BLME any good?

9
Posted 8th JanEdited by:"joshp"
Good afternoon everyone,

I just wondered if anyone had dealt with BLME before and how were they. I am contemplating opening a "Notice account" which pays 1.7% interest with the only caveat being that you need to give 90 days notice when withdrawing.

blme.com/pro…nt/

I understand this is a sharia account, which I've never held before. Is there anything which should be noted before I go into this?

Thanks in advance

EDIT: I've just read that they don't have online, it's all done by post.
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BLME are used as one of the savings accounts used by Hargreaves Lansdown Active savings.
They are FCS protected up to £85k.

These are the reassuring things.

As they are Sharia compliant they pay a 'profit' from the investment rather than an interest rate. The published rate is indicative rather than guaranteed, but apparently BLME have never failed to pay the published return.

Re: Online. The HL version is a 1 year fix at 1.8% no withdrawls, but can be operated online via an HL account.
Edited by: "airbus330" 8th Jan
airbus33008/01/2020 16:06

BLME are used as one of the savings accounts used by Hargreaves Lansdown …BLME are used as one of the savings accounts used by Hargreaves Lansdown Active savings.They are FCS protected up to £85k.These are the reassuring things.As they are Sharia compliant they pay a 'profit' from the investment rather than an interest rate. The published rate is indicative rather than guarenteed, but apparently BLME have never failed to pay the published return.


Thanks. It all looks fine to me, except not having access to online banking is a little downside.I feel it reassuring, especially since the min starting balance is £10k.

From what I've read, they send you a letter so you can transfer the funds over.

I see Al Rayan has mobile banking and only a £250 starting balance, but only pays 1.5%, oppsed to 1.7%.
Sorry added the following after your post
Re: Online. The HL version is a 1 year fix at 1.8% no withdrawls, but can be operated online via an HL account. £1000 min
airbus33008/01/2020 16:17

Sorry added the following after your postRe: Online. The HL version is a 1 …Sorry added the following after your postRe: Online. The HL version is a 1 year fix at 1.8% no withdrawls, but can be operated online via an HL account. £1000 min


Thanks. I believe I found it: hl.co.uk/inv…541

I just need to do some reading. Also, I presume it is classed as income rather than interest.
Edited by: "joshp" 8th Jan
joshp08/01/2020 16:27

Thanks. I believe I found it: …Thanks. I believe I found it: https://www.hl.co.uk/investment-services?a=15262541I just need to do some reading, since I am not entirely sure how it works. I presume I would still be covered by the FSCS?


yes that's the one. Still fcs protected as the money is lodged with the chosen bank/building soc.. I think a lot of investors went into cash during last year with the political uncertainty in the UK and globally, HL saw an opportunity to mop this cash up and of course it will encourage peeps to simply transfer funds into other investments when they feel confident to do so.
airbus33008/01/2020 16:31

yes that's the one. Still fcs protected as the money is lodged with the …yes that's the one. Still fcs protected as the money is lodged with the chosen bank/building soc.. I think a lot of investors went into cash during last year with the political uncertainty in the UK and globally, HL saw an opportunity to mop this cash up and of course it will encourage peeps to simply transfer funds into other investments when they feel confident to do so.


Excellent, thanks for that information!
both myself and hubby have money with BLME. they are very basic so don't expect the usual banking facilities. we have a 12 months fixed savings account so we never need to contact them and will just wait for the 12 months term to expire and take the money out.
mutley108/01/2020 17:16

both myself and hubby have money with BLME. they are very basic so don't …both myself and hubby have money with BLME. they are very basic so don't expect the usual banking facilities. we have a 12 months fixed savings account so we never need to contact them and will just wait for the 12 months term to expire and take the money out.


Thanks. I guess that's the trade off with them.

I am actually leaning towards going with them, because I prefer the notice account, rather than fixed.

I presume the account I linked (Notice account) stays fixed at 1.7% expected return until the rate changes. It's not an account which loses its bonus, or matures after 1 year.
joshp08/01/2020 17:24

Thanks. I guess that's the trade off with them. I am actually leaning …Thanks. I guess that's the trade off with them. I am actually leaning towards going with them, because I prefer the notice account, rather than fixed. I presume the account I linked (Notice account) stays fixed at 1.7% expected return until the rate changes. It's not an account which loses its bonus, or matures after 1 year.


i have not yet held the savings account for 12 months so i do not yet have experience of the settlement process when i get my money back, but they seemed fine to me, apart from the basic banking facilities. if you save no more than 85k then you should be ok as the bank is fcs protected.

your notice account guarantees the interest rate in as much as they will give you 60 days notice of any change and you can then give them 90 days notice to leave, reading their literature.

our 12 months savings account allow immediate withdrawal without penalty if the rate changes, but from historic data, this has never happened.

we also have the HL active savings account, but we only set that up to get the free £25 bonus for opening the account. we will close that after 6 months as otherwise they will ask for the bonus back. we have put the savings into a 6 months fixed account with Charter Savings bank. the active savings account seem to be ok as far we could see but i can get better rates outside of it.
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