Birmingham Midshires Internet Fixed Rate Bonds

gelato_cat

I did have another account. Sorry, I didn't realise that was the question you were asking originally (I thought you were asking about transferring within BM). I can't remember if I had to set up another DD, but since it's two separate accounts it's not beyond the realms of possibility.

Suze

Stompa wrote: »

Yes, but did you already have another BM internet account prior to opening the bond? If so, then a DD would already have been in place to fund that account, which is why I'm puzzled by the requirement to set up another DD for the bond.

Stompa

Suzey wrote: »

I thought you were asking about transferring within BM....

Yes, I was, but in the sense of opening a BM bond online, then immediately transferring into that bond from another pre-existing BM account (thereby avoiding any delays, and avoiding the need to set up another DD). That's how I've done it with a couple of other banks, so I'd sort of expected BM to operate in a similar way.

Thanks

gelato_cat

I expected it to work in a similar way, too - esp since BM is part of HBOS. But BM's Internet banking is very clunky and not very intuitive - and doesn't allow you to transfer money between accounts.

If you can use the existing DD then surely that saves you half the trouble you anticipate (although still not ideal)?

Suze

Stompa wrote: »

Yes, I was, but in the sense of opening a BM bond online, then immediately transferring into that bond from another pre-existing BM account (thereby avoiding any delays, and avoiding the need to set up another DD). That's how I've done it with a couple of other banks, so I'd sort of expected BM to operate in a similar way.

Thanks

Stompa

Suzey wrote: »

I expected it to work in a similar way, too - esp since BM is part of HBOS. But BM's Internet banking is very clunky and not very intuitive - and doesn't allow you to transfer money between accounts.

OK. Since I only have one account, I've never been in a position to test that.

Suzey wrote: »

If you can use the existing DD then surely that saves you half the trouble you anticipate (although still not ideal)?

Yes, but it looks as though they require another DD.

All will no doubt become clear when I phone them tomorrow!

Thanks

gelato_cat

You'll see when you open the new account, but basically the new one will have exactly the same menu options as the one you've got already.

Suze

Stompa wrote: »

OK. Since I only have one account, I've never been in a position to test that.

Stompa

I'm even more confused now. According to:

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=178854

variable rates have dropped today - though there's no mention of this on the BM website.

I called about the fixed rate account and was told that I'd have to go through the online application, and would then be asked to send them a cheque for £1, after which they could do an internal transfer from an eSaver. I've just done that but there was no mention of a cheque, just that I'd have to wait 14 days for the initial DD deposit to occur.

KingL

That's what they did to me a few weeks back when I opened a (telephone) bond with them. The cheque is part of the proof of id requirements. I already had a esaver account with them which they said I could use that to add further funds if I called them up and asked them to do it. Mind you, this is all for a telephone access bond, so may be slightly different for you.

Stompa

KingL wrote: »

That's what they did to me a few weeks back when I opened a (telephone) bond with them. The cheque is part of the proof of id requirements. I already had a esaver account with them which they said I could use that to add further funds if I called them up and asked them to do it. Mind you, this is all for a telephone access bond, so may be slightly different for you.

It's bizarre. During the online application I was required to 'log in', so why on earth would they require any further proof of ID???

KingL

Bizarre indeed. They made me do the whole 'certified copy of passport' & orginal utility bill' thing, even though I already had the esaver and told them about it when I ordered the application form. ..

Stompa

KingL wrote: »

Bizarre indeed. They made me do the whole 'certified copy of passport' & orginal utility bill' thing, even though I already had the esaver and told them about it when I ordered the application form. ..

Oh groan, I hope they don't do that - I don't believe they asked for any proof of ID when I applied for the eSaver.