Advice Required

Trollop

I am looking to invest roughly 20k in a fixed rate bond, I had applied for 2 fix rate bond accounts, one with Birmingham Midshires and the other with ICICI Bank before the accounts were cut/interest rate cuts.

The Birmingham Midshires Fixed Rate Bond account was offering 6.97% for 6 months (waiting for the application form)

ICICI HiSAVE fixed rate bond was offering 6.6% AER.

Basically my question is where would you put the money? Would you dump it all in one account? Split it across both accounts?

Any advice would be greatly appreciated. Atm i was thinking of just putting all the money in the Birmingham Midshires 6 month Fixed Rate Bond... but i was wondering about what I'd do with the money after 6 months and whether the interest rates would have dropped further.

Thanks

DocProc

I don't think you need to split it. The FSCS compensation of £50k easily covers all your money even if it were just put in one account.

So take your pick, eh?

KingL

The ICICI rate has gone as of Friday unless your funds had already cleared into the account.

Splitting probably not necessary as long as you have a bit of liquidity elsewhere....

Mikeyorks

If you're still waiting for the BM application form - I would ring them. They were inundated and resorted to issuing some manually, but cleared the backlog several days ago.

Mine was issued 'by the system' a week ago, but is still to arrive. So there is a duplicate on the way - whilst there is still time to 30/11.

Trollop

If you had to choose between the two accounts, which one would you go with? That's basically what I'm getting at.

Trollop

KingL wrote: »

The ICICI rate has gone as of Friday unless your funds had already cleared into the account.

Splitting probably not necessary as long as you have a bit of liquidity elsewhere....

When I rang ICICI, they said that if they receive the funds by the 24th of November, you would get the old rate...

Trollop

Mikeyorks wrote: »

If you're still waiting for the BM application form - I would ring them. They were inundated and resorted to issuing some manually, but cleared the backlog several days ago.

Mine was issued 'by the system' a week ago, but is still to arrive. So there is a duplicate on the way - whilst there is still time to 30/11.

I applied for the account on the 9th of November, i think they told me to wait 6 working days, so if it doesn't come by tomorrow, I think I will give them a ring. I don't want to wait too long if the deadline is the 30th of this month. Thanks for the info though.

KingL

Trollop wrote: »

When I rang ICICI, they said that if they receive the funds by the 24th of November, you would get the old rate...

A few ppl have posted bad experiences with ICICI recently re rate changes including http://forums.moneysavingexpert.com/showpost.html?p=15912325&postcount=34

I haven't heard anything remotely as favourable as what they have told you. Maybe you will be lucky.... :huh:

Trollop

KingL wrote: »

A few ppl have posted bad experiences with ICICI recently re rate changes including http://forums.moneysavingexpert.com/showpost.html?p=15912325&postcount=34

I haven't heard anything remotely as favourable as what they have told you. Maybe you will be lucky.... :huh:

Hrmm, I was just going by what the person over the phone said. I saw another poster mentioning the same thing though...

http://forums.moneysavingexpert.com/showpost.html?p=15880601&postcount=29

buildrum

I would go with BM.It should be part nationalised soon with the amount of money the government is supposed to be putting in!

ICICI in my experience are a pain to deal with!

Don't wait for the application form from BM.Call them in the morning as their backlog seems to have caused many applications to get lost in the system.

You can go through the HBOS swithcboard on 01422 380880 (to avoid the 0845 ) during office hours,- Ask for BM Savings team.

I chased up 2 applications and when manually sent got them in 2 days.Spoke to a really nice lady called PALLY!

Good luck

Jon

Trollop

buildrum wrote: »

I would go with BM.It should be part nationalised soon with the amount of money the government is supposed to be putting in!

ICICI in my experience are a pain to deal with!

Don't wait for the application form from BM.Call them in the morning as their backlog seems to have caused many applications to get lost in the system.

You can go through the HBOS swithcboard on 01422 380880 (to avoid the 0845 ) during office hours,- Ask for BM Savings team.

I chased up 2 applications and when manually sent got them in 2 days.Spoke to a really nice lady called PALLY!

Good luck

Jon

That's exactly what happened, I rang them up today, and they couldn't find my application, so manually sent out another one, which should get to me within 5 working days.. its gonna be tight to get the application form/cheque back by the 30th... but oh well..