New fixed savings bonds with West Bromwich

steveksullivan

Have a bond maturing with them and just been told cannot reinvest the money in the new e-bond as its not 'new money'

So I asked whether I could let the account mature, withdraw the money then reinvest in the e-bond as 'new money'

Was told that the advisor 'couldn't comment' ...... but then she did go on to comment ....!!

She said that they were 'watching closely' if large maturing amounts were then re-deposited.

Looks like my moneys going elsewhere, so again it seems to defeat the object of getting money into the society.....

topgearfan08

steveksullivan wrote: »

Have a bond maturing with them and just been told cannot reinvest the money in the new e-bond as its not 'new money'

So I asked whether I could let the account mature, withdraw the money then reinvest in the e-bond as 'new money'

Was told that the advisor 'couldn't comment' ...... but then she did go on to comment ....!!

She said that they were 'watching closely' if large maturing amounts were then re-deposited.

Looks like my moneys going elsewhere, so again it seems to defeat the object of getting money into the society.....

To be honesy I can see them not wanting money within the society being re-invested at a better rate... i.e. from esavings to fixed bond...

but for a matured bond... if people cant re-invest they will remove from the society and go else where, thus losing money...

They should just allow it really IMO, otherwise it defeats the object, and alientates existing customers...

steveksullivan

......exactly my point ........

**woody123**

Sorry to bring up an old thread.

Last April i opened an Ebond38 with the west brom. I know they will write soon about it maturing. The problem is, i go on holiday in a couple of weeks for a fortnight, so was wandering how soon before the mature date do they usually write. The maturity date is 30th June 2011.

I wouldn't want my money put into another account as i have plans for it.

Thanks

alanq

I have 2-year eBond 20 which matures 31st May. West Brom wrote to me at the beginning of the month. They said that if they did not hear from me prior to maturity the funds would be transferred into a new 2-year bond BUT I would be allowed penalty free access until 14th June.

I share your concerns about these automatic rollover type bonds and all else being equal I would avoid them. I much prefer the default to be maturity into an instant access account and the onus to be on me to find any better option.

**woody123**

Thanks Alan.

It seemed a good idea at the time but i never really thought about what to do on maturity at that time, and the possiblilty of being on holiday. As it now happens i will be needing the money.

I'll be expecting the letter to arrive shortly then.

Thanks again
Mark