Birmingham Midshires e-Saver - available balance

gelato_cat

Hi all

Is the available balance for the BM e-Saver always £1 less than the cleared balance? If so, I'm assuming that's because £1 is the minimum balance?

Just wondering as I sent a few £1 payments to my new account early last week and only £2 out of £3 is showing as cleared.

TIA

Suze

aleph_0

Suzey wrote: »

Hi all

Is the available balance for the BM e-Saver always £1 less than the cleared balance? If so, I'm assuming that's because £1 is the minimum balance?

No. it seems to take a while to clear pull transactions to the account though (I think, I did a few £1 test payments at the start, so it wasn't clear which £1 was not cleared either!).

Dagobert

I am in the process of opening this account. (It took them 6 weeks!)

I have been told that pay-ins can only be made via DD. Is this correct? Or can one make an external payment using sort code, a/c no and reference?

aleph_0

Dagobert wrote: »

I am in the process of opening this account. (It took them 6 weeks!)

I have been told that pay-ins can only be made via DD. Is this correct? Or can one make an external payment using sort code, a/c no and reference?

I've managed to do an external BACS payments, and apparently they accept Faster Payments.

sloughflint

http://www.askbm.co.uk/savings/i/faq/using_account.asp#t01



What is your sort code and account number?

If your bank allows you to make an electronic transfer from your bank, or arrange a standing order, you may be able to send money to your Internet Savings Account by using the following details:
Account Name: Birmingham Midshires
Sort Code: 20-97-78
Account: 00968773
Reference: Your BM Internet Savings Account number
Please note that if you're not given the opportunity to enter a reference number, we recommend you do not use this method to send us money as it will not be applied to your account. Please note that this type of payment will reach your account within 4 banking days. Birmingham Midshires will not charge you for using this service.

Dagobert

The Special T&Cs for e-Saver state

Any subsequent payments must be made by direct debit from your Linked Account

sloughflint

I have given you a reference. Your choice.

Dagobert

They seem to have several online savings accounts: Internet Easy Access Accounts.

I downloaded the specific e-Saver T&Cs, which I quoted from above, when I applied.

sloughflint wrote: »

I have given you a reference. Your choice.

Thanks for the useful link.

The question is, has anyone successfully paid in from an external account?

aleph_0

Dagobert wrote: »

The question is, has anyone successfully paid in from an external account?

Yes.

Although I'm not endorsing going against the Terms & Conditions, I'll also point out that within the online banking system they give you the account details mentioned above saying you can make a standing order.

earlgrey_3

Dagobert wrote: »

The question is, has anyone successfully paid in from an external account?

If it helps, I set up two BM fixed rate accounts two weeks ago and BACSed money into each as soon as I had the account numbers. BM only yesterday took the £1 for each account using the DD I arranged at the time of opening. No problem.

You could test your account with a £1 transfer if you're not sure.

sloughflint

Dagobert wrote: »

The question is, has anyone successfully paid in from an external account?

Yes, I did a £1 test. About to send a bit more. As a previous poster mentioned ( which I forgot about), you get to a page where they mention sort code etc so should be ok..... Maybe best to try a second test for a small amount to be sure after what you put re T&Cs