Considering Birmingham Midshires - help please!

gelato_cat

Hi guys

I'm interested in the Birmingham Midshires 6.5% easy access online savings account and also their 6.82% six month fixed rate account. I have a few questions which their T&C and other threads on the forum don't seem to answer... can anyone help please?

- how do you make your deposit into the fixed rate account? Would it be worth my opening the easy access account first, putting all my BM money in there and then funding the fixed rate account from there once it's open? Is this allowed (it certainly seems like the easiest way)?

- for the fixed rate account I take it there's not much difference (maybe a bit of tax) between seeing the interest monthly or at maturity given the difference in rates?

- is the easy access account quick to set up? How about the fixed rate one? Can they both be opened online?

To give a bit of background, I have a few K with YBS which I wish to move out - I'll need to move it to my Halifax current account and then back out to BM, so I need to make sure I time it right.

TIA

Suze

YorkshireBoy

Suzey wrote: »

- is the easy access account quick to set up?

My recent experience, with timescales, is detailed here...

http://forums.moneysavingexpert.com/showpost.html?p=10689039&postcount=8

...and there's discussion about 'timing' throughout the latter part of that thread.

Can't help with your fixed rate questions but Mikeyorks will be along in a minute.

ManAtHome

I did the easy access one first, then easy peasy to open and fund the fixed-rate.

Monthly interest will work out around the same as annual if you get interest paid into the account - only "advantage" is you can the dosh mounting up (I use excel instead).

I found them MUCH easier to deal with than many others (B&B being the worst - you have to transfer from esaver back to your bank then back into their fixed-rate products... gave that one a miss).

Mikeyorks

YorkshireBoy wrote: »

Can't help with your fixed rate questions but Mikeyorks will be along in a minute.

Your crystal ball is simply amazing .... where do you get it polished?

Suzey .... probably a sensible idea to open the e-Saver and then fund the fixed from there. Either way you (if not previously known to BM) are going to have to fund one of them with a personal cheque. Once you have the E-Saver I'm assuming (as Halifax) you can basically proliferate accounts internally.

YorkshireBoy

Suzey wrote: »

I have a few K with YBS which I wish to move out - I'll need to move it to my Halifax current account and then back out to BM, so I need to make sure I time it right.

Not necessarily. Once your BM e-Saver is activated (by your cheque deposit), you'll be able to BACS transfer your YBS funds straight in using...

Sort Code: 20-97-78
Account No: 00968773
Reference: xxxxxxxxx (your 10 digit account number)

Don't forget that YBS transfers out are 4/5 days, plus a weekend, plus 3-4 days from Halifax to BM.

Going straight from YBS to BM will therefore be quicker, and mean less interest lost whilst your money is in the BACS ether.

gelato_cat

Ah, it hadn't occurred to me that I could BACs out of YBS into whichever account would accept it. I'll do that then!

Suze

YorkshireBoy wrote: »

Not necessarily. Once your BM e-Saver is activated (by your cheque deposit), you'll be able to BACS transfer your YBS funds straight in using...

Sort Code: 20-97-78
Account No: 00968773
Reference: xxxxxxxxx (your 10 digit account number)

Don't forget that YBS transfers out are 4/5 days, plus a weekend, plus 3-4 days from Halifax to BM.

Going straight from YBS to BM will therefore be quicker, and mean less interest lost whilst your money is in the BACS ether.

gelato_cat

Thanks. I opened an e-Saver this morning and hope to put my money in there first, then open a fixed rate account and transfer it across.

Did you ever get yours opened in the end?

Suze

Mikeyorks wrote: »

Your crystal ball is simply amazing .... where do you get it polished?

Suzey .... probably a sensible idea to open the e-Saver and then fund the fixed from there. Either way you (if not previously known to BM) are going to have to fund one of them with a personal cheque. Once you have the E-Saver I'm assuming (as Halifax) you can basically proliferate accounts internally.

gelato_cat

taw. Did you fund the fixed from the e-Saver?

B&B are the worst ones I've ever had the displeasure of dealing with, too - I could never seem to be able to log in, for a start! And they have this nasty habit of luring you in with a good rate on a variable account and reducing it literally weeks later, then repeating the process by introducing a new product. I wonder if they get many apathetic people staying with them cos they can't be bothered to move after such a short time?

Suze

ManAtHome wrote: »

I did the easy access one first, then easy peasy to open and fund the fixed-rate.

Monthly interest will work out around the same as annual if you get interest paid into the account - only "advantage" is you can the dosh mounting up (I use excel instead).

I found them MUCH easier to deal with than many others (B&B being the worst - you have to transfer from esaver back to your bank then back into their fixed-rate products... gave that one a miss).

gelato_cat

Thanks. Seems it takes a while to get these things set up! I'm assuming the delay in your sending the cheque was cos you were waiting for them to post the details to you rather than your choosing to wait?

I applied this morning so we'll see how long it takes before I'm up and running. Incidentally, I applied for a Kaupthing account (which I'm probably not going to use now) at the weekend and have all my logon details already.

Suze

YorkshireBoy wrote: »

My recent experience, with timescales, is detailed here...

http://forums.moneysavingexpert.com/showpost.html?p=10689039&postcount=8

...and there's discussion about 'timing' throughout the latter part of that thread.

Can't help with your fixed rate questions but Mikeyorks will be along in a minute.

gelato_cat

OK guys, I'm probably being blonde here, but anyone know how you close the account? No, I haven't changed my mind already, but I'll definitely need the account for less than a year so I'll be wanting to withdraw my money PLUS the interest, which usually wouldn't be paid until the end of each year.

I've checked the T&Cs but can't see anything about closing the account... I assume you can close it when you want and they'll give any outstanding interest at that time?

Suze

Mikeyorks

Suzey wrote: »

Did you ever get yours opened in the end?

Allegedly opened last Thu evening online .... but no letter / Email yet. Did ring them yesterday to suggest they might like to break the mould by taking an initial payment via Debit Card .... as that equally verified the linked account. Obviously outside the script ... but they declined, as expected!

But I was told the letter would have been produced Fri a.m. - but 'the holiday will have got in the way'. BM staff are obviously enjoying a longer holiday than most.