Birmingham Midshires 5 year bond in email

digannio

Thanks Ifts, that's what I was hoping to hear.

web_ferret

I applied online this morning at 8am through Birmingham Midshires for the 5 year bond and got a confirmation email.

Dear Mrs XX,

We're pleased to confirm we've received your application. In the next 5 banking days you'll receive a letter with further instructions on how to proceed with the opening of your account.

Thank you for saving with Birmingham Midshires.

Kind regards ,



So even though its now "closed " I assume that they will still send me the paper work and accept my cheque?

Sauveur

web_ferret wrote: »

So even though its now "closed " I assume that they will still send me the paper work and accept my cheque?

From what I understand they have to have received your cheque by 23 October to get the rate. Hopefully you will receive the paper work through before the end of the week or the start of next week which will leave enough time for you to send the money to them before the deadline.

KingL

..so start praying to the gods of the Royal Mail !

Fred_Bear_2

Sauveur wrote: »

From what I understand they have to have received your cheque by 23 October to get the rate.

Sauveur - where did you get that date from? I am not due to receive funds into my current account until the 23rd so I will need to time my cheque very carefully!
Fred

web_ferret

KingL wrote: »

..so start praying to the gods of the Royal Mail !

*ugger :mad:

bitsandpieces

From speaking to the AA on the phone, I got the sense that any BACS funds would also need to be in by the 23rd. I gather that what you'd need to do is: get paperwork from AA in post (why they can't e-mail it, I don't know); phone AA for the details you need to transfer money in; start BACS transfer and post your £1 cheque; pray to the gods of royal mail and BACS that they both arrive by the 23rd.

I could have got the wrong end of the stick - it did sound like a very awkward process, and hopefully AA will be reasonable...

OnlyMe_08

So if I subscribed to this (or other similar accounts offering ~5.15% gross for 5 yr term with 90 day interest penalty), can I assume it's equivalent to a 1 yr fixed term at 3.88% gross given following example?

I invest £30,000, then withdraw the whole amount at the end of year 1.
The interest earned at 5.15% will be £931 after tax, taking account of 90 day interest penalty of £305.

Am I looking at this correctly?

DomTom

ok so from what i read they stopped taking applications, i applied last night. it seems impossible to me to receive the paperwork, fill it in, send it back and clear a cheque by the 23rd!!

dougz_2

OnlyMe_08 wrote: »

Am I looking at this correctly?

Sorry but it seems not, there would be more tax than you calculated, so the net interest is less.
See other threads. i.e http://forums.moneysavingexpert.com/showthread.html?t=2009117