Bradford + Bingley 6.40% AER Internet Saver

YorkshireBoy

Dagobert wrote: »

This move will cost you 292 days to recoup.

I posted earlier in the thread that a (direct via payment mandate) Sainsbury's to B&B transfer would take 3-4 days.

According to my calculations, each day takes 43 days to recover (6.4/0.15), meaning 172 days in total for a 4 day loss.

Is my calculation wrong?

Where do you get your 292 days from?

bristolleedsfan

YorkshireBoy wrote: »

I posted earlier in the thread that a (direct via payment mandate) Sainsbury's to B&B transfer would take 3-4 days.

According to my calculations, each day takes 43 days to recover (6.4/0.15), meaning 172 days in total for a 4 day loss.

Is my calculation wrong?

Where do you get your 292 days from?

how many "days" do people believe that this account will actually be a market leader for, :rotfl: after all bradford and bingley arent famous for market leading savings account either as a former building society or as a plc. :rotfl:

rate guarantee is nothing to celebrate.

"Interest guaranteed to at least match the Bank of England Base Rate until 1st January 2009."

Dagobert

noh wrote: »

Dagobert wrote:

You can nominate as many as you like. I have a dozen current accounts linked to my B&B savers.

It is only possible to link one external account to this new 6.4% account.
... http://www.bradfordandbingley.co.uk/_img/savings/Cropped_Internet_Saver_-_12th_Sept_2007.pdf
Pragraph 3.1.2

Apologies for my incorrect posting. I had jumped to the conclusion that the Internet Saver would work in the same manner as their eSavings accounts.

Maybe you also know whether internal transfers between eSaver and Internet saver are possible, in which case the Internet Saver could be credited and debited indirectly via an unlimted number of nominated current accounts.

Dagobert

YorkshireBoy wrote: »

Dagobert wrote:

This move will cost you 292 days to recoup.

I posted earlier in the thread that a (direct via payment mandate) Sainsbury's to B&B transfer would take 3-4 days.

According to my calculations, each day takes 43 days to recover (6.4/0.15), meaning 172 days in total for a 4 day loss.

Again, apologies for incorrectly assuming that the Internet Saver works in the same manner as their eSavers, which can only be funded via nominated current accounts.

This would have meant a transfer from Sainsbury's to c/a to B&B, which would have spanned a weekend.

However, a direct BACS payment is possible from Sainsbury's will cost 3 days of lost interest. (Sainsbury's probably pay interest on the day of withdrawal.) Money transferred on Monday will arrive on Thusrday and start earning interest on Friday.

If this is the case, a transfer will cost 125 days to recoup: 41.66 days (valued at the source interest) per day of lost interest; and it will gain only 97p per £1000 of gross interest if the money is withdrawn after only a year.

noh

Dagobert wrote: »

Apologies for my incorrect posting. I had jumped to the conclusion that the Internet Saver would work in the same manner as their eSavings accounts.

Maybe you also know whether internal transfers between eSaver and Internet saver are possible, in which case the Internet Saver could be credited and debited indirectly via an unlimted number of nominated current accounts.

No it states that transfers have to be to and from the nominated bank account only which has to be an account capable of having direct debits set up.

Nigel

jinkssick

The actual % youll get after 20% tax bracket:

5.20% Bradford & Bingley
5.04% ICICI
5.00% Sainsbury's
4.96% Icesave

riad_2

I'm in the middle of applying and it's just asked me:


"When do you want to receive your interest payments?"
Annually/Monthly


Is there any disadvantage to receiving it monthly? It is still 6.4% AER with either option?? Or is there less interest if you opt for monthly??

T&C's say this:

5.8 AER stands for Annual Equivalent Rate. The AER illustrates what the interest would be if interest was paid and compounded each year. Where interest is paid monthly, the AER is the same as the rate shown for annual interest.


Just thought I'd post to make sure I'm clear on this before proceeding!

ukdutypaid

Nick_C wrote: »

Depends what you want to use it for. Sainsbury's apparently allows on line transfers out to multiple accounts, so good for drip feeding regular savings accounts. B&B apparently only allows you to transfer out to your nominated account, so drip feeding a regular saver account from B&B could mean 4 days loss of interest instead of 2.

8 days........ 3-4 bacs to nominated and 3-4 out to the regular saver...
Sains ... 3-4 days straight..
I'm becomming disillusioned with RS accounts though. It's impossible to get the timing to the same day every month, miss on payment or time it incorrectly so that two go the same month and it's all over.

Seriously I've just increased my mortgate payment by about 50 per month and it's going to save me nearly 8k.... No worries, no fiddling about....
8k vs 100-150 in interest on the reg savers. It ain't worth the hassle...

McSaver

jinkssick wrote: »

The actual % youll get after 20% tax bracket:

5.20% Bradford & Bingley
5.04% ICICI
5.00% Sainsbury's
4.96% Icesave

Actually Bradford & Bingley would be 5.12% Net.

Geoffo_M

I already have an e-savings account with B&B paying 6.05%. Does anyone know if this will be automatically upgraded, or do I have to open a new "Internet Saver" account, and transfer the balance across?