A question about : Birmingham Midshires – 7 days to transfer out
Anyone here experienced transferring Ј's from the Birmingham Midshires 'Internet Easy Access' a/c? If so, how many days were your Ј's deprived of interest?
I could find no indication in the Terms + Conditions re duration for transfers. But having gone online to arrange a test transfer to my linked a/c, I was disappointed to read :
"when you send money to your linked account, it will take up to 4 bank working days to arrive."
That's 6 days, if a weekend occurs between 4 banking days – eg Ј's leaving on Wednesday, arrive on Monday, so nil interest for Wed–Mon.
It takes 7 days, if the customer goes online after 3pm to arrange the transfer.
Another disappointment is that only one a/c can be linked. No use if the customer wishes to make a deposit from more than one source. 14 days are required to set up a linked a/c.
Only the initial deposit can be via cheque. A cheque for Ј5,000+ takes 6 banking days to start earning interest (ie 1 extra banking day, said to be re anti money–laundering).
I wanted to use the a/c for a lump sum (house sale), to move elsewhere for gradually trickling Ј's into my Savings Fountain (as Martin Lewis would say) – ie regular, monthly savings a/c's with several BSs & banks. Sadly, Birmingham Midshires don't allow linking with an internal a/c that can handle outward Standing Orders.
5.40% gross interest (including 0.45% 12–month bonus) suddenly seems less attractive.
Am I missing something? Does the Birmingham Midshires a/c have some advantages over competitors?
I'm used to nil interest during BACS for only 2 days – eg via :
Norwich & Peterborough BS (instant internal transfer from a/c paying 5.10% gross)
Coventry BS (4.85% – not enough, admittedly!)
Too many days of nil–interest during outward transfers are offered by :
Alliance & Leicester – Premier Plus Current a/c ( FR 5.37% gross) – 3 banking days & counting… (preceded by 24–hour internal transfer from A+L's Online Saver a/c)
Yorkshire BS – e-Saver (5.20%) – "5 banking days" & Ј250 minimum balance
Leeds & Holbeck BS - Online Saver (5.30% till March) – 12 days & counting…
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