West Bromwich BS 8% Regular Saver (Magic 8)

Dagobert

mary wrote: »

have returned it today via recorded delivery ... to guarantee the date it gets there

Presumably you mean Special Delivery - Recorded Delivery is not even guaranteed to arrive.

So, of the £25 gross gain (=£20 @ 20% net), over £3 net spent on postage. The margins are getting smaller and smaller.

p1an0player

Dagobert wrote: »

So, of the £25 gross gain (=£20 @ 20% net), over £3 net spent on postage. The margins are getting smaller and smaller.

can you explain please?

mary

No the postage was £1.04. Recorded Delivery 70p + 34 1st class stamp

bristolleedsfan

mary wrote: »

No the postage was £1.04. Recorded Delivery 70p + 34 1st class stamp

while in all probability your recorded posting will arrive what the previous poster was explaining is that not only does recorded delivery postings not guarantee delivery on a certain date, RD postings are not guaranteed to arrive at all.

Special delivery guarantees next working day by 1pm ( unless 9am guaranteed service paid for) delivery or your postage back.

Special_Saver2

This is what is says on their website:

Magic 8 is set to be market-leader for regular savings account

The West Bromwich Building Society has come up trumps with a new product for savers that is set to be the pick of the pack when it comes to regular savings accounts.

The West Brom is confident that its new Magic 8 regular saver will live up to its name by revealing an interest rate of 8.10% gross p.a., which includes a bonus of 2.60%, to those savers who make 12 monthly payments into the account. After the first year, the account reverts to our Basic rate Tracker, currently paying 5.5% p.a.

The minimum monthly payment is £20; the maximum monthly payment is £1,000. Two withdrawals are permitted during the 12 month period.

The Magic 8 is available through branches only and, in the opinion of Andy Heseltine, Product Manager at the West Brom, the product is ready to come out of the hat as a market-leader for regular savings accounts. As Andy said: “The Magic 8 represents a tremendous attraction for regular savers by offering an impressive rate of 8.10% at the end of the first twelve month period. Significantly, it has the added flexibility of allowing savers the opportunity to make two withdrawals in the first year should they wish to do so.”

http://www.westbrom.co.uk/westbrom/news?id=1805

arrowsmith

Opened one of these at my local branch today, fastest account setup I've ever seen, filled in the form and a few minutes later walking out the door with the passbook.:j

I've put in Sept funds so hopefully this is like most reg savers and I can place another 1k in for October on Monday. Anyone know the procedures for paying in from another bank account, sort code and account number etc ?

mary

Had to apply by post and haven't obviously heard back from them, but going by other Building society regular savers I have, the sort code and account no may well be at the front of your passbook. If not, ring them on Monday

meme_3

Was looking for another regular saver, considering Halifax (currently 7%), but now this is favourite option - provided that I don't have to be a member already - does anyone know this?

Will be a couple of weeks before I can get to a branch to open one, but the £1000/month is much more favourable than many! Have done a few calculations, and this is possible - just funding from other high paying accounts and subsequently from matured regular savers.

Thanks for the info!

Speculator

A couple of weeks will probably be too late.

christabell

meme wrote: »

Was looking for another regular saver, considering Halifax (currently 7%), but now this is favourite option - provided that I don't have to be a member already - does anyone know this?

Will be a couple of weeks before I can get to a branch to open one, but the £1000/month is much more favourable than many! Have done a few calculations, and this is possible - just funding from other high paying accounts and subsequently from matured regular savers.

Thanks for the info!

I read the webpage this morning and it does not say anything about being a member already. As posted above, it branch only and cross-selling other products.