Birmingham Midshires 5 year bond in email

digannio

You need to move like Usain Bolt once a good savings offer has been flagged up on this site:money:

psychic_teabag

DomTom wrote: »

can you deposit money whenever you want? or is it only the first deposit you make?

From the AA's web page:
To take full advantage of this offer, your initial deposit should be for the full amount you'd like to invest. Additional deposits will only be allowed while the issue remains open.

I don't know if the other versions have the same rules.

Reaper

Yes that is normal for fixed rate savings accounts. They only accept additional money while the offer is open. There are often people complaining here they opened such accounts with £1 and then discovered they can't add any more.

There have been occasional exceptions where money could be added later but they are very rare.

alternate

D1zzy wrote: »

If you are over 50 Saga are still listing their 5 year @ 5% ( provided by BM -so maybe not for long)

Good call. My mum just snagged one. 0.15% less but best now the others are gone.

thx

^!£$&

I applied for this account this morning, am I correct then in thinking I can only deposit one ammount on opening the account and cant add further funds at a later date?? Thanks

Ifts

digannio wrote: »

You need to move like Usain Bolt once a good savings offer has been flagged up on this site:money:

The AA, BM and Saga 5 year bond idea had been posted on here for a while now before the MSE email pointed it out.

I remember starting one thread on the 4th October about it:

http://forums.moneysavingexpert.com/showthread.html?t=1988773

and I'm sure it had been mentioned before that too.

If you have got the 5 year option from the AA as an option on your your renewal form for an existing bond thats about to mature soon then they will honour it even when its been removed from their website (I was told that when I phoned up and spoke to them).

digannio

I meant once the MSE team had got hold of it and started telling the world about what a great deal it was!!! It's almost as if someone at Birm Mid and the AA, once it had really been flagged up, had suddenly said: "Crumbs, what have we done?... Quick, get it reined in!!!!"

Luckily I got my cheque off to Birm Mid last week following the discussion here on the board and have an AA form here waiting to be sent off tomorrow, which i assume they will honour.

butterfly72

I attempted to get this account last night at 10.30pm and kept getting the error page up when I pressed submit. Very fustrating!!!

Oh well, I must keep my eyes peeled for the next decent rate.

Rollinghome

snowbrow wrote: »

I applied for this account this morning, am I correct then in thinking I can only deposit one ammount on opening the account and cant add further funds at a later date?? Thanks

The way their accounts usually work is that you can add to them for a limited period even after the issue is closed. On previous accounts I've opened with them it was about a month.

Last year when they had popular accounts paying around 7% they were sitting on the opening cheques for 3 weeks or more and no-one at BM could say when they'd be presented or even if they'd been received. A large sum sitting in a current a/c can lose a lot of interest that way.

The most efficient way is to open the account with a cheque for just £1 then BACS the rest in as soon as they give you the account details. The downside risk is that they could close the account to new money before you make the transfer.

Ifts

digannio wrote: »

Luckily I got my cheque off to Birm Mid last week following the discussion here on the board and have an AA form here waiting to be sent off tomorrow, which i assume they will honour.

From previous experience Ive had with withdrawn offers, they usually still accept your application if you have already got the application form and send it of to them not to long after the offer has been withdrawn.

I opted for the 5 year bond (monthly int) with the AA, because access was permitted to the funds in the 5 year period in case i needed to, and also it was part of my renewal instruction on an existing bond I had with the AA thats maturing on the 20th October so it will be easier not having to move the money.