Warning all Bradford and Bingley e saver 6 account holders, e saver 7 introduced

SnowMan

savetilibleed wrote: »

Presumably one can do similar updating an Internet Saver 3 to e saver 7, as you describe? I didn't bother opening a "6" as I had better elsewere, but the current 3% is now OK.:rolleyes: Oh I just realised it is for balances of £1000+. Must remember that.

I wouldn't have thought there would be any problems in using the same technique to move from the internet saver 3 to the e saver 7. But would have to try it to absolutely confirm it, or ring them up to check on their 0845 helpline number which is shown under the contact us tab when you log in.

As you say the effective 1K minimum applies to the e saver 6 and 7 but not to the internet saver 3.

chris1

SnowMan wrote: »

Unfortunately yes. If that is important then would need to leave £1,000 in the e saver 6 (also has minimum 1K balance to get the main interest rate), transfer the balance above 1K to the e saver 7 (choosing the annual option again when opening the e saver 7), and then close the e saver 6 on 6 April.

Don't you have to keep £1K in for the full bonus year?
"Bonus of 1% (gross) paid for first 12 months providing you maintain a balance of at least £1,000." and "You need to be able to open your account with a minimum £1,000 balance and maintain this balance."

sloughflint

chris1 wrote: »

Don't you have to keep £1K in for the full bonus year?
"Bonus of 1% (gross) paid for first 12 months providing you maintain a balance of at least £1,000." and "You need to be able to open your account with a minimum £1,000 balance and maintain this balance."

I wondered about that too but I do not think so. The balance is maintained and then closure.

The info is just stating how long the bonus will be paid for.

The interest for balances under 1k is 0.1%.

SnowMan

chris1 wrote: »

Don't you have to keep £1K in for the full bonus year?
"Bonus of 1% (gross) paid for first 12 months providing you maintain a balance of at least £1,000." and "You need to be able to open your account with a minimum £1,000 balance and maintain this balance."

No if you have (say) £2,000 in the account continuously for 3 months then you have maintained a balance of at least £1,000 and meet the criteria. The bonus is included in the advertised interest rate and is what you are earning. For any day where your balance falls below 1K only a nominal rate of interest is payable hence the importance of closing the account right down.

The 12 months is the maximum period the bonus is paid not the minimum period the account has to be open with more than £1,000 to get the bonus.

The numbers will confirm this when my transfer is processed.

chris1

SnowMan wrote: »

The numbers will confirm this when my transfer is processed.

Thanks, please could you post when it's been confirmed?

edda

Is this a job creation scheme or what?

Why don't they have a button on the 1st page of the application - frequent savers press here? :rolleyes:

treecity

mjmal51 wrote: »

Thanks. Isn't this ridiculous that we have to keep changing the account? Doesn't seem long ago that I transferred from saver 3 to saver 6. So much for rewarding loyalty. Anyway have now set wheels in motion.

Agreed, this is absolutely ridiculous.

SnowMan

chris1 wrote: »

Thanks, please could you post when it's been confirmed?

At the moment my e saver 6 has disappeared from the log in screens and my e saver 7 is showing zero balance! I rang them up to check what was going on and the screens we see are apparently not the live screens but some sort of snapshot, but the live screens that they can see show the money has transferred with interest over to the e saver 7.

Based on the figure I was given on the phone I can confirm that the full advertised interest rate (i.e. full accrued bonus also) has been paid on my e saver 6 (even though it was opened in November and has run less than 12 months) because I have maintained a balance of over 1K for those 4 months. I check the monthly interest against what is paid and all the figures agree including the interest on closure to within pennies.

The helpline also confirmed there are no lost days of interest in the transfer (which is consistent with what has happened before).

jaybee

Thank you for this info. I followed your notes and opened a new e-saver 7 this afternoon. I have just checked and see that the new account is listed already! Have just requested the transfer and it will (hopefully) appear in the 'new' account tomorrow.

Oh, if everything could work like this!!!:j

Many thanks to Snow Man.:beer:

freddysmith

Can I just confirm that the balance plus any accured interest to date is automatically transfered from issue 6 to issue 7 as I have just applied, and that the issue 6 is also automatically closed.
Or do I have to initiate the issue 6 account closure.