Birmingham Midshires online

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moneylover wrote: »

Unfortunately Leeds postal bond at 6.70% is now effectively closed - anyone who has an application in process will have their account set up provided documentation and cheque recvd by this Friday. Existing account holders cannot add any more money.

oh great, just what i need. i thought this would happen, especially given yesterday's CPI figures and many people thinking this is the peak in the interest rate cycle. funny, i was just about to start a new thread on whether people thought that 6.70 per cent was the best savers could now get on risk-free bonds. and knowing my luck, by october, most building societies will probably have lowered rates. unbelievable. {please BofE, raise rates to 6 per cent i beg you}:( thanks for the info ML.

ManAtHome

Might not make too much difference what el Banko do - if credit is drying up worldwide, banks may need to get more of their dosh through savings accounts.

si1503

For what its worth I am a Bham Midshires Internet Easy Access Savings customer. Since opening the account little under a year ago I have had no problems whatsoever to date.

Considering the high level of current economic and interest rate volatility the 1 yr fixed rate bond does look quite an attractive choice at this moment at time. Even I myself (being a rather more high risk market investor) am tempted to safe-guard some of my savings with this product.

info_addict

Just an update on how things have progressed with my wife and I's Birmingham Bond.

Then this morning I get my confirmation letter for the account, but again all references are to the direct debit being set up. No mention of paying in a cheque. So I rang again. This time I have been told that as my internet web saver account and the fixed rate bond are both linked to the same current account then a cheque will not be necessary. They also tell me I can pay into the bond via BACS and keep adding to the bond (if I wish) until it is no longer available.

Confusing to say the least.

Well we both sent our payments via BACs on Monday this week. But purely out of interest I logged onto my account to see if the account was showing and, it was. Looked at the account and ofcourse it showed zero balance, but there was a Pending Payments option. This showed a payment due 17th August!! So another call to their help centre. We were advised that this pending payment was infact the direct debit link we had set up during our application. Therefore all the previous advice we had been given was bol**ks.
We managed to get the direct payments deleted, otherwise we would have been seriously overdrawn tomorrow, with a big fight on our hands.

Just for the record my wife's payment credited yesterday from her Nationwide but mine only credited today from Cahoot. Is it just me or do others find Cahoot a tad slower than others? New thread maybe.

Anyway in summary I think that people who have opened this bond should keep on top of the progress. Maybe for new openers it is more straighforward - send in £1 cheque and then direct debit.

Oh, and even though the money is showing in the account, the speil under the account, states the current interest on the bond is 0.00%!! I give up