BLME Sharia 1Yr Fixed Rate 2.2%

Chordeiles

I'm very happy with the Sharia'a aspect of BLME's accounts. Less happy with their responsiveness to queries.
I opened a BLME account via the Hargreaves Lansdown "Active Savings" platform (It's a bit like Raisin, one savings platform, lots of providing banks). Now I want to add some more (lots more) the BLME option I favoured has disappeared from "Active Savings". No problem, it's time to go direct to BLME.
But the online application wants to know if I already have any BLME accounts, and if so what the account numbers are (which I can't quote from what the Active Savings platform shows me).
I think I can guess that answer but I send them an email anyway. Deafening silence. They don't seem very keen to look after my savings, from this perspective.

ColdIron

You can't add money to fixed term products

masonic

Chordeiles wrote: »

But the online application wants to know if I already have any BLME accounts, and if so what the account numbers are (which I can't quote from what the Active Savings platform shows me).
I think I can guess that answer but I send them an email anyway. Deafening silence. They don't seem very keen to look after my savings, from this perspective.

In answer to your question, you should enter 'No' to the question about having an existing account.

Chino

masonic wrote: »

In answer to your question, you should enter 'No' to the question about having an existing account.

Doesn't this depend upon how the BLME account that Chordeiles still holds via Active Savings was opened by HL?

Presumably if the money was deposited as a direct account then Chordeiles should answer "yes".

How is my money held?
All money you put into Active Savings first goes into the cash hub. It is held in a pooled client trust account with Barclays Bank in the name of HLSL Nominee Limited.

Your money will be deposited with partner banks/building societies in either a Pooled Account or Direct Account. You’ll be told which type on the product summary page.

Pooled Accounts

Most savings products available through Active Savings are held in Pooled Accounts in the name of HLSL Nominee Limited. Your money will be held with other Active Savings clients who have also deposited in that product. In the unlikely event of the default or insolvency of the partner bank, any shortfall in the Pooled Account would be shared proportionately by you and other Active Savings clients in the product. In these circumstances, your eligible deposits with our partner bank(s) will be protected up to £85,000 under the FSCS.

Direct Accounts

Your money will be held by the partner bank in a client account in your name. The terms and conditions for the savings product you choose will outline the banks obligations to you when holding your money. In the unlikely event of the default or insolvency of the partner bank your eligible deposits with our partner bank(s) will be protected up to £85,000 under the FSCS

https://www.hl.co.uk/investment-services/active-savings/faqs

masonic

Chino wrote: »

Doesn't this depend upon how the BLME account that Chordeiles still holds via Active Savings was opened by HL?

Presumably if the money was deposited as a direct account then Chordeiles should answer "yes".

Not really, the reason for the question is that BLME opens a holding account for you when you open your first savings account directly with them. This is where you send your money and it sits there until it is allocated to the savings account of your choice. It is the holding account number they are requesting, not the savings account number.

Chordeiles

ColdIron wrote: »

You can't add money to fixed term products

Thanks for your wise words. My addition was of course going to be an additional (identical apart from date) fixed term product alongside the first one. My humble apologies for not making this clear.

Thanks for the more practical responses to my post. As "Active Savings" provides me with only a "transaction reference" for my savings with BLME (that's an HL code. not BLME) I was going to answer "No". In the event the BLME 12 month fix has reappeared on Active Savings and another tranch of savings has been guided that way. Still no reply from BLME, but their loss as they are now paying whatever percentage they pay to HL (whilst I get the same).

quirkydeptless

I've seen various BLME accounts pop in and out on HL Active Savings, almost like they are testing the water.

I grabbed two of them for my magic money :money: tree:xmastree:

masonic

I actually find it better going direct to BLME. After opening the first direct account, you have your holding account details, to which you can transfer your funds for any new accounts immediately after applying. The account is generally opened the next working day so there is virtually no "dead" time for the money between applying and starting to earn interest.

karlie88

quirkydeptless wrote: »

I've seen various BLME accounts pop in and out on HL Active Savings, almost like they are testing the water.

I grabbed two of them for my magic money :money: tree:xmastree:

What terms/rates have these accounts been please?

Chordeiles

masonic wrote: »

I actually find it better going direct to BLME.

Very good point. The way that the BLME (via HL Active Savings) have fixed start dates maybe over a week away does create "dead" time. So does the fact that BLME products are not consistently available at HL Active Savings. And then there's the couple of days between the "apply by" date and the start date. All earning no [STRIKE]interest[/STRIKE] profit.

However the 1 tear fix just dropped to 1.8% at the BLME website, so right now HL Active Savings represents the last chance to grab 1.9%. Apply by 18th December.