Birmingham Midshires e-Saver Issue 2 - BEWARE

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Mikeyorks wrote: »
    Albeit I do find it odd that a DD credited to BM 30/5 is still showing as 'uncleared' funds!
    If it's your first DD pull, the time to clear is a little longer. Probably stated somewhere in the T&C's...I can't remember!

    Otherwise, you may be correct, in that it needs to go through tonight's processing?
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    If it's your first DD pull, the time to clear is a little longer. Probably stated somewhere in the T&C's...I can't remember!

    I thought it was just that the first DD just took ages to activate (as it did!). However, not in a rush to recover the money ..... at least not until they reduce the rates?
    If you want to test the depth of the water .........don't use both feet !
  • sloughflint
    sloughflint Posts: 2,345 Forumite
    Mikeyorks wrote: »
    As Dagobert correctly says .. no problem. Mine tend to debit the source account one day and credit BM next day.

    Albeit I do find it odd that a DD credited to BM 30/5 is still showing as 'uncleared' funds! According to their T&Cs it should 'clear' the 4th working day after date of deposit ... which is today. But I assume it has to go via tonight's Batch run first in order to prevent me drawing on it today?

    Very odd system ... find it really helpful how financial Institutions all work the same way!
    Phew. Funds left linked account today. Could I possibly have gained a little extra interest in the process as BM seemed to think funds arrived yesterday? Unlikely.

    You're right. Not showing as cleared but BACSed funds do.
  • Hey - how about that interest. I had not twigged that interest is not credited monthly to the account, and on calling the telephone helpline was told that I had signed up for annual interest. The sign-up procedure is unrecorded (unlike equivalent accounts with Icesave or Sainsburys) so it is not possible to be refute this.

    I find Birmingham Midshires the most annoying bank I have tried to deal with on savings accounts. Despite being part of the Halifax, it takes 10 days for an electronic transfer from my Halifax account to be "cleared" by Birmingham Midshires.

    I only opened the account anyway because the Halifax cut the interest rate on their Websaver account. Now it wouldn't surprise me to find that the Birmingham Midshires have a rule that means you lose all your interest if you close the account within the first year!

    I stated out 10 years ago with a Money Market Account from Bank of Scotlasnd which was excellent. When BOS was taken over by Halifax and became HBOS then things started to wrong.

    HBOS is actulally the Ryan Air of the banking industry (remember Liquid Gold? - advertised ad nauseum bu Arthur Daley - then in true Arthur Daley style they cut the interest to the very generous rate of 1.25%. This from the bank that claims to pay 60 times (then 50 times) the interest rate of NatWest etc.

    Caveat emptor the whole of HBOS I would say!
  • Springy
    Springy Posts: 35 Forumite
    Part of the Furniture Combo Breaker
    I have just signed up for this, I have not transferred any funds in as of yet, well only the £1 cheque, but I was thinking is this away around the interest saga.

    Not sure if this is possible and I need someone to confirm for me, but can you open up a Direct Internet Savings account or the Easy Internet Savings account and transfer the interest into that. And then when it has gone through transfer the interest back into the issue 2 account.
  • Ashlion
    Ashlion Posts: 22 Forumite
    If the Birmingham Midshires e-Saver has been replaced by Issue 2, since about June (I'd guess from looking at your threads), why is it still promoted 2nd in Martin's Top 10 savings accounts? The write-up doesn't even mention the problem that the interest must be paid into a linked account? This is misleading isn't it? For you savvy folk that can find work-arounds that's great, but it certainly isn't straight forward.

    How do you get these things updated in the main site?
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