The Top Easy Access Savings Discussion Area

uptdale

It takes three days to pull the money across from my linked account by DD. Tried setting up a faster payment from Lloyds. Let's see how long that takes to arrive.

I've been paying money into my BM account by FP, both from my linked account and from other accounts. It's pretty much instant

soulsaver

uptdale wrote: »

I've been paying money into my BM account by FP

So have I - but in ac conditions:

"Operating your Internet Saver Account:

Online only.

After your first payment by cheque, all payments in must be by Direct Debit from your linked account.

Unlimited payments in up to £10 million."

http://www.birminghammidshires.co.uk/savings/easy-access-savings/1081/internet-saver-account-yearly-interest.aspx#withdrawals

uptdale

in ac conditions:
"Operating your Internet Saver Account:
Online only.
After your first payment by cheque, all payments in must be by Direct Debit from your linked account.

Strange. When I log in and click on the "Make a Deposit" link, it tells me:

One-off deposits can take up to 3 bank working days for your funds to reach your account. If you require your funds faster, you maybe able to arrange this with your bank or building society. You will need to supply them with the details below.

I wonder if in the account conditions they were trying to say only that you could not make subsequent deposits by cheque, but I agree it does not say just that.

soulsaver

uptdale wrote: »

Strange. When I log in and click on the "Make a Deposit" link, it tells me: "One-off deposits can take up to 3 bank working days for your funds to reach your account. If you require your funds faster, you maybe able to arrange this with your bank or building society. You will need to supply them with the details below. "

Good to keep that in mind incase there's some comeback.. but I suspect the DD limitation is to avoid the "...I've sent the money to a wrong account..." issues.

oldwiring

colsten wrote: »

RCI is not FSCS protected. Good luck if they get into trouble and you want your money out.

Sorry for being late on this but although the account is not FSCS protected, there is protection up to 100.000 Euros; from their FAQ

We’re covered by the French savings deposit scheme, the Fonds de Garantie des D!pôts et de R!solution (FDGR). Your deposits are protected up to €100,000 per customer and €200,000 in case of a joint account.

Ifts

soulsaver wrote: »

Good to keep that in mind incase there's some comeback.. but I suspect the DD limitation is to avoid the "...I've sent the money to a wrong account..." issues.

I've been using the faster payments route for a while now, here is a post I put up back in July 2015:

You can pay in via faster payments (either from your 'Linked Account' or any other account that you hold that supports FP) but not by sending it straight to your BM Savings account number & sort code.

I find the money goes in to your BM Savings account quicker via Faster Payments than using the direct debit to pay money into it from your linked account.
I only use the linked account when I am wanting to make a withdrawal from my BM Savings account.

The money goes first to BM Savings holding account (Barclays Bank) then they will forward it to your BM Online Extra account - hence its important that you enter your BM Savings account number as the reference number otherwise they wont know who's account to credit the money to.

The letter I received from BM Savings with the details that you need to pay in to the Online Extra savings account, the letter reads -

If sending funds via faster payment or BACS our bank details are as follows. If using this method please ensure you enter your BM Savings account number as the reference:

Account Name: BM Savings
Sort Code: 20-97-78
Account Number: 00968773
Reference: Your BM Savings account number

I found this on their site:

I want to make a deposit. What are your bank details?

For payments through the Faster Payments Service:
Sort Code 20 97 78
Account Number 00968773

For telegraphic transfers:
Sort Code 20 97 78
Account Number 10968870

You must quote your personal account number as your reference.

http://www.bmsavings.co.uk/existing-savers/managing-your-account/general-account-management/?WT.ac=BMESMYAGAM3#bank-details

https://forums.moneysavingexpert.com/discussion/comment/68711546#Comment_68711546

colsten

oldwiring wrote: »

Sorry for being late on this but although the account is not FSCS protected, there is protection up to 100.000 Euros; from their FAQ

We’re covered by the French savings deposit scheme, the Fonds de Garantie des D!pôts et de R!solution (FDGR). Your deposits are protected up to €100,000 per customer and €200,000 in case of a joint account.

Yes, this is well known. If you are happy that you would be on your own if you needed the Fonds de Garantie des D!pôts et de R!solution, go ahead. Just don't come back and complain that you are on your own as nobody in the UK would be helping you.

puttee

dekkard wrote: »

I asked them this morning about why they have no Easy Access accounts showing on their website. Their response below:

"Our latest Easy Access account was extremely popular and we’ve filled our allocation for now. We constantly look for opportunities to offer new accounts though, so please keep checking our website."

So, nothing to worry about...

Ah, thanks for this, put my mind at rest. I guess either the allocation was small or there were plenty of takers for a 1.32% interest rate.

Wonder if I have been lucky .....

dekkard

puttee wrote: »

Ah, thanks for this, put my mind at rest. I guess either the allocation was small or there were plenty of takers for a 1.32% interest rate.

Wonder if I have been lucky .....

No worries. I was with them before at a lower rate; if they had told me about the new 1.32% account I could have simply moved my existing account to it. As it is I was unaware of it and moved to Paragon. Hey-ho.

oldwiring

colsten wrote: »

Yes, this is well known. If you are happy that you would be on your own if you needed the Fonds de Garantie des D!pôts et de R!solution, go ahead. Just don't come back and complain that you are on your own as nobody in the UK would be helping you.

Don't assume either that I wouldn't take the consequence of a decision, nor that I would come back to complain. Anyhow isn't it a too bold assumption that nobody would be available.

I'd like to be confident that many opinions are not influenced by anti EU hysteria, but on that I'm absolutely unsure.:)