other £1,000?
    Does anyone know?
  • Baldur
    Baldur Posts: 6,565 Forumite
    See http://www.bankofcyprus.co.uk/newsshow.asp?id=797
    This means that if our bank failed, our UK customers could claim from the Central Bank of Cyprus Deposit Protection Scheme 90% of their deposit up to a maximum of €20,000**. They could also claim for the remainder of their deposit up to £50,000 from the FSCS. This is because the Central Bank of Cyprus Deposit Protection Scheme is only responsible for paying the first part of the compensation up to €20,000 and the FSCS is only responsible for paying the second part of compensation - the difference between £50,000 and what the Cyprus scheme would pay.
  • soulsaver
    soulsaver Posts: 6,732 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Stompa wrote: »
    And I'm told they'll continue to do so (for 90 days so they say), though of course you will only be able to make 1 transfer.
    CMIW but it may only operate for 1yr from opening; so if you wait 90 days the FR term will only have 275 days to run...
  • Stompa
    Stompa Posts: 8,379 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    soulsaver wrote: »
    CMIW but it may only operate for 1yr from opening; so if you wait 90 days the FR term will only have 275 days to run...

    Perfectly true. In my case though I'm transferring from another B&B account (variable) which currently pays the same rate - so lose nothing until that variable rate drops.
    Stompa
  • Renfro
    Renfro Posts: 57 Forumite
    afmfifgh wrote: »
    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?
    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.

    If Anglo Irish are anything to go by, then there will not be a single mention of the interest rate anywhere in any of the documentation sent as part of the application pack, meaning that you have to just hope you're going to get the rate you were expecting (unless you are specifically otherwise notified by letter).
  • gunnaknow
    gunnaknow Posts: 178 Forumite
    I applied online for the 9 month fixed rate from Anglo Irish and when I checked the website today the 9 month deal had been removed. I don't mean that the rate had dropped, there just wasn't a 9 month anything anymore. I rang them this morning to ask what this all meant and the lady told me that they had removed it but that because I had applied in time I would still get the form and that I would need to get it to them by the 17th. I presume that because there is no new rate for a 9 monther because the 9 monther has been removed altogether, that I'll get the full 7% interest, not a lowered version. I think that it might be worth calling them to check, before I send the form off though.
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