Birmingham Midshires Internet Saver

Kilty_2

This account looks rather promising, 5.00% and it looks like I can open an account (I'm 16).

Question is, since it's essentially a subsidary of HBOS, would transfers between it and my Bank of Scotland account be quicker than to any other bank account? (I know transfers between BOS and Halifax accounts are instant as long as they are on my online portfolio, but since this wont be........)

Thanks Any reccomendations of better accounts to save approx £3,000 in would be good too.

tom188

I dont think so, it is a stand alone subsidiary.
Certainly not the case when transferring to and from another subsidiary of theres Intelligent Finance.
It has a direct debit facility so your money shouldnt lose any interest on the way in, but standard BACS on the way out.

Its not a bad product, and with the ING beating guarantee one would hope that the rate would rise 0.25% in the next month.

If your 16 you can have a £3000 cash ISA - eg NS&I Direct ISA paying 5.55% with a rate guarantee until April 2008. Usual caveats for ISAs obviously apply.

Kilty_2

Yeah, I have £6000 to put into savings, £3000 is going back to NS&I (Direct ISA) once I get it out of their horrid Investment Account.

Thanks though. Only problem is BM want a cheque for £1 as initial deposit from my linked account, that's a problem as I don't have a chequebook with BOS........... would need to go and open an account I don't want with Abbey.....

techno_geek

B'ham Midshires internet savings accounts work on direct debits to transfer money in and out - processing times don't exist!

I paid money from my NatWest account to my BM saver, and the money arrived (was earning interest) the same day, although I believe the funds didn't fully clear for a few days.

tom188

I suggest you do a saving search on moneyfacts (which allows you to input your age to refine results) or moneysupermarket.

Others that have minimum age 16 and can use BACs to make initial deposit include...
Saffron BS esaver 5.15%
Leeds BS online saver 5.0%
Post office etc