West Brom Websave

claire07

I opened one of these (with new money) thinking it would be a home for my west brom ebond when it matures this month. I've now been told I can't transfer the money from the matured ebond into the websave as it will only take more new money. When I said that will just make me withdraw it and put it in the aa I was virtually told "them's the rules". When I said they were shooting themselves in the foot as people would go elsewhere I could sense him reaching for the panic button so shut up! Don't they want to keep the money?

opinions4u

www.theaa.com/savings pays 2.8%. Transfer the money to your current account and then write the cheque for a better account!

Don't they want to keep the money?

They probably do, but they don't want to pay that rate on money that they already hold. They've built the product in a way that is designed to attract new money to the business (which as a building society they need to fund their lending) but they don't want the masses of customers earning rates such as 0.05% to move out of these accounts (which are profitable) in to the new one (which, at least intially, is loss making).

So they put a barrier in the way to stop that happening.

You have a choice. Move it out and move it back in. Or move it out and move on!

Gordon_the_Moron

IF you've got the West Bromwich account paying 3% then personally I'd move it out then move it back, they can't stop you.

Rob_192

claire07 wrote: »

I opened one of these (with new money) thinking it would be a home for my west brom ebond when it matures this month. I've now been told I can't transfer the money from the matured ebond into the websave as it will only take more new money. When I said that will just make me withdraw it and put it in the aa I was virtually told "them's the rules". When I said they were shooting themselves in the foot as people would go elsewhere I could sense him reaching for the panic button so shut up! Don't they want to keep the money?

Welcome top the club! This is now how banking works and you just have to play the game. Banks offer these bonus rates for one year only in the hope that you will then forget about it and leave your money languishing in an acc earning !!!!!! all, that's how they make their money, they don't actually want your money if they have the pay you the bonus rate permanently.

R