Birmingham Midshires 2% 1 Year fix

Bobblehat

While browsing for a new home for my Tesco CA's £6000 come next June, I spotted that BM has a 2% 1 Year fixed internet saver (or 1.98% monthly interest) and couldn't remember seeing this in MSE's top pick's. Is this brand new or have MSE gurus missed this? Or have I misread something?

If I haven't missed anything, wouldn't this be better than what is showing as the top 1 year fix at present (Charter Savings)?

It might suit me, as I like the ability to shift the monthly Tesco interest to another account, which the above BM account also allows. I know I can get better with longer fixes but that wouldn't suit me at the moment, and I have filled up the other better CA and RS offers.

aj23_2

You can beat that at some of the Islamic Banks listed on the Top Savings Accounts page.

Bobblehat

Yes, I know! Thanks!

So, is this new or just missed off the best accounts list? Or have I missed something?

EachPenny

Bobblehat wrote: »

So, is this new or just missed off the best accounts list? Or have I missed something?

It looks ok to me.

Ford Money were also recently running a 1 year fix at 2%... barely a murmur about it on this site and it wasn't in the top accounts list any time I checked.

As far as the forums go, I think many of us are possibly a bit too busy looking at regular savers and current account switching deals to notice what is going on with fixed-rates.

ETA: Move quickly on the BM account if it suits you... I don't think it will be around for long.

skitskut

Bobblehat wrote: »

While browsing for a new home for my Tesco CA's £6000 come next June, I spotted that BM has a 2% 1 Year fixed internet saver (or 1.98% monthly interest) and couldn't remember seeing this in MSE's top pick's. Is this brand new or have MSE gurus missed this? Or have I misread something?

If I haven't missed anything, wouldn't this be better than what is showing as the top 1 year fix at present (Charter Savings)?

It might suit me, as I like the ability to shift the monthly Tesco interest to another account, which the above BM account also allows. I know I can get better with longer fixes but that wouldn't suit me at the moment, and I have filled up the other better CA and RS offers.

Looks good - it's new this March. You won't be able to add to it monthly though as it only allows the initial deposit.

Bobblehat

Many thanks EP …. I've just hit the button on it!

As my experience of BM in the past has shown, the blurb/application wording seems confused/contradictory in places, but in the past everything has worked out OK with BM. For example, the blurb mentions needing a linked account which must have DD facilities and a cheque book. I wondered why they might need both if you can only make one deposit into this 1 year fix. Their wording is a bit confusing in places.

The "opened account email" has now explained that I don't need to make a deposit by cheque as I am already an internet customer .. they will take the deposit amount in full as a DD from the linked account! They could have made this clearer during the application process as they actually require an existing customer to log in to apply for the account, so they know you are an existing customer!

Thrugelmir

EachPenny wrote: »

Ford Money were also recently running a 1 year fix at 2%... barely a murmur about it on this site and it wasn't in the top accounts list any time I checked.

You have to grab the rate while it's available. Finance houses appear to be tapping the market when they require funds. Ford are no longer offering anything. Post Office/BOI and Tesco were also market leading for a while in the 1 year fix arena.

Bobblehat

skitskut wrote: »

Looks good - it's new this March. You won't be able to add to it monthly though as it only allows the initial deposit.

That'll do me :T ... I'll shuffle money earning less interest now into my linked account to fund this BM account and use the Tesco money freed up in June to top-up wherever best suited in June!

18cc

An alternative is Charter Savings Bank 90 day notice at 1.9%. A bit less interest but you can add to it as and when you want and get at your money in 90 days rather than a year. It's what I opted for at the moment.

Bobblehat

18cc wrote: »

An alternative is Charter Savings Bank 90 day notice at 1.9%. A bit less interest but you can add to it as and when you want and get at your money in 90 days rather than a year. It's what I opted for at the moment.

Thanks, I'll keep that one in mind for when the next account matures or for some of the Tesco money. I have an EA with CSB so know they also allow the monthly interest to be paid elsewhere, without doing it manually … I like that!

It's always a balancing act with me to not tie up too much savings in fixed accounts as I'm on the look out for a possible house move.

18cc

The other nice thing about CSB is that they allow regular eg monthly automated withdrawals from the EA account into your linked current account. Not many savings accounts do that.