Birmingham Midshires 6.76% One Year Fixed Rate

bristolleedsfan

6.45% got knocked off best buy tables so BM come storming back with 6.76%. :eek: http://www.moneyfacts.co.uk/savings/bestbuys/short-term-fixed-rate-bonds.aspx

Froglet

Just applied ,now waiting for forms in post.Hope they don't need proof of ID.Seems crazy that some insist on it,others don't.At least this being a brand new bond it shouldn't be withdrawn whilst application goes in,something we must all be concerned about with tomorrow's rate decision due.

Dan29

Reminder: Birmingham Midshires are part of HBOS so funds with them would be added to any you have with Halifax, Bank of Scotland, IF, Saga and the AA if you ever had to make a claim under the Financial Services Compensation Scheme.

Question: Does this mean BACS transfers to/from Halifax are instant/same-day?

bill888

Can anyone explain what happens when the account matures after 1 year?

I've looked at the BM T&C and can't seem to find any info that might answer this question.

Would I perhaps be right in presuming the account earns NIL interest on the balance when it has matured?

Dan29

bill888 wrote: »

Can anyone explain what happens when the account matures after 1 year?

I've looked at the BM T&C and can't seem to find any info that might answer this question.

Would I perhaps be right in presuming the account earns NIL interest on the balance when it has matured?

"If no instructions for re-investment are received, we will re-invest your funds at maturity in an Easy Access Account of our choice."

From http://www.askbm.co.uk/savings/t/fixed/product.asp?id=142&p=terms

Old_Slaphead

Dan29 wrote: »

Reminder: Birmingham Midshires are part of HBOS so funds with them would be added to any you have with Halifax, Bank of Scotland, IF, Saga and the AA if you ever had to make a claim under the Financial Services Compensation Scheme.

Question: Does this mean BACS transfers to/from Halifax are instant/same-day?

Why would Saga & AA be included - they're not part of HBOS. Ok, BMids administers the accounts but that's not the same thing as actually being invested with them.

Dan29

Old_Slaphead wrote: »

Why would Saga & AA be included - they're not part of HBOS. Ok, BMids administers the accounts but that's not the same thing as actually being invested with them.

http://www.moneysavingexpert.com/savings/safe-savings#whatcounts

Afahmaep

If you go to the BM website you wil see another product that may give an inkling as to where HBOS expects interest rates to be in 10 years time and what they expect to happen in the interim.
They have got a fixed rate 10 year Bond offering 6.00%.
http://www.askbm.co.uk/savings/t/fixed/product.asp?id=140
No other institution seems to offer anything fixed over more than 4 years.
This along with HBOS's 4 year Fixed Rate ISA of 6.20% suggests to me they expect interest rates not to drop much more if anything over the next few years.
Would anyone here go for a 10 year fixed rate at 6.00%?
I certainly wouldn't.

bristolleedsfan

Afahmaep wrote: »

years.
Would anyone here go for a 10 year fixed rate at 6.00%?
I certainly wouldn't.

I posted the 10 year fix info on 1st April, didnt see much interest in it.


http://forums.moneysavingexpert.com/showthread.html?t=831809

Fella

Has anyone had any joy trying to open one of these? I applied online the day they came out but haven't received the forms to sign through the post yet. If you ring the "savings hotline" 0845 602 2828 you get a message telling you that due to high call volumes you have to ring back then you get cut off!

bgscotty

Hello.

What differnences are there between this account and the Kaupthing Edge fixed Term Deposit account at 6.86% for one year, which has a higher rate?

Thank you.

BG