Birmingham Midshires Internet Fixed Rate Bonds

Trollop

Suzey wrote: »

Possibly... these things are always a bit of a gamble. I managed to get four deposits in over the course of a month. How long has this issue been open?

Suze

I was told by Birmingham Midshires that you can only deposit extra funds into a fixed rate bond up to 10 days of opening the bond? Are you saying this is not correct?

gelato_cat

When I opened mine (in June), the rule was you could put in as much as you liked until they withdrew the bond for new applications. They may have changed it since then so no, I'm not saying you're incorrect.

Suze

Trollop wrote: »

I was told by Birmingham Midshires that you can only deposit extra funds into a fixed rate bond up to 10 days of opening the bond? Are you saying this is not correct?

KingL

Trollop wrote: »

Are you saying this is not correct?

It's not correct. The reality is as Suzey says (and it's in the terms and conditions - see post #40). It's probably just the case that the particular issue you were applying for was closing 10days after the conversation you had.


.

Stompa

Suzey wrote: »

Possibly... these things are always a bit of a gamble. I managed to get four deposits in over the course of a month. How long has this issue been open?

I'm not sure, but when I applied it said that my token £1 initial deposit would be taken by DD on 15th Dec, and that I'd not be able to make any further deposits until that had happened.....

Oh well, I can look forward to about 5p interest a year from now!

ukmike

Just phoned up & transfered from my esaver a/c into new bond a/c even though DD not yet paid into bond.

Stompa

ukmike wrote: »

Just phoned up & transfered from my esaver a/c into new bond a/c even though DD not yet paid into bond.

Yes, just done the same myself (though FWIW I did receive a letter this morning saying the DD had been processed).

Oddly, the lady I spoke to was unaware that the bond was being withdrawn today (she said she would have been notified if that were the case) - so I don't know how accurate this:

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=179071

is.

Geoffo_M

Stompa wrote: »

I'm not sure, but when I applied it said that my token £1 initial deposit would be taken by DD on 15th Dec, and that I'd not be able to make any further deposits until that had happened.....

Oh well, I can look forward to about 5p interest a year from now!

You could have made a BACS transfer from your linked account. Make sure you can enter your BM account number or it will go into an unallocated account. Sort 20-97-78 Bank A/c 00968773
http://www.askbm.co.uk/savings/i/faq/using_account.asp#t04

Stompa

Geoffo_M wrote: »

You could have made a BACS transfer from your linked account. Make sure you can enter your BM account number or it will go into an unallocated account. Sort 20-97-78 Bank A/c 00968773
http://www.askbm.co.uk/savings/i/faq/using_account.asp#t04

Yes, I know I could have done that. The funds I wanted to transfer though were already in a BM eSaver - and it seems a bit pointless having to transfer them out to my linked account only to transfer them back in to a different BM account! Quite why their online system won't allow you to make such internal transfers is a bit of a mystery.

Mikeyorks

Stompa wrote: »

Quite why their online system won't allow you to make such internal transfers is a bit of a mystery.

Because their online is extremely basic. You've mentioned an 'online' application ..... but there's no such thing. All you're doing is providing your detail for them to fill out a form which they print and send to you. They call it an online application ... but if you look at the detail on their site, you're simply creating a postal application form.

Going back to your OP (there's an earlier extensive thread on this from a couple of weeks ago when they were still offering 6.85%) you will find the application form then enables you to fund the Bond direct from your E-Saver.

Which is obviously a better option than waiting up to 10 days for them to process a cheque.

Stompa

Mikeyorks wrote: »

You've mentioned an 'online' application ..... but there's no such thing. All you're doing is providing your detail for them to fill out a form which they print and send to you. They call it an online application ... but if you look at the detail on their site, you're simply creating a postal application form.

Are you sure? I filled in the online application but they've not sent me a copy of the form, and my bond is open and funded. The only letter I've had was to tell me that my DD had been processed.

Mikeyorks wrote: »

Going back to your OP (there's an earlier extensive thread on this from a couple of weeks ago when they were still offering 6.85%) you will find the application form then enables you to fund the Bond direct from your E-Saver.

OK, thanks.