Birm Midshires/Saga fixed-rate cheque clearance times

savetilibleed

re my wife's Saga 6.64% MI fixed.

No letter 2 days on. Phoned again. Confirmed "money paid into account on 2 Dec", so same info as before - (read off screen). They apologised for delays, having been overwhelmed with the response for the account. Told that confirmation letters are sent out by second class mail and it may be early next week ormaybe tomorrow! She had an email response yesterday (2 days after hers to them) to say she should have recieved the documention by now and to phone at earliest opportunity. I got my documenation by first class post!:rolleyes:

She also checked to find her cheque had cleared from her account today.
So maybe it really is open.

Getting boring now - but interest rate not! But lost interest in process (3 weeks +) amounts to about a month's worth where it came from, or more really if reckoned at the rates from when it was withdrawn. :mad: Oh well should make up for it now until a year hence that is. Why is everything such a hassle?

earlgrey_3

savetilibleed wrote: »

My cheque and application to Saga sent 25 Nov, acc opened 26 Nov, cheque cashed today. Nothing for my wife yet sent a week earlier. If nothing tomorrow will phone or email.

They got mine Monday 24/11, sent recorded, but loot still sitting in current account Friday 5/12. They've obviously started the processing because I enclosed a second form to make it a joint account with wife (because she never received her application form from them) and she received another form about that from them today - sent in an unstamped envelope.

All very weird and wonderful at Saga towers. All this money sitting around not earning interest for us or for them seems just a little batty.

savetilibleed

earlgrey wrote: »

They got mine Monday 24/11, sent recorded, but loot still sitting in current account Friday 5/12. They've obviously started the processing because I enclosed a second form to make it a joint account with wife (because she never received her application form from them) and she received another form about that from them today - sent in an unstamped envelope.

All very weird and wonderful at Saga towers. All this money sitting around not earning interest for us or for them seems just a little batty.

All seems haphazard doesn't it. I wonder how much communicating between Saga and B Mids needs to be done during opening of accounts and whether that slows things down? But then this thread includes B Mids doesn't it so must be them slow.

The dates you mention - 9 business days apart not counting 24/11. If true to their printed word you ought to have it opened by 8/11. Perhaps they think older bugggers are content to wait; but content to wait we ain't.

earlgrey_3

Don't think Saga have anything to do with it apart from a small kickback from BM/HBOS. Would guess the call-centre agents for Saga and BM are in the same room. I'm just going to sit on my hands until I see what emerges and get on to them for lost interest if they don't sort it within the limits they gave.

Mine was received by them omn 24th so I think should have been sorted by today at worst. :rolleyes:

savetilibleed

earlgrey wrote: »

I'm just going to sit on my hands until I see what emerges and get on to them for lost interest if they don't sort it within the limits they gave.

Mine was received by them omn 24th so I think should have been sorted by today at worst. :rolleyes:

I think you are wise with your approach. Better not get steamed up like I have, but go for them for lost interest.

savetilibleed

Well my wife got her confirmation letter on 7 Nov that her account was indeed opened on 2 Dec. 10 business days including date they would have recieved the forms. Just the ID to come back now under separate cover.

Umm there is another maybe £10,000 that could possibly be tied up for longer. Fixed interest rates are going down, though Northern Rock are not not bad for either a year or until 2013, though rather too long I think. 2 years would be good at 4.5%. Are there any?

Baldur

savetilibleed wrote: »

...2 years would be good at 4.5%. Are there any?

ICICI Bank are doing 2 years @ 5.42% AER without early access, Yorkshire Bank & Clydesdale Bank 2 years @ 5% AER, Nationwide BS 2 years @ 4.5% AER.