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refusnik

Bradford&bingley Is Going To Transfer My Money From Asda

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I have an online savings account with ASDA. This is what I have got today... What is going on with these people?! I want at least ASDA's name between me and B&B!

Dear Mr refusnik,

We’ve noticed that you currently hold an Asda Internet Savings account provided by Bradford & Bingley with a substantial balance. This account is currently paying an interest rate of 5.75% p.a. Gross/AER (including a bonus of 0.75% Gross p.a. for the first 12 months).

We are writing to let you know that Bradford & Bingley has recently launched an instant access savings account called the Internet Saver (3) Account which currently pays a higher interest rate of 6.51% p.a. Gross/AER. With this account you will continue to enjoy the same Bank of England base rate guarantee until 31 October 2010.

We believe this is a very competitive rate and a great opportunity. We are therefore going to transfer you from the Asda Internet Savings account to the Bradford & Bingley Internet Saver (3) Account in the very near future. We will write to you again shortly to give you full details of this transfer and to let you know when this will occur.

We hope you will be pleased with this move and that you will choose to stay with Bradford & Bingley after the transfer.

Please do not hesitate to contact us on 0845 900 0958* if you have any queries or issues regarding this move to a higher interest rate paying savings account. Alternatively you can email us at internetsavings@online.asdafinance.com

Yours sincerely,

S*** M*** M*** B***

(Bradford & Bingley Customer Services Manager) (Head of Asda Contact Centres)

Edited by refusnik

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Your money is with B&B at the moment.

You've just bought into the Asda brand as the supply partner.

They are just ginving you more interest....having Asda in between wouldn't any difference if B&B went under.

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Guest Skint Academic

Blimy!

If you withdraw your money before they do this then it might make them think twice about doing this again in future!

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I have an online savings account with ASDA. This is what I have got today... What is going on with these people?! I want at least ASDA's name between me and B&B!

Take it out. B&B are BTL ramping bastards and you can get as good a rate elsewhere. :P

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814 posts and you have a 'substantial' wedge in a B&B administered account? :blink:

When exactly did you give up the will to live? ;)

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Can't blame B&B for doing these kinds of things. Desperate times and all that. After all, they have to issue paychecks at the end of the month and they will need as much of their saver's cash as they can get to make payroll.

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Guest Skint Academic

Ssshhh! If you listen closely you might just be able to hear the frantic scraping of a mouse and bashing of keys as someone desperately tries to withdraw funds to a non-B&B account ...

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Blimy!

If you withdraw your money before they do this then it might make them think twice about doing this again in future!

oh the irony. :lol:

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Ssshhh! If you listen closely you might just be able to hear the frantic scraping of a mouse and bashing of keys as someone desperately tries to withdraw funds to a non-B&B account ...

:lol::lol::lol:

B&B may have to do what the property funds did--impose a moratorium on withdrawals.

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It is interesting that they're moving you to an account paying a (very slightly) higher rate of interest but in their own name. Maybe that allows them to include your money in their deposit figures.

Maybe ASDA just don't want the grief if they go under.

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It is interesting that they're moving you to an account paying a (very slightly) higher rate of interest but in their own name. Maybe that allows them to include your money in their deposit figures.

With possible take-over bidders out there it would pay them to present the best possible data.

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I'd definitely withdraw the money - Nationwide, HSBC or Lloyds TSB are the safest IMHO

That's what I am doing today. I have not realised that ASDA savings = B&B as I had this account for a long time, well before the crash.

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I'd definitely withdraw the money - Nationwide, HSBC or Lloyds TSB are the safest IMHO

I'm with the Abbey. What's your opinion of them, and why. :unsure:

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Guest Shedfish
I'd definitely withdraw the money - Nationwide, HSBC or Lloyds TSB are the safest IMHO

absolutely agree - those three look like the safest. look at the CDS on Lloyds and HSBC... and Nationwide have just had to stop people transferring savings inbound, due to the sheer volume. B&B on the other hand are an inch from the precipice.

and for B&B to just transfer your money without even giving you the choice, i would question the legality of this move.

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absolutely agree - those three look like the safest. look at the CDS on Lloyds and HSBC... and Nationwide have just had to stop people transferring savings inbound, due to the sheer volume. B&B on the other hand are an inch from the precipice.

Shedfish:

What's a CDS, and how do I find this information?

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Spanish

True - but I don't think they have exposure to the Yankee stuff - though I don't know about Spanish villas.

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Guest Shedfish
Shedfish:

What's a CDS, and how do I find this information?

credit default swap - debt default insurance

i was reading a really good article in (i think) the Telegraph earlier, can't find it... this'll have to do

http://www.efinancialnews.com/tradingandte...tent/2450948813

LTSB and HSBC had the lowest spreads, B&B was heading off the scale... the Nissan Micra and Honda Jazz, compared to B&B's Carrera GT

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credit default swap - debt default insurance

i was reading a really good article in (i think) the Telegraph earlier, can't find it... this'll have to do

http://www.efinancialnews.com/tradingandte...tent/2450948813

LTSB and HSBC had the lowest spreads, B&B was heading off the scale... the Nissan Micra and Honda Jazz, compared to B&B's Carrera GT

Thanks...

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I'm with the Abbey. What's your opinion of them, and why. :unsure:

I've been with Abbey for over a decade. I would move my cash except I guess that another bank would give just as lamentable service. Unless I've missed evidence somewhere on the .net about Abbey being compromised with BTL loans, there is no indication yet that Bank Santander (Abbey owners) has over-stretched itself (cue for anyone here who knows). But in terms of customer care the Abbey is simply appalling. It's not that the staff are unwilling, but head office dictates absolutely everything and consequently no-one in any Abbey branch has a clue. They cannot seem to process the simplest transaction without pouring over forms they don't understand, so each time I have something slightly unusual to do, I have to stand there while the cashier learns the job, which then has to be double checked by another cashier.

Their computer system is the clunkiest and most prone to crashing in the whole banking system (by their own admission). They are seriously understaffed and I believe moral is very low indeed. That is a direct result of floor staff being constantly complained to by customers. As with all large corporations, the upper management fields poorly paid staff to deal with the appalling mess those managers create yet avoid being confronted themselves. If you phone Abbey you can rarely get through to anyone in a position to deal with your complaint. You get yet another not too bright call centre person who fobs you off.

Par for the banking course I reckon. They are all miserable businesses with total contempt for their own customers. One thing is for certain: whenever any bank tells you it takes customer care seriously, or actually says in adverts "we care" (throw me the sick bag) you can be absolutely sure that the opposite is the case.

By the way, I notice the B&B are lately increasing the frequency of their previously rarely appearing savings adverts. Now I wonder why? :rolleyes:

VP

Edited by VacantPossession

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How about ringing B&B and saying no I don't agree, please leave my money alone as I wish to withdraw it and place it with an institution that isn't going down the toilet.

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Maybe ASDA just don't want the grief if they go under.

Exactly.

Reading between the lines it would appear ASDA may be planning on switching partners/providers and B&B are getting hold of your money before they do. Purely my own speculation.

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