West Brom Websave 3.06%

edda

Not as good as the current Derbyshire offering, but here it is:

http://www.westbrom.co.uk/westbrom/savings.product?id=5977&category=52

Websave Easy Access 2 account has minimum balance of £1,000

Ts & Cs says only 1 account is allowed per customer - but don't know if this applies for those with the original Websave Easy Access (paying 3.01%).

Bonus terms are a little different.

SnowMan

Thanks

Real downside is the limit of 3 penalty free withdrawals per year (a year being 1st May to 30 April).

So as you say certainly worse than the Derbyshire account. Derbyshire account has a higher rate 3.11% AER (vs 3.06%) , lower minimum opening deposit of £1 (vs £1,000 although can be taken down to £1 by using one of the free withdrawals), unlimited withdrawals (vs 3 per year), and a longer and larger fixed bonus (16 months vs 13 months).

Also worse than the Coventry Poppy Saver. The Poppy Saver has higher rate 3.15% AER, lower opening deposit required of £1, and 4 penalty free withdrawals per year.

But worth it for those who want to diversify or have particular attachment to the West Brom.

edda

SnowMan wrote: »

Real downside is the limit of 3 penalty free withdrawals per year (a year being 1st May to 30 April).

I know - not what I would call easy access. 4th and subsequent withdrawals lose 60 days interest.

Different 'easy access' to the mark 1 version - which has unlimited withdrawals.

A_Flock_Of_Sheep

West Bromwich Building Society are offering 3.06% instant access on a web saver:

http://www.westbrom.co.uk/westbrom/savings.product?id=5977&category=52

Loughton_Monkey

But it has limited withdrawals.

If this suits, then Coventry's 3.15% is better.

thenudeone

It's only 0.05% above the existing account, (and the Derbyshire account is slightly better still at 3.15%) but I'm applying for it on principle!

SCRUB THAT - Just spotted that it only allows 3 withdrawals a year. Not really that "easy access" is it:(:(

Sparky47

thenudeone wrote: »

It's only 0.05% above the existing account, (and the Derbyshire account is slightly better still at 3.15%) but I'm applying for it on principle!

The Derbyshire Netsaver is actually only 3.11% but still a good rate and unlimited withdrawals. (apart from max of one a day)

amz84uk

I've had my money locked with West Bromwich Building Society since 2009. The funds matured at the end of July 2011, but they decided to extend it for another 2years even though I specifically asked them not to - before the funds matured.

Now they're refusing to let me withdraw/close the account, so my funds are locked until 2013 on an absolutely rubbish rate. Taking it up with the Financial Ombudsman, as they can't lock it without my consent, even though I had instructed them before the account matured.

I personally would not recommend West Bromwich Building Society to anyone. They will do anything possible to refuse you closing the account upon maturity. Steer clear!

Ifts

I have never had any issues dealing with West Brom, had many fixed term savings bonds with them in the past and have always received maturity instructions well in advance before the maturity date.

They currently have a 1 year fixed term bond paying 3.55% which is a best buy at the mo for 1 year bonds, although it is way below inflation!

Hope you get your situation resolved if what you say is correct. Never had this predicament myself, but wonder if at maturity if they re-invest against your wishes (admin fault or something) and you don't see the money returned to you soon after the maturity date, don't you have 14 days to cancel?

10_66

I've had problems with West Brom in the past. Not with a fixed rate account but with a regular saver. They calculated the interest incorrectly on maturity, and despite it being glaringly obvious, trying to get it sorted out took a very long time and was a nightmare, with many phone calls. I just couldn't believe how long it took for them to admit their error when it was so obvious.

amz84uk

Ifts wrote: »

Hope you get your situation resolved if what you say is correct. Never had this predicament myself, but wonder if at maturity if they re-invest against your wishes (admin fault or something) and you don't see the money returned to you soon after the maturity date, don't you have 14 days to cancel?

I've logged a formal complaint with them, and they're not willing to budge, so got the Financial Ombudsman involved now too, to apply pressure.

They seem very slow and firm with their responses. You're right that there's the 14day cooling off period, but I called them to inquire where my money was on 16 August - funds matured on 31 July, hence I was 2 days late. I had given them 2 weeks just incase there was a internal error on their part to transfer funds, etc. The last thing I was expecting was for them to decide without my consent to continue it for another 2 years.

You're also right that they contact you 1-2months before maturity asking what you'd like to do with the funds. I had asked for it to be closed and transferred into my current account. They failed to do this. They've got amazing offers, but for all new customers, make sure you keep an eye upon maturity date, and that you understand that you won't have access to your money for the number of years you lock it.