West Bromwich Building Society Star Easy Access Account 6.55%

jackthelad_2

Liz_the_Whizz wrote: »

Just updating my spreadsheet to take account of all the interest rate drops on various building society accounts .
Allow yourself a couple of hours when you get to AL :rotfl:

ED

Anyone here tested withdrawing from this account? Did the outward BACS reach your bank account 48 hours after leaving Star Easy Access (eg out on Monday, arrived Wednesday)? Trying to decide whether to expand my balance...need the funds a few months hence.

bristolleedsfan

ED wrote: »

Anyone here tested withdrawing from this account? Did the outward BACS reach your bank account 48 hours after leaving Star Easy Access (eg out on Monday, arrived Wednesday)? Trying to decide whether to expand my balance...need the funds a few months hence.

I wouldnt bother if i was u ED, Westbromwich dont have any online access.

Withdrawals are by BACS via snail mail:( ( I dont recall any telephone security being set up either)

I merely saw an opportunity to move my 100.00 from lower paying "priviledge account" and get 7 or so years interest in my hands at the same time.

( Just in case u wonder, when Westbromwich say "apply online" they mean complete application on your computer that is connected to the internet, print it off and send it to them by snail mail. :wall:)

Just in case ud like to add to your passbook collection or/reduce a balance in Scottish BS, ED , its new Regular Saver is available for min 25.00 a month as opposed to previous account opening requirement of min 1000.00 investment for those "outwith" Scotland. http://www.scottishbs.co.uk/view_Subproduct.asp?fld_product_id=4&fld_sub_product_id=67

Not a very good rate, only of use to Passbook Collectors. :cheesy:

debbie42

bristolleedsfan wrote: »

Withdrawals are by BACS via snail mail:(

Or you can get a cheque from a branch: a darn site quicker if you live near one!

bristolleedsfan

debbie42 wrote: »

Or you can get a cheque from a branch: a darn site quicker if you live near one!

Yip i forgot about branches being as their are none in Bristol and poster was asking about BACS withdrawals.

10_66

I don't know how accurate the information is, but I was told by a member of staff when I rang W Brom before opening an account, that if the application was via post, you could still operate via phone, but not in a branch and if the account was opened at a branch it couldn't be operated via phone or post. How true it is, I don't know as I haven't even had any confirmation of the account having been opened yet (it's only been 3 weeks!).

bristolleedsfan

10_66 wrote: »

I don't know how accurate the information is, but I was told by a member of staff when I rang W Brom before opening an account, that if the application was via post, you could still operate via phone, .

Most telephone access accounts insist on Security details being set up, all that came with the welcome pack was postage paid envelopes + transaction stationary.

Even if the account can be operated by phone with Bank details having been already registered, phone calls cost money.

10_66

I probably shouldn't, but I've called them a couple of times on their freephone mortgage tel no (0800 2980008) that I found on the saynoto0870.com website, and up to now they've been very obliging in just putting me through to the savings department. Only available 9-5 though. Not that that's any help if they won't operate account via 'phone.

ED

Postal withdrawal forms (or hopefully Internal Transfer) may prove OK, for me, occasionally. West Brom were perfectly efficient opening my Star Easy Access + monthly saver Magic 8. If (big if) SEA change in interest rate minimal, I may try funding the Magic 8 in April + early-May (pre same-day BACS) via transfers internally from SEA.

West Brom received my Q, "If I instruct the Society to make an Internal Transfer on a Friday from my 'Star Easy Access' account to my 'Magic 8' account, on which day does the 'Magic 8' start earning interest?

Is it the same day - Friday?
Or Saturday - ie the next day?
Or is it Monday - being the next WORKING day?

I require a definitive answer, please, to decide whether to increase the balance of my 'Star Easy Access'. Or alternatively to continue retaining my main savings in a rival building society."

West Brom responded, "As the funds are simply going between accounts and are classed as cleared fund then they would start to accrue interest at the rate of the account transferred into as at that day. So, should you request such a transfer the funds will earn interest on the Magic 8 on the Friday." Nice. Anyone tried this, yet? A report would be most informative for those of us considering trying it in coming weeks.

edda

10_66 wrote: »

I don't know how accurate the information is, but I was told by a member of staff when I rang W Brom before opening an account, that if the application was via post, you could still operate via phone, but not in a branch and if the account was opened at a branch it couldn't be operated via phone or post. How true it is, I don't know as I haven't even had any confirmation of the account having been opened yet (it's only been 3 weeks!).

It's perfectly true.

By the way, the West Brom is planning to operate online accounts. The latest info I had was 'some time this year'.