Help with BM Savings please

booklover · 2 July 2015 at 10:53PM

Hello everyone

I'm not financially savvy, but doing my best atm. I've opened up an an account with BM Savings. How do i deposit money by direct debit? My Linked acc is Halix. Sorry if it's a dumb question.

Thanks in advance for your help
. :A

jimjames · 2 July 2015 at 11:01PM

Do they offer good rates? Better than 5%?

booklover · 2 July 2015 at 11:20PM

Their rate is 1.5% which is the best available for easy access account. We're filling our ISAs & Santander 12 Current account.

Ifts · 2 July 2015 at 11:28PM

You can pay in via faster payments (either from your 'Linked Account' or any other account that you hold that supports FP) but not by sending it straight to your BM Savings account number & sort code.

I find the money goes in to your BM Savings account quicker via Faster Payments than using the direct debit to pay money into it from your linked account.
I only use the linked account when I am wanting to make a withdrawal from my BM Savings account.

The money goes first to BM Savings holding account (Barclays Bank) then they will forward it to your BM Online Extra account - hence its important that you enter your BM Savings account number as the reference number otherwise they wont know who's account to credit the money to.

The letter I received from BM Savings with the details that you need to pay in to the Online Extra savings account, the letter reads -

If sending funds via faster payment or BACS our bank details are as follows. If using this method please ensure you enter your BM Savings account number as the reference:

Account Name: BM Savings
Sort Code: 20-97-78
Account Number: 00968773
Reference: Your BM Savings account number

I found this on their site:

I want to make a deposit. What are your bank details?

For payments through the Faster Payments Service:
Sort Code 20 97 78
Account Number 00968773

For telegraphic transfers:
Sort Code 20 97 78
Account Number 10968870

You must quote your personal account number as your reference.

http://www.bmsavings.co.uk/existing-savers/managing-your-account/general-account-management/?WT.ac=BMESMYAGAM3#bank-details

MarkFromCornwall · 3 July 2015 at 7:59AM

booklover wrote: »

Hello everyone

How do i deposit money by direct debit? My Linked acc is Halix.
. :A

Log in to Birmingham Midshires website.
Click on 'Make a deposit'.
Choose between 'single deposit' or 'regular deposit' then click on 'next' and enter the details of the amount etc.

djt0124 · 3 August 2015 at 4:18PM

Don't bother with them. So far I have had 3 attempts to open an online instant access saving without total success.
Attempt 1 a few years never got completely opened by them. Complained and got a standard glib apology.
Attempt 2 last year took so long (over 2 weeks) to get the acknowledgement letter to me that I had gone on holiday before it arrived. On return they refused to open it because account was closed to new applicants!
Attempt 3 currently in progress at snail pace. Opening an Online Extra account. Although they have cashed my cheque, after 2 weeks still unable to access the account because the required Access Token has not arrived.
In meantime opened an instant access account with Paragon bank which was up and running within a day, and postal acknowledgement arrived within a few days.

Help with BM Savings please

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