Saga 1 year bond 6.76% - a question

Old_Slaphead

I've recently applied for Saga 1 year bond.

Unusually (I must be going senile) I made mistake of not opening with intial £1 then transferring funds when account had been set up.

Now I've money sitting in a non-interest current account waiting for cheque to be cleared.

Anyone any experience as to how long it takes for Saga/BMids to process new transactions -- so far it's been just over a week and no sign of money being taken.

Tried phoning but, as usual, they've been inundated with applications.

whu

I ben told that it will take about 10 working days due to the huge demand but hopefully less!!

Old_Slaphead

I've also been told that it can take around 10 days to open the accounts but cheque presentation ????? Suppose it can be anything from 2 to 12+ days before it reaches my account.....anybody know?

Well it's not good enough. It's not like it's a new account offer (it's been on the boards for at least 3 weeks). How long does it take to list a few hundred (?) cheques each day and then bank them, for goodness sakes! If they can't cope with demand by pulling a few extra temp staff in then they shouldn't in the savings business.

earlgrey_3

I applied on-line for two B Mid fixed rate accounts, wife and self, on 20/4, received and returned the forms with two opening £1 cheques on 26/4 - should have got them on 28/4. Debited from Natwest account on 2/5 but showing as credited to account as at 30/4. Received activation code to operate account today 9/5.

Slowish overall but cheques credited in 3 days from receipt.

Greycrow

A pain in the !!!!.
Sent signed application with cheque and proof of ID. All returned because credit card statement only had forename initials and not full names. Used same, with others, many times before without any problem.
To add insult I've got car insured with Saga and have an account with Britannia BS.
Not going to pursue the matter, they're are more sensible companies to deal with.

earlgrey_3

Greycrow wrote: »

A pain in the !!!!.

A bit hit and miss isn't it? :rolleyes:

I had two types of accounts with Abbey and they wanted full ID docs each time for both. I then opened a third and they wanted the same again. Took passport and council tax bill into branch which they photocopied and sent off. Six weeks later they then froze the account without any warning claiming the hadn't had any ID. Took 3 weeks and a dozen phone calls to sort it out.

With Coventry BS the ID check was all done electronically using the various agencies and account was fully operational via the net within a couple of days. I then wanted an instant account to make it more flexible and the new account was set up and fully operational within two hours just by using the details they already had.

I think the worst should see how they do it. For all their complications Abbey have probably the least secure on-line system I've used.

Old_Slaphead

My Saga cheque has just been cashed - 11 working days after posting. That reduces the effective interest from 6.97% to around 6.70%....might as well have just kept my money in Nationwide and taken their 1 year bond.

I'll know better in future.