Best Instant Access Rates

Money, investing, mutuals etc

Re: Best Instant Access Rates

Postby Bruce » Wed Dec 06, 2017 8:20 pm

planteria wrote:as a Savings Account is it easy to open? and how many DDs can we have going into the account? :problem:

Their system seems to be exactly the same as it was 10 years ago (i.e. complex compared to the modern way of opening a savings account online). Application online requires a DD. They then send a letter by post. You have to return the letter with ID (if required) and a cheque which must be from the nominated account. Once the cheque is cleared, you get a username by email and activation code by post. Whole process took about three weeks before I could get into the account online.

One DD per account. Setting up a second savings account is very simple (no cheque needed, account available online immediately). Doesn't appear to be a limit on the number of accounts per customer.

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Re: Best Instant Access Rates

Postby planteria » Thu Dec 07, 2017 12:25 am

oh, that is interesting, thank you Bruce.
are you able to move money between the BM accounts online, instantly?
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Re: Best Instant Access Rates

Postby Bruce » Thu Dec 07, 2017 6:05 pm

planteria wrote:oh, that is interesting, thank you Bruce.
are you able to move money between the BM accounts online, instantly?

No. Transfers to nominated account only. Seems to only accept the next working day (or working day within the next 30 days) only. No bank holidays, no weekends, etc etc.
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Re: Best Instant Access Rates

Postby planteria » Thu Dec 07, 2017 8:33 pm

got you. so in theory we can have a string of these accounts which are each linked to their current account 'match'.
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Re: Best Instant Access Rates

Postby Bruce » Fri Dec 08, 2017 5:24 pm

Bruce wrote:
planteria wrote:oh, that is interesting, thank you Bruce.
are you able to move money between the BM accounts online, instantly?

No. Transfers to nominated account only. Seems to only accept the next working day (or working day within the next 30 days) only. No bank holidays, no weekends, etc etc.

Update on my withdrawal: requested last night about 6pm. Arrived in my nominated account sometime between 2pm and 5pm today. Not the fastest, but equally not the slowest. Think I can cope with that.

Oddly, the payment appeared on my statement as "BMBS", presumably meaning "Birmingham Midshires Building Society", which they haven't been since 2001!

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Re: Best Instant Access Rates

Postby Sarah » Sat Dec 09, 2017 9:06 am

They claim on the website that withdrawals from this account go by Faster Payments although I initially didn't notice they also say it "will reach your account by the end of next bank working day" so not really the 2 hour Faster Payments service we're used to; maybe they sit on requests for a day first!

The interest rate has been cut for new accounts now - only pays between 0.2% and 0.9% for new applicants.

http://www.birminghammidshires.co.uk/sa ... SAISA-1090

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Re: Best Instant Access Rates

Postby planteria » Sat Dec 09, 2017 10:20 pm

oh, that's it then.. no good as a Savings Account. not sure it's worth bothering with a string of them just for the DD access.
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