Birmingham Midshires

NoodleDoodleMan

When it comes to actioning anything they are the slowest financial institution I have ever dealt with.

dunroving

Daft question, but does the 1.45% rate still apply to new deposits in an already-active account? Or only to the existing balance?

Agree on speed/slowness. It took forever to set up my account and my new Tesco account was set up in about 15 minutes, the letter arrived the next day and I sent it straight back. A day later, it was fully set up to allow withdrawals.

MarkFromCornwall

dunroving wrote: »

Daft question, but does the 1.45% rate still apply to new deposits in an already-active account? Or only to the existing balance?

It applies to new deposits in an already-active account, not just to the existing balance.

Bobblehat

etienneg wrote: »

My wife applied online on 4th December, and so is waiting for the invitation to send the initial deposit cheque. Does anyone know what counts as the opening date of the account? In other words, is she likely to get the 1.45% interest rate?

I applied the same date as your wife and received a letter today confirming the setting up of the DD to the linked account (checked out OK in linked acc) and informing me that there would be another letter shortly :whistle: inviting me to send opening cheque. They mention that no transactions can take place in the account yet!

I don't mind slow (too much) ... just as long as they are reliable and honour the 1.45% eventually! I've no reason to suspect they won't.

FOREVER21

etienneg wrote: »

My wife applied online on 4th December, and so is waiting for the invitation to send the initial deposit cheque. Does anyone know what counts as the opening date of the account? In other words, is she likely to get the 1.45% interest rate?

Interesting point as to what date they decide is the opening date.

I hope they class the opening date as the date on which they receive the cheque deposit thus giving a full 12 months until rate drops.

If they use the application date then because of the very slow way they go about setting up details this would reduce the the time the full rate of interest is paid by 1 month or more. Thus the actual amount of interest would be less than expected.

Guess we can only wait until Account is up and running andI will ask them.

DennisTenus

Anyone know if there is a limit to the number of savings accounts a person can hold with them?


Can't find any mention of it in the T&Cs

Mchambers

DennisTenus wrote: »

Anyone know if there is a limit to the number of savings accounts a person can hold with them?


Can't find any mention of it in the T&Cs

Why do you ask ? You can put £85k into any account. Anything above that won't have government protection.

clivep

Mchambers wrote: »

Why do you ask ? You can put £85k into any account. Anything above that won't have government protection.

To get another DD.

I opened a 2nd one on 1st December to get the 1.45% before realising my existing one would be uplifted to this rate anyway. Useful for the extra DD though.

DennisTenus

clivep wrote: »

To get another DD.

I opened a 2nd one on 1st December to get the 1.45% before realising my existing one would be uplifted to this rate anyway. Useful for the extra DD though.

Exactly! I've got 2 now, wondering if I can open more but only recently opened the 2nd so wanted to give it some time and wondered if they had actually stated a limit....

redsunset

Will the account automatically close if I don't take any action on it?

I tried to open this last week, but now realising it is such a slow process and I am working abroad in 2 weeks time I have started another savings account instead.

Being new to all this, will it be ok to forget about my birmingham midshires application ? they have set up the direct debit but ive received no login information yet.