Bradford and Bingley Comeback

Secretsaver1583

Looks like B&B have come back with a 7% bond for 1, 2 and 3 years released on Monday (read it on moneyfacts).

The three year one especially sounds like a decent offer to me...
Mel

isofa

Interesting, although they are only just competing really.

With companies such as Icesave offering 7.01% for 1-year fixed rates.

Secretsaver1583

Yeah there are some crazy rates out there...suppose it depends if you want to invest in an English company or not - guess it would help boost our economy...not that the Icelandic folk don't know how to send out a massive rate, they certainly do!

Dean101

Definitely interesting. Here's another link

http://www.bbg.co.uk/bbg/mc/releases/mc_consumernews/pressrelease/?id=4648913

SammyJnr

The advantage of the B&B bonds, instead of Icesave and the rest, is that you can just take your cheque and some ID down to a branch and get the account the same day - no need to worry about applications getting lost or delayed in the post. Interest is paid from the following day so you don't need to worry about B&B hanging onto your money.

Nearly every branch opens on a Saturday until 1pm and you can get your nearest branch's address, opening hours and telephone number from their website www.bradford-bingley.co.uk You can call them to book an appointment too. Ring directly to the branch to avoid the need to do battle with options for a call centre.

The bonds launch on Monday but will only be around for a short period of time so get in quick!

isofa

SammyJnr wrote: »

The advantage of the B&B bonds, instead of Icesave and the rest, is that you can just take your cheque and some ID down to a branch and get the account the same day - no need to worry about applications getting lost or delayed in the post. Interest is paid from the following day so you don't need to worry about B&B hanging onto your money.

Nearly every branch opens on a Saturday until 1pm and you can get your nearest branch's address, opening hours and telephone number from their website www.bradford-bingley.co.uk You can call them to book an appointment too. Ring directly to the branch to avoid the need to do battle with options for a call centre.

The bonds launch on Monday but will only be around for a short period of time so get in quick!

Never had that problem with Icesave (or others actually) - applications 100% on-line, identity verified via passport number and electoral role, no need for any ID documents to even leave the house. Accounts opened very quickly in my experience.

Certainly I've never once posted any ID documents to Icesave or other companies, in fact I wouldn't personally, too much risk of postal loss.

No hassle with cheques clearing, transfers via DD.

In addition we don't have a B+B in our town either. :beer:

poppy10_2

Are bonds covered by the FSA guarantee? Or would you be just one in a long line of creditors when B&B goes titsup in the next couple of months?

something_girl

are fixed rate savings treated differently when it comes to the compensation scheme? I hadn't realised, if so, yikes, that's me stuffed then!

SammyJnr

isofa wrote: »

Never had that problem with Icesave (or others actually) - applications 100% on-line, identity verified via passport number and electoral role, no need for any ID documents to even leave the house. Accounts opened very quickly in my experience.

Certainly I've never once posted any ID documents to Icesave or other companies, in fact I wouldn't personally, too much risk of postal loss.

No hassle with cheques clearing, transfers via DD.

In addition we don't have a B+B in our town either. :beer:

Wasn't suggesting any problem with any of the providers - just the delay and our poor postal service can be avoided on this occassion by going direct to a branch. Haven't used Icesave but have used other internet providers who then insist on posting you stuff out with loads of personal info on it. Couldn't agree more about posting ID documents, you'd have to be crazy!

There is a benefit of going direct because you do not having to wait for the DD to be set up and taken - you start earning interest almost immediately. If you are investing in a bond you won't be taking it out until well after the cheque has cleared. The only problem with a cheque I can see is whether you can even find your cheque book nowadays as they are so rarely used now.

You can also apply online for B&B's bonds.

isofa

something_girl wrote: »

are fixed rate savings treated differently when it comes to the compensation scheme? I hadn't realised, if so, yikes, that's me stuffed then!

No they are just savings accounts and treated as such - therefore you obviously get the 35K guaranteed under the protection scheme.

SammyJnr

poppy10 wrote: »

Are bonds covered by the FSA guarantee? Or would you be just one in a long line of creditors when B&B goes titsup in the next couple of months?

There is NO evidence B&B will go "titsup". They have just said they are not going to make as much profit as they had hoped - but still a profit!

One of the reasons why their profits will be lower is because they have cut the margin they make on their savings - which means you get a better rate.

Fixed bond accounts are treated in exactly the same way as any other savings account and covered up to £35,000 by the Financial Services Compensation Scheme.

Don't worry - B&B is secure. If you read what the analysts say and not the hysterical stuff you'll see. They are not another Northern Rock. They have billions of pounds in reserve - NR did not.