Birmingham Midshires Internet Fixed Rate Bonds

Stompa

I'm thinking of opening a Birmingham Midshires Internet Fixed Rate Bond:

http://www.askbm.co.uk/savings/i/fixed/intro.asp

Now, I already have a BM eSaver account, so had expected to be able to open a Bond online then instantly fund it from my eSaver account.

However, on going through the application process it seems to imply that you can only fund it from a linked account (which will take 10 days to set up).

Does anybody know if it can be opened and funded from an existing account? And, if so, is it a quick process?

Thanks

apt

I don't think you can do anything with your money in the BM e-savers except transferring the money back to your nominated account.

Stompa

apt wrote: »

I don't think you can do anything with your money in the BM e-savers except transferring the money back to your nominated account.

Hmmm, I see what you mean. It looks as though that may be true of all BM internet accounts - maybe they just don't let you transfer between accounts at all?

Then again:

Common Enquiries

How do I change from one type of account to another?
In order to transfer your funds from an existing account to a new account, you'll need to call our Savings and Investments Team on 0845 602 2828 who will advise you on our procedure which is dependant on the type of account you choose.

Thanks

Bob_G

Stompa wrote: »

I'm thinking of opening a Birmingham Midshires Internet Fixed Rate Bond:
http://www.askbm.co.uk/savings/i/fixed/intro.asp
Now, I already have a BM eSaver account, so had expected to be able to open a Bond online then instantly fund it from my eSaver account.
Thanks

In the same position as you with the e-saver. I have "opened" several Fixed Rate Bonds over the last few days. They all will collect the money 14 days after the application. Just get the money in your linked account in time.
Bob G

Stompa

Bob_G wrote: »

In the same position as you with the e-saver. I have "opened" several Fixed Rate Bonds over the last few days. They all will collect the money 14 days after the application. Just get the money in your linked account in time.
Bob G

Thanks. Does the rate get fixed at the time of opening? And did you ever try calling them to see if they could simply transfer from the eSaver?

Swipe

I opened a BM fixed rate bond last month and funded it from my esaver issue1, although I stated I would fund it via a cheque when I requested an application form online. However, when it arrived there was an option on the form to transfer from another BM account.

Stompa

Swipe wrote: »

I opened a BM fixed rate bond last month and funded it from my esaver issue1, although I stated I would fund it via a cheque when I requested an application form online. However, when it arrived there was an option on the form to transfer from another BM account.

Thanks. Out of curiousity though, why did you request a paper application form rather then completing the online one? (as far as I can see there's no such transfer option on the online form).

Either way I'll give them a call on Monday (doesn't look as if they can be called on a Sunday).

Bob_G

Stompa wrote: »

Thanks. Does the rate get fixed at the time of opening? And did you ever try calling them to see if they could simply transfer from the eSaver?

I'm new to all this!
The rate appears to be fixed but as they take two weeks to collect the money, even if you are an existing saver with a linked account, I did wonder if this was to give them an opportunity to close the issue before collecting the money.
If you go ahead with the on-line application, at the end you are directed back to your accounts & they show the date that they will collect the money, so you know the timetable.
Didn't try the phone!
Bob G

gelato_cat

Correct. All BM Internet accounts are funded via DD from your linked account (apart from the first deposit which is done by cheque so they can check your identity etc).

Suze

Stompa wrote: »

However, on going through the application process it seems to imply that you can only fund it from a linked account (which will take 10 days to set up).

Stompa

Suzey wrote: »

Correct. All BM Internet accounts are funded via DD from your linked account (apart from the first deposit which is done by cheque so they can check your identity etc).

Thanks. It still seems odd that you can't transfer between accounts though, I'll see what they say on Monday.

Swipe

Stompa wrote: »

Thanks. Out of curiousity though, why did you request a paper application form rather then completing the online one? (as far as I can see there's no such transfer option on the online form).

Either way I'll give them a call on Monday (doesn't look as if they can be called on a Sunday).

Ah just realised, mine was a telephone bond, there was no online form. My mistake.