How do I transfer funds into a Bradford & Bingley e-savings account?

cs95aam

I've just moved my savings into my current account to transfer it into 2 different savings accounts. Barclays have informed me that the maximum I can transfer per day is £5000. My only option to ensure it goes in there in one go is to do a CHAPS transfer.

The problem is that Bradford and Bingley don't allow a CHAPS for anything under £100,000. I can't believe it! Its worth me spending the £20 for each transfer weighed up against the interest I'd lose if I transferred it bit by bit.

I'm trying to split my savings between ICESAVE and B&B because previously I had the whole lot in A&L and although the rate was good I couldn't access it without losing a lot of interest! Also I've become worried about losing my savings in the event of a bank going under.

Can somebody please advise?

Thanks

wombat42_2

cs95aam wrote: »

I've just moved my savings into my current account to transfer it into 2 different savings accounts. Barclays have informed me that the maximum I can transfer per day is £5000. My only option to ensure it goes in there in one go is to do a CHAPS transfer.

The problem is that Bradford and Bingley don't allow a CHAPS for anything under £100,000. I can't believe it! Its worth me spending the £20 for each transfer weighed up against the interest I'd lose if I transferred it bit by bit.

I'm trying to split my savings between ICESAVE and B&B because previously I had the whole lot in A&L and although the rate was good I couldn't access it without losing a lot of interest! Also I've become worried about losing my savings in the event of a bank going under.

Can somebody please advise?

Thanks

B&B Esavings will accept money from an online DD or a cheque. Sounds like a cheque is your best option.

cs95aam

Thanks I wonder why the lady I spoke to didn't mention that. I'll call and confirm that with them.

wombat42_2

cs95aam wrote: »

Thanks I wonder why the lady I spoke to didn't mention that. I'll call and confirm that with them.

Yesterday I did an online Esaver application and it gave me the option of paying my first deposit in by cheque or DD.

cs95aam

Apparently I'm not allowed to use a cheque for the e-savings account except at the initial application stage. The lady said the cheque is used for ID purposes. However when I applied they only asked for drivers license and passport number.

I can't believe they make it so tricky I should have just stuck with another bank. :mad:

wombat42_2

cs95aam wrote: »

Apparently I'm not allowed to use a cheque for the e-savings account except at the initial application stage. The lady said the cheque is used for ID purposes. However when I applied they only asked for drivers license and passport number.

I can't believe they make it so tricky I should have just stuck with another bank. :mad:

I think it is generally the case that you are asked to pay a cheque whenever you set up a new DD from a current account to validate and verify your ID to do this. Validation of your savings account using ID such as drivers liscence is a separate issue.

cs95aam

OK I called them again, to be sure, and lucky that I did and now they tell me that I can send in a cheque.

Atleast I have a solution now.

Thanks

ukmike

Just received an email from B&B regarding setting up a/c.Here's the details:-

We are delighted that you have chosen to open an eSavings account. To get you up and running, you'll need to make your initial deposit within the next 14 days. You can do this by cheque.

Make your cheque payable to yourself, and include your application reference number (e.g. Mr A Smith 123456789) and send it to us at;

Freepost
RLRR-RSGJ-XHUJ, PO Box 1086,
Newcastle Upon Tyne
NE99 1SD

cs95aam

For some reason I didnt get that email. Instead I just got this:

Thank you for opening an eSavings account.

To ensure that your account is up and running as quickly as possible, it's important that any requested information together with your initial deposit is provided as soon as possible. Our address is;

Bradford & Bingley eSavings Unit
Freepost RLRR-RSGJ-XHUJ, PO Box 1086,
Newcastle Upon Tyne,

This is despite providing my drivers license and passport details on the internet.

Anyway I will be sending them a cheque soon. However this Royal Mail strike from 4th to the 9th October isn't going to help. :rolleyes:

Beate

cs95aam wrote: »

For some reason I didnt get that email. Instead I just got this:



This is despite providing my drivers license and passport details on the internet.

Anyway I will be sending them a cheque soon. However this Royal Mail strike from 4th to the 9th October isn't going to help. :rolleyes:

This is a generic email sent to everyone. I wouldn't worry about it. However, if you are worried about the post strike, why don't you electronically transfer money through the direct debit? Even if you have to split it, it would probably arrive quicker than by post during a strike.

ukmike

However, if you are worried about the post strike, why don't you electronically transfer money through the direct debit?

Errrr,because they won't let you set up a direct debit till they've had a cheque from you.I'll show you the email again:-

We are delighted that you have chosen to open an eSavings account. To get you up and running, you'll need to make your initial deposit within the next 14 days. You can do this by cheque.