The Top Easy Access Savings Discussion Area

Member42

I agree that the BM systems do seem rather "half-timbered"; quaint, but not as smart as they could be.
Anyway, after the joy of getting into the account, (see previous posts), I set up a couple of Faster Payments - using the info provided on their site - around 17:30 on 6/12. Of course, being impatient / sceptical, I checked BM immediately and - surprise - nothing showed. However, a check this morning showed both payments received and credited to my BM account, dated 6/12.
Happy customer.

mitchellsx

Hi All,


After some advice I £28,000 worth of savings of which I would like to put in a savings account, I will need access to the savings in around 8 months time, I have had a look around on the website and opened the Birmingham Midshires account at the 1.45%.


Is this my best option or can anyone recommend a better solution?


Many thanks

EachPenny

mitchellsx wrote: »

After some advice I £28,000 worth of savings of which I would like to put in a savings account, I will need access to the savings in around 8 months time, I have had a look around on the website and opened the Birmingham Midshires account at the 1.45%.

Is this my best option or can anyone recommend a better solution?

If £28,000 represents all your savings then I would open at least one additional 'instant access' account and put some money in that in case of emergencies.

People are reporting the BM opening and account funding processes to be very slow, so it is possible that withdrawals might be delayed too. Their website says withdrawal payments will be made by FP with funds reaching your account by the end of the next bank working day, but this is far from being 'instant' access.

If you don't want to go down the current account/regular saver route then I'd also consider the NatWest Savings Builder account. This pays 1.5% on up to £5000, 1% over £5000 up to £10k. This rate includes a bonus payable when you increase the account balance by £100 per month. So in your situation you could open the account with £4200 earning 1.5% and then take £100 from the BM account to NatWest each month giving you £5000 earning 1.5% by the time 8 months is up. Savings Builder has online management and transfers out of the account are true instant payments (subject to any FP delays).

I-LOV-MONEY

Just gone to BM page and it would seem the best rate they are now offering for Instant Access is 0.9%, or have I missed something?

2010

I-LOV-MONEY wrote: »

Just gone to BM page and it would seem the best rate they are now offering for Instant Access is 0.9%, or have I missed something?

Yes you have missed something because it`s been withdrawn.:mad:

polymaff

Diggle123 wrote: »

From MSE opened a Birmingham Midshires 1.45% account
In reality it's nearer 1.32. From applying it's ~10 days to get the initial form returned along with a payment form. Then about another ~10 days before you can use the account fully, so you really only get the rate for 11 months, not 12

Possibly the companies should accept these delays and offer the headline rate for the first 13 months?

The terms and conditions state that the higher interest rate applies for the 12 month period following your first deposit. As I read that you are wrong to claim that the application period bites into that 12 months. I applied in October, but my first deposit shows as 9th December - the day before I received the data needed to operate the account.

pioneer31

I applied on 6th December when the rate was 1.45%. I have still only received a DD confirmation slip from them and I notice their online rate is now 0.9%.

I hope I will get the rate I applied for!

youngretired

I also applied on the 6th December, but had to contact them as I accidently applied for annual (default page from ad) instead of monthly interest and requested them to change it. They confirmed that I would get the 1.45% as I had asked due to their website saying the reduced rate was from the 6th instead of 7th when it was withdrawn.

ButtersUK

They have said that the 1.45 rate applies as long as you got in before it was withdrawn online.... rung them recently and they confirmed it. (without realising it I got in with a few hours to spare). They said it was taking a long time to process applications because of the high number of applications, but they would get round to everyone in due course.

ButtersUK

Have to say the lengths you have to go to to open a BM Internet savings account defy belief. It's been weeks and weeks and still there are more procedures to complete before they'll let me give them my money .. and that was with me already being a BM account holder.

I would think you could buy a house in the time taken to open an account.