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

hermante

Loco wrote: »

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

Can't understand brummy accents very well, or maybe they can't understand me. The first staff member answered very quickly on the "general enquiries" line but kept repeating something about the 2010/2011 tax year is only available until the 5th of april. So I said kthxbye and tried the number for applications, which had an automated voice talking for about 10 minutes, kept on hold for another 10 minutes. This time she said that she didn't know what is going on with the website, but since we have to sign the paper form anyway, it doesn't matter as there will be a tick box for 2012/2013.

Doesn't really matter as I don't think my application will get back to them until after Easter, if it's all 2nd class post.

tushingham

Hi All,

Applied for the 2011/12 issue online on saturday. Hoping I might get a letter from them tomorrow but does anyone know if i'll be able to get them my cheque in time for it to be cashed and cleared by the 5th april so that they agree to let me have a 2011/12 issue?

Thanks
t

hermante

tushingham wrote: »

Hi All,

Applied for the 2011/12 issue online on saturday. Hoping I might get a letter from them tomorrow but does anyone know if i'll be able to get them my cheque in time for it to be cashed and cleared by the 5th april so that they agree to let me have a 2011/12 issue?

Thanks
t

thursday was the last day to apply online for 2011/12, but the website doesn't know. They probably set that deadline for a reason, as it appears they use 2nd class mail.Even if you send off the form tomorrow and they get your cheque Wednesday, it takes 2 days to clear, so it depends if they credit your account instantly. (They won't get your funds from your bank until the 10th)

wiltslass

Not sure where you are getting 2nd class mail from. Mine and my husbands return envelopes were both 1st class , maybe we were lucky.

muffinhead

Does anyone know, for ISAs that are transferred in, what happens to the previous years interest?

Assuming the 2011/12 ISA allowance is fully used up, does it go towards the 2012/13 ISA allowance or do BM add it on to any interest due and pay it out in a month or years time depending on the interest option selected?

hermante

wiltslass wrote: »

Not sure where you are getting 2nd class mail from. Mine and my husbands return envelopes were both 1st class , maybe we were lucky.

Here:

brewerdave wrote: »

Yes, they sent out prepaid 2nd envelopes - and as far as I know, they do carry out online checks.My wife and I have several accounts with them and we haven't been asked for any identification documents ever.:)

muffinhead wrote: »

Does anyone know, for ISAs that are transferred in, what happens to the previous years interest?

Assuming the 2011/12 ISA allowance is fully used up, does it go towards the 2012/13 ISA allowance or do BM add it on to any interest due and pay it out in a month or years time depending on the interest option selected?

Interest doesn't count as part of your ISA allowance if it comes from the ISA and is paid into the ISA.

muffinhead

hermante wrote: »

Interest doesn't count as part of your ISA allowance if it comes from the ISA and is paid into the ISA.

But what happens if your old ISA provider [from 2011/12] owes you interest and you ticked the yes box on the BM transfer form which said 'Do you want to close your current Cash ISA and transfer all the balance, including interest?'.

Will BM pay out the interest due or put it towards next years [2012/13] ISA allowance?

badger09

muffinhead wrote: »

But what happens if your old ISA provider [from 2011/12] owes you interest and you ticked the yes box on the BM transfer form which said 'Do you want to close your current Cash ISA and transfer all the balance, including interest?'.

Will BM pay out the interest due or put it towards next years [2012/13] ISA allowance?

When your new provider asks your old provider to close & transfer your funds, your old provider will calculate interest up to the date of transfer (assuming no early withdrawal penalties) and add it to the amount to be transferred.

muffinhead

badger09 wrote: »

When your new provider asks your old provider to close & transfer your funds, your old provider will calculate interest up to the date of transfer (assuming no early withdrawal penalties) and add it to the amount to be transferred.

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?

LilithsBrother

The interest doesn't count towards your payments in to an ISA...the tax free interest gained would just be transferred over to your next ISA provider...and will not be regarded as a payment in for the 2012-13 tax year....you should still have your £5,640 allowance.