Over 50y/o ? Saga paying 7.14% AER Fixed for 1yr via monthly interest

Nick_C

Sent application and cheque on Thur 27/9, cheque not presented yet, but phoned this morning and told account was opened Thur 4/10

DocProc

I believe the bank they are using is Barclays.

If you bank with Barclays things should happen quite quickly. If not then it could take three, four or even five business days, before you see the cheque hit your account.

Once the SAGA account is opened then the Terms and Conditions say

3.1. The interest rate is payable for the specified term from the date The Account is opened.

Thus it isn't too important to worry about losing interest by having the funds, which you have sent them, sitting about waiting in your current account.

It appears such funds WILL BE EARNING INTEREST although the cheque hasn't yet cleared. Amazing but true.

Not all these institutions' Terms and Conditions are the same and so this would only be applicable to those with almost identical Ts and Cs.

DocProc

Thus Nick_C above will be earning interest from 4th October 2007.

Nick_C:

You might like to telephone them and verify that, and then post up your findings on here, please?

gt94sss2

flossy_splodge wrote: »

Is the phone number on the site the only one or is there a 'normal' one for those of us with 'inclusive' calls? :eek:

You can use 01902 302914 instead of 0845 8500664

Regards
Sunil

Liz_the_Whizz

The GAGA bond is through Birmingham Midshires, not Barclays AFAIK.

Old_Slaphead

Liz_the_Whizz wrote: »

The GAGA bond is through Birmingham Midshires, not Barclays AFAIK.

We might be over 50 but we're not that bad (yet) !

Old_Slaphead

Re 7.14% 1 year bond :-

Cheque sent Fri 29/9
Account opened Fri 5/10
Cheque cleared Weds 10/10

Applications seem to be taking about a week to process