West Bromich Magic 8 Vs other regular savers

fimonkey

Hi All,

1. Can someone please tell me the catch re the WB magic 8 account? It seems too good to be true when compared to other regualr savers (ie allows more flexibility with deposits and cash out, don't need to open a current account and pay salary in, etc). I'm just coming up to the end of my 12month 12% A&L regular saver and as an existing customer I cannot have another one so am looking for the best way to save £100pm. I already have a number of current accounts so don;t particularly want another one for the sake of a regular saver, is the WB one the best to go for or is there a catch I've missed?

2. Also: re the interest on the WB account, I would be looking to opne it from the 1st Dec, but it says interest is paid in April, and the bonus on the anniversary of opening the account. This cinfuses me greatly. Overall, if I regularly deposit £100pm will I get 8.10% Gross on my balance per month? or per year?

3. Can it be opened online or by telephone, or do I have to travel to the midlands?


Cheers all

debbie42

fimonkey wrote: »

Hi All,

1. Can someone please tell me the catch re the WB magic 8 account? It seems too good to be true when compared to other regualr savers (ie allows more flexibility with deposits and cash out, don't need to open a current account and pay salary in, etc). I'm just coming up to the end of my 12month 12% A&L regular saver and as an existing customer I cannot have another one so am looking for the best way to save £100pm. I already have a number of current accounts so don;t particularly want another one for the sake of a regular saver, is the WB one the best to go for or is there a catch I've missed?

2. Also: re the interest on the WB account, I would be looking to opne it from the 1st Dec, but it says interest is paid in April, and the bonus on the anniversary of opening the account. This cinfuses me greatly. Overall, if I regularly deposit £100pm will I get 8.10% Gross on my balance per month? or per year?

3. Can it be opened online or by telephone, or do I have to travel to the midlands?


Cheers all

1: I can't see any catches. It compares favourably with the YBS one as it has a higher rate of interest and allows £1000 p.m. max as opposed tp the £500 at the ybs. Unlike the ybs it does have to be closed after 12 months.

2: The interest accrues monthly, so will be paid on the average balance per month. From what I've read on here, it may not be around in December, if it has a limit on new account deposits etc. I was asked if I wanted my interest paying monthly when I opened it, though was unaware that was an option.

3: It is intended as a branch account. I've read of people on here operating it by post, but not phone or net.

Milarky

debbie42 wrote: »

It may not be around in December

I'm just hoping it will still be around this time next week and not pulled earlier as I haven't received any literature in the post despite asking Saturday week, and again last Wednesday, and they saying it would be sent. I will call again after tomorrow's post (allowing for the postal strike delays) and ask them again.