The Top Easy Access Savings Discussion Area

I-LOV-MONEY

Unless B'ham Midshires offer a fantastic rate, why bother with them if it is so complicated, to set up the account, and then get your money back?

soulsaver

Well it didn't take a month to open mine...

And I've had no probs that I can recall getting money out.

And anyway what's complicated about a wait?

And they have other useful attributes...

And it's a fantastic rate.. if you've filled all the better ones..

youngretired

Transfer's in and out take about 2hrs to show in receiving account (though I think they are introducing a cut off for inward payments by 5pm, otherwise treated next working day). You have until 3pm to request a withdrawal from Birmingham Midshire and it will be received the same day by FP into your nominated account, but they don't action any request before 3pm so the payment won't reach until 4-5pm.

When I opened my 1st account last December it took approx 1 month to have it up and running but the 2nd one in July was opened with no problem as you don't need to send a chq. I like using Birmingham Midshire, as like Kent Reliance you can set up withdrawals up to 30 days in advance so I set all mine up for the whole month.

ValiantSon

soulsaver wrote: »

Well it didn't take a month to open mine...

And I've had no probs that I can recall getting money out.

Pleased to hear that you have had no trouble, but there are many on here who have. I accept that they may not represent the majority experience, but they do represent the majority experience of those on this forum who have commented.

Having to wait a month for an account to be opened fully is ridiculous. Birmingham Midshires systems are clearly antiquated.

soulsaver wrote: »

And anyway what's complicated about a wait?

Well, if you are waiting for the account to be opened then your money is, assumedly, sitting in another account earning less interest, so that would be pretty annoying.

If you are waiting a long time to receive the funds from a withdrawal then it does make a mockery of it being an easy access account.

soulsaver wrote: »

And they have other useful attributes...

Do you get a free back massage?

soulsaver wrote: »

And it's a fantastic rate.. if you've filled all the better ones..

Is it? You can get 1.4% from Coventry Building Society (allowing three withdrawals per year) or 1.34% from Tesco Bank for genuine easy access. Assuming that the Coventry account's withdrawal limits are a put off, then Tesco will pay 0.01% less than Birmingham Midshires, but offer a faster account opening service and withdrawals via faster payments to a current account. To illustrate the cost of this better quality service, on £1,000 saved, Birmingham Midshires will pay £13.50 in interest, whereas Tesco will pay £13.40. I'd say that a cost of 10p on every £1,000 was worth avoiding the potentially rubbish service from Birmigham Midshires! Even if you maxed out the FSCS limit at £85,000, the "cost" of not using Birmingham Midshires would still only be £8.50.

telemarks

dekkard wrote: »

I applied July 17th. Waiting on final letter from them to allow online access. Am expecting another bank to offer better rate any day now... haha

• I applied to B.Midshire on 1st August.
• Letter arrived, on 13th Aug, posted them back a cheque
• 16th Aug Email with Access token arrived
• Now waiting on letter to allow online banking access.

I-LOV-MONEY wrote: »

Unless B'ham Midshires offer a fantastic rate, why bother with them if it is so complicated, to set up the account, and then get your money back?

This has turned out to be so true as

• 17 Aug - Email from my current IA account with Ford Money saying their interest rate was going up to 1.28% on 17th August.

Guess I'll leave £1 in B.Midshires, and see if they put their rate up too ...:doh:

dekkard

telemarks wrote: »

• I applied to B.Midshire on 1st August.
• Letter arrived, on 13th Aug, posted them back a cheque
• 16th Aug Email with Access token arrived
• Now waiting on letter to allow online banking access.

This has turned out to be so true as

• 17 Aug - Email from my current IA account with Ford Money saying their interest rate was going up to 1.28% on 17th August.

Guess I'll leave £1 in B.Midshires, and see if they put their rate up too ...:doh:

Yesterday was my month-iversary of applying. Still waiting on Midshires to send the final letter....sigh

G_M

Coventry are increasing their rate to 1.5 from Sept which compares well. But opening IS a bit slow.


Apply online then wait for letter in post.
Sign and return letter and wait for account details in post
At this point you can transfer in, but no online access till you create password online, then wait for user ID...... in the post.


Could all be a bit more slick.

dekkard

G_M wrote: »

Coventry are increasing their rate to 1.5 from Sept which compares well. But opening IS a bit slow.


Apply online then wait for letter in post.
Sign and return letter and wait for account details in post
At this point you can transfer in, but no online access till you create password online, then wait for user ID...... in the post.


Could all be a bit more slick.

Paragon and Charter Savings bank are both quick. Challenger banks more agile than established banks.

george4064

G_M wrote: »

Coventry are increasing their rate to 1.5 from Sept which compares well. But opening IS a bit slow.


Apply online then wait for letter in post.
Sign and return letter and wait for account details in post
At this point you can transfer in, but no online access till you create password online, then wait for user ID...... in the post.


Could all be a bit more slick.

I opened one last week and was able to do it all online...

G_M

george4064 wrote: »

I opened one last week and was able to do it all online...

Strange.My application was electronically approved online when I applied, but they then had to get my physical signature on a copy of the application that they sent me.