Show Me The Money

This is the time of year when many of our fixed term savings accounts end and we have to sort out where to put it next.

One such was my Halifax Regular Saver. At the end of it's term the account got closed and the money and accrued interest swept into the attached Web Saver I had been forced to also open. But I had never put any other money into it.

Smiley faces in the TV ads don't tell you they will sweep your money into the lowest interest rate account they have at the end of the term and hope you don't notice...

I tried logging on for the first time at the start of the week with the temporary password I had been issued almost a year earlier. It no longer worked. So I requested a new one.

It arrived yesterday and I managed to successfully log on, change it, answer all the other security questions and finally see my account.

But I couldn't do anything except see it.

You need to verify your identity at a branch etc.

Hey, you put the money from an account where I had already verified my identity with you a year ago into this other account! Have I suddenly become someone else???

Anyway, I was going into Duns this morning for a dental hygienist appointment so I would call in to the Bank of Scotland and get it sorted.

I was just heading in the door when I saw Penny - would I be popping in for a coffee. Yes, once I'd finished in the bank. Shouldn't be long...

Twenty five minutes later. In that time waiting for the stop on the account to be lifted I think the woman dealing with me tried to sell me every product they had on offer. I must say I am tempted to open the current account, put my 1000 quid in every month and then take it out again to get my fiver a month. Must look into it...

Losing Interest in the Banking System?

I have been waiting for two cheques to arrive - one from the FSCS for the Icesave account and one from Friends Provident for a 10-year drip feed 'long term always done better than interest rates in the past'. Well, let me say it would have been better off under my mattress! And they have the gall to try to get me to keep drip feeding more money into their coffers...

In the meanwhile, waiting for these to arrive I had started in motion a Halifax regular saver and sent off for a Coventry BS fixed rate bond. We had also decided to each open a Barclays regular saver.

So Monday afternoon we planned a quick trip into Duns to get the Halifax one activated and then on to Berwick for Barclays.

Into Duns armed with bank statement and passport to verify my identification at the BoS to activate the Halifax account. Yes, I would be able to pay in cash for my February payment. So trot over the road to RBoS and take out a large amount of cash. I hand half of it over. But there is a problem - account won't take the money. Another lady helps out - doing an electronic identity check and that works fine. But the account still has a stop on it. They were very helpful - gave me a receipt for the money and would phone me if they still had problems. Oh - and are you happy with your other bank?

So off to Berwick. We did a couple of other chores and then into the bank. 

No - we couldn't just open an account. We needed to make an appointment with one of their account advisors. It would be at least half an hour each. No free appointments for that day. Okay - Friday is best for us as we need to come back into Berwick then anyway. I guess it will be a little like the Time-Share no-obligation but can we get you to switch all your other accounts to us too. Pleeeeeease.

It had occurred to me that the problem with the Halifax account may have been that I also needed a websaver account, and although one had been created it was moneyless. So we went back to Duns. No - they didn't think that was the problem. After a couple more tries they decided to phone their computer help desk, who managed to lift the stop and Hey! Presto! money has gone in.

Paul now wanted me to go back in to RBoS and put the rest of the money back in as it would no longer be needed for the Barclays account - his funds would have cleared by the time if/when we get that sorted, but I refused on the grounds that I would be too embarrassed...

Anyway, the cheque from FSCS arrived yesterday. Back into Duns and payed in along with the excess cash. Asked if I had plans for the money - Yes, thankyou...

But too late for the Coventry BS bond - no longer available when I looked on the web. So FirstSave is now getting it...

And at last the FP cheque arrived today, only two weeks after the policy expired. Another trip into Duns this afternoon.

Icesave Meltdown 2

It looks as if I may have misinterpreted the BBC story.

Icesave does not appear to be part of the ING deal. It is just too confusing...

The treasury statement is here.

Icesave Meltdown

I, like thousands of other people, am waiting to see what is happening to Icesave. 

Paul and I had been very sensible in ensuring that we had not put more than the 'safe' 35000 (now upped to 50000) in any one institution, and I had a one-year fixed rate bond with the aforementioned ex-bank. This is not due to end until February. According to the BBC website it looks as if ING is taking over my account if the deal goes through. 

I will await my welcome letter to put next to the one I have from Santander for my Bradford and Bingley account.

The recent troubled times have seen our pension funds plummet. Luckily for us we still have a long time to go before we need them so hopefully they can recover. We may now need to die quite a few years before his optimistic 90...

BOLSHY OLD S**

There has been some discussion on my scrabble group as to what to name the new Lloyds + HBOS bank. I came up with the above gem.

It did spur me on to check whether I needed to rearrange my accounts yet again. With only 35000 'secure' under any single parent organisation we need to keep on top of our finances. Mergers and takeovers also make it harder and harder to find suitable accounts. Luckily I think I am okay this time, only having money in one of the affected 'brands'.

Still, some good may come of all this. I suspect this could be the end of Halifax's Howard on our TVs...