West Bromwich BS 8% Regular Saver (Magic 8)

anticlaus105

p1an0player wrote: »

My Magic 8 has annual interest

I'm preparing my tax return for 07 - 08 and wanting to check whether any interest was added in that tax year.

Can anyone help ? I'm not talking the bonus interest, just the normal interest

You all had me worried for a moment thinking I had forgot about this account.

I was sent a certificate of deduction of income tax (975) in for this account in April.

p1an0player

I phoned the branch this afternoon, not expecting an accurate answer.

I was assured that no interest had yet been paid to the account, but the bonus interest would be paid on the anniversary of opening, and the normal interest would be paid in April.

I then asked what my balance was, it's an odd number which is more than what I have paid in. Therefore interest must have been added in April. Shall I assume 1 April? I wonder if for the purposes of my tax return it is OK to work out the tax by comparing the balance with the deposits, or whether I need paper evidence.

p1an0player

anticlaus105 wrote: »

I was sent a certificate of deduction of income tax (975) in for this account in April.

It seems that you're in a minority by receiving this automatically - did you previously have a different account with them on which you requested a certificate?

Speculator

I've just checked my updated passbook and gross interest of £85.88 was paid on the 1st April 2008.

baby_boomer

I can confirm that my interest (but not the bonus) has been paid on 1 April.

anticlaus105

p1an0player wrote: »

It seems that you're in a minority by receiving this automatically - did you previously have a different account with them on which you requested a certificate?

No previous accounts with WB. This is my 1st account (the Magic 8 (or 7 as it should now be)) with them opened by post at their Chester branch.

I didn't request the certificate, it came automatically.

Speculator

Coming up to the first anniversary for people who opened this account at launch.

Remember to cancel your standing order and to withdraw your money after the anniversary. Otherwise, it will continue as a "Base rate tracker" account earning only 4.75%gross.

stevetodd

Old_Slaphead wrote: »

Great, if that's true - again, so those members who aren't within travelling distance of WBBS can get stuffed.

If that's the case then they're getting no more of my dosh (except perhaps £100) and I'll let them know why.

Or instead of 'getting stuffed' they could say "get stuffed WBBS I'm going to save in Halifax International's 10% regular saver, instead of your miserly 8% one"

mary

As I hadn't heard from them and mine's due to mature on Monday 29th, I was
told that if I asked for a cheque to be sent to me it would cost £15, for the privilege, or else free by BACS!

Speculator

When I spoke to them last month, they said they won't be writing to account holders. The account will change to a base rate tracker on maturity which allows 4 penalty free withdrawals per year.

I will give them a call tomorrow morning to confirm the free bacs withdrawal option and post back here.