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More than one fixed rate account in one place

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  • Thanks for the replies. I got my wife to check and the money will be in her account tomorrow. Fat lot of good though! As soon as I knew it would be there, we opened a fixed interest account with Saga for her. Now there will be a 7 day wait while we wait for the form to arrive so she can sign and return a cheque. So our £15000 will be doing !!!!!! all (am I allowed to say that LOL) in a current account for a week + the time it takes to get back to them. Bah! Why can't it be simple like it used to be. And like I recall a Yorshire BS fixed interest account I opened in June. I was able to fund it immediately by a transfer from my YBS Internet Saver + a debit card payment.

    (Edited) - Whoops - seems I can't say that!

    Reason I asked about more than one account was I was expecting we could open an account virtually instantly then either open another when the rest of the money was there or to add to it after opening.
  • Depending on the institution, once you've opened your first, you'll have completed all the "are you a dirty money launderer" and "are we sure who you say you are" checks and any subsequent ones (if allowed) will be opened a lot sooner.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • Right, of course. I should have realised. It took ages to open my YBS Internet Saver, sending ID in the post with signed form. Then to open another account (the fixed interest account) later was so much quicker.

    My wife does not have an account with Saga, though I do. Umm I was also hoping the online form would include the bit about gross interest, but it didn't. Perhaps the form when it arrives will include that. Saga didn't seem sure when I phoned saying if the form doesn't include it to phone them after the account is set up. More delay I fear!
  • Is it possible to have more than one fixed rate account in say BM or Saga or Halifax. We have some money available now (or expect to by Monday) to open an account(if still available.) Then, if the offer still stands a few days later, get another open, or beter, add to the first account. The indication is that "to take full advantage of the offer the amount deposited needs to be for the full amount you wish to invest" sort of indicating further deposits are not permitted. I waited on the phone for ages on thursday but gave up.

    I opened two BM fixed rate accounts for myself and two for my wife recently. For all four I opened them with £1 then BACSed in the balance once open. All were very slow to get set up.

    I see on the Saga site they say:
    "To take full advantage of this offer, your initial deposit should be for the full amount you would like to invest
    No withdrawals or additional deposits will be allowed during the term of the account."

    But on BM:
    "To take full advantage of this offer, your inital deposit should be for the full amount you'd like to invest."
    In T&Cs then says
    "5. You can make further deposits into your account, providing the issue is still open."

    Which is curious as both applications look identical and both are HBOS accounts. So for Saga your guess is as good as mine.
  • earlgrey wrote: »
    I opened two BM fixed rate accounts for myself and two for my wife recently. For all four I opened them with £1 then BACSed in the balance once open. All were very slow to get set up.

    I see on the Saga site they say:
    "To take full advantage of this offer, your initial deposit should be for the full amount you would like to invest
    No withdrawals or additional deposits will be allowed during the term of the account."

    But on BM:
    "To take full advantage of this offer, your inital deposit should be for the full amount you'd like to invest."
    In T&Cs then says
    "5. You can make further deposits into your account, providing the issue is still open."

    Which is curious as both applications look identical and both are HBOS accounts. So for Saga your guess is as good as mine.

    And BM are Saga's "savings provider" so I was told when I opened my Online Tracker with them! Both in the HBOS group as you say. The DD that shows for my Saga Top 5 Online Tracker in my LTSB account is Birmingham Midshires.

    We don't have any T&C's at present for Saga for this fixed rate account, only a "Declaration for Use of Your Information" that I printed when we applied. It mentions HBOS Group, not specifically Birmingham Midshires.
  • maypole
    maypole Posts: 1,816 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    innovate wrote: »
    It would depend on the bank - but I would think it highly unlikely that the same individual would be allowed more than one of the same type of saving account.

    You also need to keep in mind that the FSCS guarantee is max £50K per person for any one institution so you might not want more than one of the same account with the same bank (or banks within one institution) anyway.

    Not sure about fixed rate accounts but I was told I could have as many accounts with one bank as I like, ING was one of them but I am not with them any longer. I have 2 accounts with Sainsburys but never go over the limit for safety.
  • Edit: Since I can't seem to find anywhere that actually explains what I'm trying to do in UK-English, I wrote it up: http://docs.google.com/Doc?id=dwnwdnb_66drzgz6f4 - comments welcome.

    Just had a look at your explanation, think this could be a really useful way for us to go with our savings when interest rates calm down a little, thanks for taking the trouble to explain it, would have never of thought to spread like that, wish I'd seen it a bit earlier so could have started with a 3, 6, 9 and 12 month bonds, but thanks to these boards have at least, fingers crossed, got a good rate for 12 months, and thanks also to all the regular posters on here too, you are helping a newbie get more financially aware. Afraid to say was of the old school, paid our bills on time and left our savings in the same old account, but not anymore thanks to this site.

    Thanks
  • nilrem_2
    nilrem_2 Posts: 2,188 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Is it possible to have more than one fixed rate account in say BM or Saga or Halifax. We have some money available now (or expect to by Monday) to open an account(if still available.) Then, if the offer still stands a few days later, get another open, or beter, add to the first account. The indication is that "to take full advantage of the offer the amount deposited needs to be for the full amount you wish to invest" sort of indicating further deposits are not permitted. I waited on the phone for ages on thursday but gave up.

    I have had 5 Fixed rate accounts with Chelsea for ages, it used to be 6 but I cashed one when it matured, we also had quite a few with NR a few years ago, I have always assumed you could have as many fixed accounts as you wanted?
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