Bradford & Bingley esavings issue 7

levers

Have just started searching for a new savings account and came across this one which seems to be offering 3% pa. This seems quite good to me, but I don't see any mention of it in Martin's best buys even though it has a better rate than some of the others. Just wondered why it's not a best buy? Anyone know if the rate has dropped yet or not?

apt

If you want to go with Santander isn't the Alliance and Leicester Online Saver Issue 4 better? Same headline rate of 3% variable including a one year bonus. But the B&B account has a minimum balance of £1,000 as opposed to £1. The Abbey has a similar account to the B&B, but for those that want to bank in branch or on the phone.

evenasus

B&B haven't reduced (since the last BOE rate drop) the rate of this account yet...but they will.
Probably by 0'5%.

Then they will probably introduce esavings issue 8.:rolleyes:

epsilondraconis

Both A&L and B&B will change their interest rates in future. The reason I use B&B rather than the A&L savings account, is that it is very easy to open a new B&B savings account when the next issue of it is released. It can all be done online, and the money transferred typically within 24 hours.

To open a new A&L savings account, in order to get the latest issue, requires a lot more work and it also takes longer than 24 hours to get the new rate.

Although they're both Santander, I favour the B&B variety (I take on board the £1k minimum for the B&B).

natman

I personally agree.
I have had a esaver - 3, 6 and just opened an esaver 7.

It is very user friendly to use on line and to transfer funds in an out of the account.

I agree it does pay a decent rate at present, which probably will go down soon.
I would defo reccomend this account. Theres not many accounts offering above this rate at present.

I am not too sure how much you are saving etc, But some regular saver accounts are quite appealing at the minute -

I have just opened up a PRINCIPALITY - St DAVIDS DAY REGULAR SAVINGS ACCOUNT. Its fix term for 12 month and looks pretty decent.
Invest from £20 up to £500 per calendar month.
The interest rate is - 4.5%

Heres the link if you are interested.
http://www.principality.co.uk/default.aspx?page=1111

evenasus

I agree it's a good account. I've moved through issue 3 & 6 to 7.
I've just a couple of niggles with them though.
Only being able to transfer money from a linked account, by B & B 'pulling' the transfer. And once transferred, the funds are not 'available' for another 6 days.
I know I know...Why would I want to draw on the just transferred funds? I wouldn't. But another customer, with limited savings, might find themselves with a sudden emergency.

Stavros_3

In total agreement, its scandalous that funds are removed from bank A today, arrive electronically at the B & B the same day, yet it takes 6 days to be accessed.

evenasus

Stavros wrote: »

In total agreement, its scandalous that funds are removed from bank A today, arrive electronically at the B & B the same day, yet it takes 6 days to be accessed.

I queried this with them. Their reply was..."We're not a clearing bank"

max11

epsilondraconis wrote: »

Both A&L and B&B will change their interest rates in future. The reason I use B&B rather than the A&L savings account, is that it is very easy to open a new B&B savings account when the next issue of it is released. It can all be done online, and the money transferred typically within 24 hours.

To open a new A&L savings account, in order to get the latest issue, requires a lot more work and it also takes longer than 24 hours to get the new rate.

Excuse me, as I'm in the same situation (chhosing among B&B, A&L and Citibank 3.26%) what do you mean with "a lot more work"? more than 24 hs is a long time?

Although they're both Santander, I favour the B&B variety (I take on board the £1k minimum for the B&B).

will I have the 3% also on the first £1k?
LAst question, please I saw on the website "A choice of monthly or annual interest". If we can choose how to have the interests paid, isn't it always better to have a monthly interest?

thank you

Baldur

max11 wrote: »

isn't it always better to have a monthly interest?

It depends what your needs are - do you need a monthly income? Interest is calculated daily by most institutions and credited to accounts either monthly or annually, the difference in interest earned (assuming that the AER is the same for both annual & monthly is the same) is fairly minute - from memory, it's likely to be very slightly better with the annual option.

max11

Yes, probably monthly rates are slightly lower because they give the money before or because they calculate also the "new" money, earned by interests (or don't know if, when they calculate daily interests, consider also the small amount of interests earned day by day.

epsilondraconis wrote: »

Both A&L and B&B will change their interest rates in future. The reason I use B&B rather than the A&L savings account, is that it is very easy to open a new B&B savings account when the next issue of it is released. It can all be done online, and the money transferred typically within 24 hours.

To open a new A&L savings account, in order to get the latest issue, requires a lot more work and it also takes longer than 24 hours to get the new rate.

Excuse me, as I'm in the same situation (chhosing among B&B, A&L and Citibank 3.26%) what do you mean with "a lot more work"? more than 24 hs is a long time?
So which one do you recommed to me? to go for B&B? I wasn't able to find many feedback on thatt citybank account.

Although they're both Santander, I favour the B&B variety (I take on board the £1k minimum for the B&B).

will I have the 3% also on the first £1k? the website doesn't say a clear word

thank you