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

wiltslass

wiltslass wrote: »

My pack arrived one day after applying on line. There is a confirmation form to sign. There is only one transfer form so if you have more than one to transfer it is as well to photocopy it before filling it in. It already has your account details etc on it. The rate quoted on my paperwork was for the monthly option as I requested. I put 'transfers from existing providers' in the amount box on the confirmation form. Hope this helps somebody.

Just to say my account is all up and running. I have received letters from all the isa providers I was transferring from to say that BM savings have requested the money and that they have sent it. Quite impressed with it all. Much easier that i had thought. Good to have it all ( except for this years) in one place earning a decent rate of interest ( for the times!) and no hassle. I was a bit worried as transferring one from Santander but pleased to say no problems. In fairness to Santander I never have experienced problems with them but you always wonder in the liight of some of the things we read.

LilithsBrother

How long did it take from returning the forms to BM Savings for the transfer and letter from BM to arrive Wiltslass?...i returned my forms etc last Thursday afternoon.....do you have to let your current ISA provider know you are transferring?.

pem2

LilithsBrother wrote: »

How long did it take from returning the forms to BM Savings for the transfer and letter from BM to arrive Wiltslass?...i returned my forms etc last Thursday afternoon.....do you have to let your current ISA provider know you are transferring?.

No, the transfer is carried out entirely by your new provider.

wiltslass

LilithsBrother wrote: »

How long did it take from returning the forms to BM Savings for the transfer and letter from BM to arrive Wiltslass?...i returned my forms etc last Thursday afternoon.....do you have to let your current ISA provider know you are transferring?.

Hi Liliths Brother. The letter from Santander arrived three days after my returning the transfer form to BM. The letter from BM to say received money two days later. Another isa to be transfered does not mature until 2nd April and I filled the transfer form in and sent it off at the same time asking for it to wait until the maturity date. I have heard from that provider to say they will send they money to BM on maturity as per my instructions to BM. No there is no need to let the current provider know you are transferring. Everything is done by BM once they get your completed transfer form. It seems to all depend on how quickly the existing provider reacts.

Loco

I plan to pay and send off my 5,340 on Monday along with the confirmation slip, no problem.....but can I transfer an older ISA at a later date?

10_66

Loco wrote: »

I plan to pay and send off my 5,340 on Monday along with the confirmation slip, no problem.....but can I transfer an older ISA at a later date?

The letter that came with the confirmation slip says, "your initial deposit should be for the full investment amount", which I take to mean (maybe incorrectly) that once you've deposited an amount you can't add to it. Maybe if you sent your initial deposit with the transfer form they would then deal with it as one deposit, but I don't think they'd permit a transfer in at a later date.

momist

10_66 wrote: »

The date shown on the "confirmation slip" is 2011/2012, but when I rang today to ask if I needed to re-apply, I was told that I could amend the 2011/2012 to 2012/2013 and send it back with a covering letter, also writing on the back of the cheque that it's for tax year 2012/2013 and all should be ok.

Loco wrote: »

I plan to pay and send off my 5,340 on Monday along with the confirmation slip, no problem.....but can I transfer an older ISA at a later date?

10_66 wrote: »

The letter that came with the confirmation slip says, "your initial deposit should be for the full investment amount",

I also phoned for guidance about next year's ISA allowance together with transfers of earlier providers. They told me the same, send the cheque NOW not post-dated, but write on the back that it is for 2012/13 tax year. So that's what I did, with the completed transfer forms for the earlier ones. I expect that they may start the transfer process immediately, and then draw down the money on 6th April. If they take it earlier than that and hold it till then, it's only a few days and I don't mind.
They did say that it had to all be done in one, so I expect that you cannot add any later. They need to know how much we are investing, as it will close when they hit their target.

Loco

I`ve noticed they`ve got the same 4.05% account for 2012/2013 available

http://www.bmsavings.co.uk/savings/isa-savings/773/2-year-fixed-rate-isa-yearly-interest.aspx

hermante

Loco wrote: »

I`ve noticed they`ve got the same 4.05% account for 2012/2013 available

http://www.bmsavings.co.uk/savings/isa-savings/773/2-year-fixed-rate-isa-yearly-interest.aspx

huh? it's the same account, and still says 2011/2012 when you apply. Since I have free 0845 calls now I'll jsut call them up to confirm what others have posted on here.

Loco

hermante wrote: »

huh? it's the same account, and still says 2011/2012 when you apply. Since I have free 0845 calls now I'll jsut call them up to confirm what others have posted on here.

yep you are right.....please report back and let us know the situation