West Bromwich BS 8% Regular Saver (Magic 8)

ivorbeck

Thanks for the "polite info Debbie. I searched around and found a better deal where the rate is fixed for one year so I took your advice and bu**gered off.

Peeping_Tom

edda wrote: »

The Magic 8 account is now paying 7.6% (after the Feb rate drop).

At least 4 other regular saving accounts are showing as better than this on various comparison sites. The minimum per month varies though.

Now down to 7.35%. To be fair to the West Brom the Magnificent Seven was launched in late 2006 and tracked the base rate up to 7.85% by November 2007, just before the BoE started slashing the base rate.

p1an0player

We're approaching one year
Any thoughts on withdrawing by post from here?

Milarky

p1an0player wrote: »

We're approaching one year
Any thoughts on withdrawing by post from here?

You can withdraw by BACS for their bonds (this account may be different since it is 'branch based') A cheque takes longer. As BB says above (See #81) two witdrawals are permitted before the bonus is added at the anniversary anyway without penalties. For carpetbagging you could just reduce to £100 and keep paying in £20 per month (for a rate of 4.75%) But is West Brom have a bond for £1000 (like the one they just withdrew) paying over 7% - and you are feeling flushed - you could apply for one of those and ask for an early withdrawal by way of transfer from the Magic 8 account. Remember if doing this that you keep your payments up at least until the bonus is added...

10_66

p1an0player wrote: »

We're approaching one year
Any thoughts on withdrawing by post from here?

I rang one of their branches a few days ago and asked what the options are for withdrawing (hoping BACS would be one of them). Unfortunately, if you want to close the account, you can’t withdraw by BACS; they'll do a telegraphic transfer if you pay a fee for it (can’t remember if they said £30 or £40 pounds). If you want to close the account and can’t visit a branch, I was told you can post the passbook to a branch with a letter confirming that you wish to close it, and they’ll send a cheque. They said allow a couple of days after the anniversary for the closure request (it’s automatically transferred into a base rate tracker) to make sure that the bonus has been added to the account.

p1an0player

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

DeepSporran

According to the website, interest would have been paid on April 1st. I don't recall getting any notification from WBBS, but maybe they don't bother for a one year account when presumably they'll be in touch when the year is up ? Unless you ask them for a tax deduction certificate of course.

debbie42

I'm pretty sure I had some paid in my book. I'll have a look later when I'm near it.

Yes, it was added 1st April.

Milarky

This is peculiar. According to my paper terms and conditions Interest is paid annually on 30 November or monthly (excluding bonus) on request.

@debbie42 did you get 'annual' or monthly interest on 1 April then?

Speculator

My interest was paid in April. Next payment will be on maturity in a couple of months time.

The 2.60% bonus will be paid on maturity.