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

xylophone

On the website it says
"If you can afford to keep your money saved for a little longer, you can take advantage of our higher savings rates - and it's tax free as well. This issue is for deposits in the new tax year commencing 6 April 2011".

When I rang this morning, the young woman agreed the wording is rather confusing at this stage of the tax year, confirmed the rate IS for this tax year 2011-12 but could not say whether or not the rate would be available for additions in 2012-13.

innovate

Very attractive alternative to Santander - - though I hate postal management!!! Surely they can save a shedload of money (and give us more interest) by allowing online management?!?

BM is of big interest to me because of the FSCS guarantee, too - - - they share with AA, BoS, Halifax, Intelligent Finance, Saga and Aviva - - none of whom I have money with, so could start another £85K pot with them, and keep my powder dry on the 3.1% Santander esaver issue 4 (just noticed they dropped to 3% on esaver 5, the scrooges).

LilithsBrother

Am i correct in assuming i can transfer my Halifax Isa when it ends on the 25/3 even if i do not have a bank account with BM savings and will they allow you to add to the account after April 6th for 2012-2013 or would i have to find another ISA for the 2012-2013 ISA period ?,this one certainly looks a lot better than Santanders two year fixed which finishes in May 2014.
LilithsBrother
PS.who would like to share the BM phone number?

New_York_No1_fan

LilithsBrother wrote: »

Am i correct in assuming i can transfer my Halifax Isa when it ends on the 25/3 even if i do not have a bank account with BM savings and will they allow you to add to the account after April 6th for 2012-2013 or would i have to find another ISA for the 2012-2013 ISA period ?,this one certainly looks a lot better than Santanders two year fixed which finishes in May 2014.
LilithsBrother
PS.who would like to share the BM phone number?

We are waiting with baited breath to see if this ISA will be extended to money for the 12/13 tax year but as yet its just 11/12.
Tel no for savings 0845 602 2828.
Not sure what you mean re 'bank account' with BM. they're a building society. However a transfer in from another society is fine, BM will send you the paperwork so they can carryout the transfer for you. Thats providing the account is still open after 25/3.

10_66

goRt wrote: »

Applied over the phone, took 6 minutes, transfer forms posting to me, 14 days to return the forms if the ISA closes today!

Are you sure that you've only got 14 days in which to return the forms? The AA use BM to administer their accounts, and I was told when I "applied online" for the AA 3.50% variable (just in case I wanted the option for next financial year) that there wasn't a time limit in which to return the forms (I don't want it for this financial year, but applied early so I'd have the forms if I wanted to return and subscribe to it after 6 April).

Having seen this product I was going to do the same (apply so I'd have the forms ready) and when I rang yesterday to ask if I could that, they said no problem as long as the account was still available when I sent the forms back).

LilithsBrother

Oh yes...a Building Society...thanks for putting me right on that one,so..... even if i have paid in my full ISA allowance for 2011-12 in to my Halifax ISA if the BM offer still stands next week i could apply to transfer in for the next two years and then if they do not accept further payments in for the 2012-13 year i could therefore apply for another ISA for the 2012-13 year elsewhere?.

New_York_No1_fan

LilithsBrother wrote: »

Oh yes...a Building Society...thanks for putting me right on that one,so..... even if i have paid in my full ISA allowance for 2011-12 in to my Halifax ISA if the BM offer still stands next week i could apply to transfer in for the next two years and then if they do not accept further payments in for the 2012-13 year i could therefore apply for another ISA for the 2012-13 year elsewhere?.

Exactly!:D
lets hope it allows 12/13 money in. or they offer an equivalent new one.

Frank121

Hello,

I have just opened this account online and I didn't need to print and post the form.

I like the idea that this ends in exactly 2 years rather than in May 2014 for the Santander one. Should make it easier to catch any ISA offers in 2014 which normally appear during March and not May.

I have a couple of questions if anyone knows the answer:

- I only plan to transfer ISA's from previous years including 2011/2012 from other providers. The email I received mentions that I should submit my first deposit by cheque, does it mean I cannot transfer my ISA's until a deposit is made by cheque?

- Does the 2 year period start when they receive my transferred funds or from the date of my application?

- I went for the monthly interest option purely because I like to see the interest accumlating Is there any benefit in monthly or yearly interest? I couldn't see one as the interest is compunded making the AER the same.

I will phone BM tommorrow to see what they say about the first and second question but just wanted to know if anyone knows the answer based on previous experience with BM.

Thanks a lot.
Frank

Mickygg

Bid advantage with this one is the ending in 2 years to still nab a good rate. However I just went for Santander simply becuase I don't want £5k here and there anymore, and the putting in next years allowance into the same ISA as this years was the winner for me. Plus of course if Rory wins a major then the rate will match this one!

claire07

Frank 121 I'm in the same boat with transferring in. I've opened online today and intend to transfer in my 2011/12 Barclays Golden Isa.

When it asked where the funds came from I put "from existing ISA" but my email confirmation also mentioned sending a cheque so I will ring them tomorrow.

I presume they will send a transfer document to send in for people transferring existing ISAs but I was surprised there wasn't one available on the website that I could find.