Bradford a bingley internet saver 6.51%

seagles_2

How long does it normally take for the new account to appear? Asking as did it last night...........

Raptor.:rotfl:

downshifter98

How do I close my Bradford & Bingley online savings account?
It is possible to close your account online by following these steps:
• Navigate to the ‘Make a Transaction' page
• enter instructions to transfer the full balance of your account to one of your nominated accounts.
• At this point you will be presented with a screen prompt asking you whether you wish to close your account. Simply follow the on screen instructions to complete the closure of your account.
Your full balance, including any interest accrued but not yet applied to your account will be transferred by BACS to your selected account within 4 business days.
You must remember to print out your final statement at this stage.

For tax purposes would this accrued interest just be treated as 'interest paid' for the current tax year (ie 2008/09) - many thanks

epsilondraconis

I too have just opened issue 3; however when it comes to transferring the money out of issue 2, should I leave £1 in the account. The reason for asking is that I'm wondering whether the interest generated for the whole of June would be based upon the lower interest rate (because less than £1 is in the account), or whether the lower interest rate starts only from the day that less than £1 was in the account.

[Deleted User]

Hi,

well, opened issue 3 yesterday morning, and it was on my account last night,

had a small balance in issue 1, so transfered it to issue 3 and closed issue 1,

just checked and it is into issue 3, with all accrued interest and issue 1 is

now closed, so have now transfered from issue 2 and closed it, so will check

again tomorrow. All has gone smoothly. :j

Moggles_2

DRS1 wrote: »

Did the shuffle go ahead OK? I ask because the Ts&Cs for this account say that no transfers can be made between this account and any other B&B accounts you have.

When I queried this with Bradford & Bingley (in connection with an earlier issue), I was told this clause was intended to exclude transfers from B&B branch and postal a/cs, not B&B online a/cs.

If this is the intention, it's about time they tightened up the wording :rolleyes:

Moggles_2

[Deleted User] wrote:

opened issue 3 yesterday morning and it was on my account last night, had a small balance in issue 1, so transfered it to issue 3 and closed issue 1, just checked and it is into issue 3, with all accrued interest and issue 1 is
now closed, so have now transfered from issue 2 and closed it, so will check again tomorrow. All has gone smoothly.

This was my experience too. If you leave a £1 in your issue 2 account, any interest that has accrued will be credited to that a/c. If you transfer everything to issue 3 (and close down 2) interest earned prior to closure is automatically transferred to issue 3.

Hope this helps.

DRS1

When I queried this with Bradford & Bingley (in connection with an earlier issue), I was told this clause was intended to exclude transfers from B&B branch and postal a/cs, not B&B online a/cs.

If this is the intention, it's about time they tightened up the wording

I agree. I suspect the language is a hangover from the e bond Ts&Cs which shouldn't be there for the Internet saver account. Now that I have opened the saver I can make transfers to and from it to other e accounts, but I still cannot make transfers to the e bond except by cheque (despite getting an email saying I could also move money by direct debit!).

DRS1

This was my experience too. If you leave a £1 in your issue 2 account, any interest that has accrued will be credited to that a/c. If you transfer everything to issue 3 (and close down 2) interest earned prior to closure is automatically transferred to issue 3.

Yes this happened to me too. The only thing is I cannot see the gross interest and tax deducted - all I can do is work out the net interest by seeing how much "extra" gets transferred in to the new account and then work backwards from there. By the time the account is closed it seems to be too late to call up a summary of transactions on the closed account or to ask for a certificate of interest for that account. Is that others' experience as well?

[Deleted User]

Hi,

if you have printed off your statement prior to closing account, as

suggested, then that shows gross/net/tax deducted.

epsilondraconis

I applied for issue 3 at 9.30am today. Account active within 2 hours. Transferred money from issue 2 to issue 3 and it is there now (2.48pm).

It's a shame we have to do the merry B&B shuffle each time, but at least it isn't too difficult.