BM Savings - 2 year Fixed Rate ISA - 4.05% AER

hermante

muffinhead wrote: »

Once transferred to the Birmingham Midshires ISA, what happens to the 2011/12 interest? If you paid in the full £5340 in 2011/12, any interest earned will put you over the limit for that ISA year so will it be used to fund the 2012/13 ISA balance or is it ringfenced as interest and eventually paid out?

The limit is only for when YOU PAY IN money. Interest does not count to any limit. You could have paid in £10680 into a stocks and shares ISA, and turned that into £1 million, and all of it would be tax free.

If you had an ISA from 1999/2000, when the limit was £3000, and earned 4% every year, it would have £4800 now, and you could still have paid in the full limit each year.

MOPI

Hi BM Savers!

I have only just recently opened this account with BM Savings and I am yet to receive a formal welcome pack. Consequently I am unsure of the procedure to deposit further funds into this account for the tax year 2012/2013. Please could someone advise me accordingly?

Also I presume we are allowed to make as many deposits as we like as long as the issue is still for sale. I have checked on the BM Savings website and it still looks like the issue is open, is this correct?

Thanks in advance

10_66

MOPI wrote: »

Hi BM Savers!

I have only just recently opened this account with BM Savings and I am yet to receive a formal welcome pack. Consequently I am unsure of the procedure to deposit further funds into this account for the tax year 2012/2013. Please could someone advise me accordingly?

Also I presume we are allowed to make as many deposits as we like as long as the issue is still for sale. I have checked on the BM Savings website and it still looks like the issue is open, is this correct?

Thanks in advance

It's a bit confusing because the letter that follows the receipt of the application states, "your initial deposit should be for the full investment amount, and can be in the form of multiple cheques". However, the same letter states, "we can close this issue at any time, and if we do so, you won't be able to pay any more money into it".

MOPI

Hi,

Does anyone know how you can fund the account, I have been told conflicting information - some claiming that it can only be funded by cheque and others claiming it can be funded by electronic transfer too?

Thanks

10_66

MOPI wrote: »

Hi,

Does anyone know how you can fund the account, I have been told conflicting information - some claiming that it can only be funded by cheque and others claiming it can be funded by electronic transfer too?

Thanks

You have to send a cheque, or if you hold another BM account, you can transfer from that, but you can't make an electronic transfer from an outside account.

mecrazybenz

Just wandering if anyone has had their 2012 2013 ISA account opening confirmation? I sent my cheque about a week and a half ago but the money is still sitting in my account. I did call them to confirm if they had even received my cheque but they could not confirm.

lemonjelly

I opened one of these online yesterday for 12-13. I'll be dropping the full years allowance in. I did intend to add this years allowance to santander, as I transferred 3 old ISA's to them in March, but the service I've had from them is so poor I couldn't bring myself to add more. I'll leave those 3 transfers for the 2 years & desperately wait for the 2 years to be up to transfer out!

Ah well, at least I get an extra 0.05% here...

10_66

mecrazybenz wrote: »

Just wandering if anyone has had their 2012 2013 ISA account opening confirmation? I sent my cheque about a week and a half ago but the money is still sitting in my account. I did call them to confirm if they had even received my cheque but they could not confirm.

If it's for the new financial year, they won't have been able to bank the cheque until after the bank holiday (ie earliest 10 April), however, having said their archaic system is one of the reasons I was hesitating about opening this account. I did send everything off last Saturday, but with the bank holiday, back log because it's ISA season and goodness know whatever else they can think of I'm not expecting anything quick from them.

claire07

I'm beginning to have second thoughts about this. Rather than faff about to open this year's ISA I opened this last Friday online and had an email saying they would send the forms so I could return the cheque. What with bank holidays, Easter, etc. haven't received it yet.

I know it's a postal account but if you can open it online why on earth can't you fund it online. I am an existing customer as I transferred last year's ISA to them. By the time I get the application and the cheque back to them it'll probably be two weeks when I could have opened and funded one online somewhere else.

MOPI

Hi guys,

Just wanted to update you - I have been on the phone to BM Savings and they have stated the account CAN be funded by electronic transfer i.e. faster payment etc. The details to use for faster payment are as follows:

Sort code: 20-97-78
Account Number: 00968773
Payment Reference: ISA account number (mine is 10 digits long).

Hope that helps!