West Bromwich BS 8% Regular Saver (Magic 8)

redcar_2

Speculator wrote: »

looks like the Magic 8 is now the Magic 7.85

http://www.moneysupermarket.com/savings/SavingsDetails.asp?SavingsID=24365&Amount=250&Results=8&Lender=

I had a letter the other day from WB letting me know all savings rates were changing and enclosing a leaflet. I've read this twice and can't see anywhere any reference to the Magic 8 account or any other account with the same details. I've also tried to find it on the WB website but can't seem to see this there either. I read on another thread that banks have to inform you about rate changes.

If I'm not just being thick and not noticing where this information is, and I don't get the information from WB can I hold them to paying the higher rate until they tell me?? Why the big mystery about this account?

10_66

I received the same letter and leaflet last Saturday and likewise couldn't see any reference about the Magic 8 account. I rang WB and told them that they'd omitted Magic 8 details from the leaflet, and that as they refuse to put the rates on their website, how are we supposed to find out what the rates are. The reply was that they're posted in branches. As I don't live anywhere near a branch, that wasn't much help. It'd be good if you could get them to carry on paying the 8% due to failure of notifying within 30 days of reducing the rate!

knights

Hi redcar & 10_66,

I think you will find the terms of the account are that the rate will track the BoE base rate less 0.25%, (at the moment 5.50% less 0.25% = 5.25%).

On the anniversary of the account a 2.60% bonus is added if you have met the t's & c's.

Therefore you are always aware of the rate being paid on the account.

regards

p1an0player

Special_Saver2 wrote: »

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.

How do these regular savers usually work in respect of the anniversary bonus?

Let's say I deposited £1,000 on 15 Oct 2007 when I opened the account, and £1,000 on the first of each month thereafter.

In order to get the bonus, am I obliged to make a deposit in Oct 2008, even though that would mean I had made 13 payments?

Milarky

p1an0player wrote: »

How do these regular savers usually work in respect of the anniversary bonus?

Let's say I deposited £1,000 on 15 Oct 2007 when I opened the account, and £1,000 on the first of each month thereafter.

In order to get the bonus, am I obliged to make a deposit in Oct 2008, even though that would mean I had made 13 payments?

You'll never actually be 'required' to make a 13th payment (between 1st October 2008 and 15th October 2008) but the real question is whether you'd be allowed to. It's ambiguous

7
Investments can be made at any time with a maximum monthly investment of £1000 (£12,000 total annual maximum)

The term "total annual maximum" does indeed suggest that if you make the maximum payments in each calendar month up to September you couldn't put any more into the account in October, just before it matures. On the other hand , it is possible to read that as simply expressing the monthly limit as an annual figure (as it's in parenthesis) and not actually setting a limit.

The way I look at the question is that you haven't completed the month when it matures so there was still some time to go and you would have been able to pay in later in the month - but now don't need to.

edda

The interest rate is currently 7.85%

Do be careful if going into a branch to check rates.

The one I went into on Saturday had a poster up with rates as at 30th July 2007. Apparently, they knew it was out of date but hadn't got around to taking it down.

redcar_2

knights wrote: »

Hi redcar & 10_66,

I think you will find the terms of the account are that the rate will track the BoE base rate less 0.25%, (at the moment 5.50% less 0.25% = 5.25%).

On the anniversary of the account a 2.60% bonus is added if you have met the t's & c's.

Therefore you are always aware of the rate being paid on the account.

regards

I agree with your point Knights but if that is the case then why do they ever let you know about rate changes as this applies to all variable rate accounts.

Furthermore on their website it does say ...

How do I find out what interest rate I'm being paid?
Details of all current interest rates for variable rate accounts are always available on our website. We also show historical rates from the last time rates changed.
Rates are also available in all of our branches or by telephone on 0845 33 00 633.


How will I be informed when interest rates change?
If you have more than £250 in a variable rate account, we will write to you within 30 days each time interest rates change and provide you with full details of rates paid on all our accounts.

For accounts where the operating balance is less than £250, we will notify customers by advertisements in the Express & Star and Birmingham Evening Mail.

This would suggest 10_66 got the incorrect info. So my point is more what are the implications that they are failing this?

And just being curious why are they so damn secretive about this account!

I've not got my t&cs to hand for the account but do they say its a different policy for informing people of rate changes for this account? Given that they did write to me I'm guessing not and that this is just a c**k up.

Fella

When is the last time anyone successfully opened one of these by post? Also, any tips on friendly branches to ring for an application form?

This seems like an outstanding account to me....

cheers
Fella

Kazza242

Fella wrote: »

When is the last time anyone successfully opened one of these by post? Also, any tips on friendly branches to ring for an application form?

This seems like an outstanding account to me....

cheers
Fella

I contacted the Swindon Branch, who sent me an application pack without any problems. They opened my account very quickly.

Dagobert

I time my regular saver payments such that they arrive on the earliest possible date without spanning a weekend. In October 2007, I made my regular saver payments on Tuesday 30th to arrive on 1st November.

However, the payment to West Bromwich, initiated from Bank of Scotland, already reached the account on 31st October, thus violating the T&Cs. The bonus interest will not be payable now but they kindly offered to make a manual adjustment.

Payments to other regular savers arrived on the 3rd working day (1st Nov) as expected.