Birmingham & midshires e account

metrobus

If I transfer money from the B & M e saver acc to my nominated acc
is the transfer instant ?

Thank you.

jem16

No it will take 3 days.

When faster transfers come in on the 27th May it might be a few hours but not instant.

metrobus

Thanks for the super fast reply.

YorkshireBoy

jem16 wrote:

No it will take 3 days.

Even if the linked account is with Barclays (whom BM appear to use for payment processing [20-xx-xx sort code]) jem?

When faster transfers come in on the 27th May it might be a few hours but not instant.

Strange one that. BM are a division of Bank of Scotland, yet use Barclays for payment processing. Halifax (as in HBOS) say on their website that they will not be sending FP's from May (although they will be able to receive them!)...instead, and depending on the payment type, it'll be either August or September before they 'roll out' their FP system.

jem16

YorkshireBoy wrote: »

Even if the linked account is with Barclays (whom BM appear to use for payment processing [20-xx-xx sort code]) jem?

That is possible - I don't know. It does seem strange that as BM are part of HBOS they should use Barclays. I had assumed they would use HBOS and they haven't been instant.

Strange one that. BM are a division of Bank of Scotland, yet use Barclays for payment processing. Halifax (as in HBOS) say on their website that they will not be sending FP's from May (although they will be able to receive them!)...instead, and depending on the payment type, it'll be either August or September before they 'roll out' their FP system.

Sounds like typical HBOS.

DonnySaver

I just went onto the Birmingham Midshires site to apply for the 6.5% e-savings account. I was halfway through the application when I noticed that for deposits into the account from your linked bank account there would be a delay of 10 DAYS and for withdrawals it is 5 DAYS. :eek:

Have I got this correct? Does anyone else think that this is a little excessive? I exited the application at that point.

nrsql

Think for deposits it's the initial setup of the direct debit. It's a few days thereafter. When you make the deposit it tells you when the money will be withdrawn from the linked account and it it is credited an the same day which is quite good. Yo can leave the money in oyur bankc e-saver until the day of the transaction. Could also set up the account with £1 then transfer more in later.
You can also see on-line when the deposit is going to be transacted.

Haven't made any withdrawals yet.

As to the first post - the transfer isn't instant but is debited and credited on the same day,

handiyman

I have a savings account with BM and want to transfer some of that to their fixed rate bond. I assumed they would transfer across, however, they will only do it by sending it from the savings account to my nominated account (4-5 working days) and then back into BM fixed rate account (another 4 wk days or so) That is 2 weeks! Who gets my interest in the mean time?

stevedb11

I have always found the BM internet accounts to be very good on tranfers,when you set up a transfer from your nominated account, they give you a date that the money will be credited to your BM account.
In fact on all my transfers, my deposit has shown in the BM account the day before it leaves my Abbey account , I'm not sure why but I'm not complaining it suits me fine. Has anybody else noticied this unusual event?
Steve

niro_111

hi
you can transfer from your e saver to your fixed rate bond, i did it today, but you can only put money into it till end of this month, thats the bond that pays 7.17%

Mikeyorks

stevedb11 wrote: »

Has anybody else noticied this unusual event?
Steve

Yes - tends to happen 2 out of 3 transfers from Halifax to my OHs BM account. But never with mine (which are from the same joint Halifax account)!