Birmingham Midshires fixed rate bond 6.92%

free4440273

musehead wrote: »

I've already got 2 BM bonds with just £10 in - the rates went up so quick I didn't have time to deposit any more! Shall I open this one too, or will it be closed again just as quick. Hmm...

:rotfl::rotfl:

free4440273

The_Fiddler wrote: »

Are rates heading back up again?

I still think seven per cent fixed rate bonds are not out of the question. On the other hand, if it's a significantly large sum of money then 6.92% is still an excellent rate. The wait-and-see approach could backfire...My existing NW bond expired in October and I re-invested immediately with NW at 6.70. I'm fairly happy with that

libra10

We have this bond with Birmingham Midshires - taken out around a month or so ago, but only for 11 months, instead of the usual year.

maypole

Why 11 months the year should start from the date you opened account.

DRS1

The 11 month bond was one they had back in September; it is not the new one, which does last for a year. I have no idea why the older one was just for 11 months but I guess it was needed to cover a particular shortfall in funds at BM

libra10

We also wondered the reason for 11 months instead of a full year, but decided to subscribe as it was a very good rate of interest. The money was transferred from a previous 12 months bond we had with BM. The only problem was that they said they had to send out their financial adviser before taking out a new product.

The adviser came but it was a complete waste of time as we already knew that we weren't considering equities for this money. I hope they don't persist when this bond is finishing.

moneylover

oldfella wrote: »

I dont like the cheque in and cheque out process - looses too much interest

Mike

Agreed, it was a drag, however their high rate bonds are now internet bonds and they pay out into your linked account.

poppy10_2

maypole wrote: »

I agree about them changing the rate so soon, I had a 1 year bond with them and as soon as I took it, the rate changed and I asked them if I could have the new rate, but of course they said no.

So if the rate had gone down, would you have been happy with them reducing the rate on your bond?

johncr

The BM internet fixed rate bond has gone from their website, and their 1 year telephone account has gone down to 6.23% as from today.
Drat it - I was going to open an account today1

free4440273

^^^

free4440273: I still think seven per cent fixed rate bonds are not out of the question. On the other hand, if it's a significantly large sum of money then 6.92% is still an excellent rate. The wait-and-see approach could backfire...My existing NW bond expired in October and I re-invested immediately with NW at 6.70. I'm fairly happy with that

This is always a dilemma (see my above post in quotes): Indeed, I'm still hesitating as to whether to open the NW e-bond at 6.50%. My guess is this will drop to 6% very soon...