B'ham Midshires 6.4% bond???

KingKenny

Old_Slaphead wrote: »

When a FRB matures I assume you can't just say 'well leave repayment for another few days until next Monday'. Presumably they have a system in place to issue all chqs within (usually stipulated) 5 days of end on Bond (with interest added). I've found that most FRBs usually mature on Wednesday/Thursday. Most post doesn't now get delivered particularly early meaning that anyone who goes to work usually misses out on another day's interest. At best with Birm Mids I've lost around a week's interest - at worst nearly 2 weeks.....this compares to 2 or 3 days with BACS users.

For that reason I don't use BM's 1 year FRB anymore

So they still only withdraw FRB on cheque payment, would not go near it, up to two weeks, that is a disgrace.:mad:

oldagetraveller

One of their 1 year bonds I purchased matures next month. They sent me a form to choose where the funds were to go. The options are, move to another similar BM product, cheque by post, CHAPS transfer to current account (fee payable) or transfer to a BM savings account. I already have a BM savings account into which the bond's monthly interest was paid, so that's the option I chose. It only typpically takes 2 working days for BACS to my current account so not much loss of interest. So no harm in opening a BM savings account for 12 months?

KingKenny

oldagetraveller wrote: »

One of their 1 year bonds I purchased matures next month. They sent me a form to choose where the funds were to go. The options are, move to another similar BM product, cheque by post, CHAPS transfer to current account (fee payable) or transfer to a BM savings account. I already have a BM savings account into which the bond's monthly interest was paid, so that's the option I chose. It only typpically takes 2 working days for BACS to my current account so not much loss of interest. So no harm in opening a BM savings account for 12 months?

Can you?

Chaps or BACS transfer to another building society account in your name?

That is the question really?;)

free4440273

oldagetraveller wrote: »

One of their 1 year bonds I purchased matures next month. They sent me a form to choose where the funds were to go. The options are, move to another similar BM product, cheque by post, CHAPS transfer to current account (fee payable) or transfer to a BM savings account. I already have a BM savings account into which the bond's monthly interest was paid, so that's the option I chose. It only typpically takes 2 working days for BACS to my current account so not much loss of interest. So no harm in opening a BM savings account for 12 months?

...is the fee payable normal? after all, it is your money! can someone attempt to help me here because i am actually interested in the bond - it's a very good rate for one year (i have £10,000 to invest). I was also looking at the alternative from Anglo Irish Bank. I just want the best service, that's all. Thanks all

Old_Slaphead

Personally I'd open a Halifax websaver and transfer money (online) to that. Then open 1yr Halifax FRB (6.5%) leaving £1 in websaver ready to receive money back on maturity. Then transfer it to wherever.

Yes it is normal to pay £25+ for CHAPS sameday transfers (cos banks have to process this through a manual rather than automated system - so they say!). Really only worth it, interest wise, if your're shifting circa £100k.

KingKenny

http://www.askbm.co.uk/savings/i/deposit/onlinesaver/intro.asp:T

free4440273

Old_Slaphead wrote: »

Personally I'd open a Halifax websaver and transfer money (online) to that. Then open 1yr Halifax FRB (6.5%) leaving £1 in websaver ready to receive money back on maturity. Then transfer it to wherever.

Yes it is normal to pay £25+ for CHAPS sameday transfers (cos banks have to process this through a manual rather than automated system - so they say!). Really only worth it, interest wise, if your're shifting circa £100k.

thanks. now i really am confused. i thought the web saver http://www.halifax.co.uk/savings/fixedwebsaver.asp was actually a FRB (but halifax did not call it as such). i have £10,000 to invest for a year and was thinking of shoving it into the 6.50 gross websaver. any ideas on this? thanks again

Old_Slaphead

There's also a websaver (variable). That can be used to transfer money into from 'outside' then set up a transfer across to any websaver (fixed) account.

I always leave £1 in my websaver (variable) account using it as an intermediate stage for transferring money into/out of bonds....that was negligible amounts of interest are lost.