Birmingham Midshires Fixed Rate Bonds

Paul_N_4

Received my application from BM today for the 1 year fixed rate bond at 6.6%. I notice in the T&Cs it says you can not make withdrawals from the account for the duration unless, basically, you die!

Nationwide bonds and the Coventry Poppy bond allow withdrawals but obviously at a penalty (90 days interest).

Can you really not get at your money AT ALL with Birmingham Midshires' bonds?

gunnaknow

If you know that you will need to make withdrawals, try RBS's instant access savings account. Fixed at 5.8%, with 4 withdrawals allowed, penalty free and an unlimited number of deposits allowed.

Paul_N_4

gunnaknow wrote: »

If you know that you will need to make withdrawals, try RBS's instant access savings account. Fixed at 5.8%, with 4 withdrawals allowed, penalty free and an unlimited number of deposits allowed.

Its not that I know I'll make withdrawals, I shouldn't have to, but its nice to know that you can actually get to your money with the other bond accounts I have. The BM T&Cs just seem to suggest it is not possible to get your money period, which I find a bit strange.

Baldur

Paul_N wrote: »

The BM T&Cs just seem to suggest it is not possible to get your money period, which I find a bit strange.

Why strange? Many fixed rate products do not permit any access to your funds during the term of the account - it's probably more unusual to be permitted access with penalties/loss of interest.

roddydogs

Where is this instant access a/c thats "Fixed"?@5.8%?

Baldur

roddydogs wrote: »

Where is this instant access a/c thats "Fixed"?@5.8%?

It's not RBS, as posted above - it's BoS, if it's still available http://www.bankofscotlandhalifax.co.uk/savings/bosinstantaccesssavingsaccountreward.asp

KingL

IMO, it doesn't seem at all 'strange' for a FIXED term account to require you to commit to a fixed term.

You can get a year fixed at 6.25% with ICICI with an early withdrawal option. You will only get 5% on any amount you withdraw early.
http://www.icicibank.co.uk/hisave_fixedrate.html

KenC_3

KingL wrote: »

IMO, it doesn't seem at all 'strange' for a FIXED term account to require you to commit to a fixed term.

You can get a year fixed at 6.25% with ICICI with an early withdrawal option. You will only get 5% on any amount you withdraw early.
http://www.icicibank.co.uk/hisave_fixedrate.html

3% since the base rate reductions.

http://www.icicibank.co.uk/hisave_fr_interest_rates.html

KingL

ouch. Thanks.

gunnaknow

Baldur wrote: »

It's not RBS, as posted above - it's BoS, if it's still available http://www.bankofscotlandhalifax.co.uk/savings/bosinstantaccesssavingsaccountreward.asp

Yeah, sorry I meant bank of scotland, not royal bank of scotland.

http://www.bankofscotlandhalifax.co.uk/savings/BOSinstantaccesssavingsaccountreward.asp?!!!!!HomepageISAReward

KingL

KingL wrote: »

You can get a year fixed at 6.25% with ICICI with an early withdrawal option.

This rate has just been dropped to 5.40%.

.