Still the use of the second timer is not clear.

The first timer as per you is for Buad rate. Fine. Then if your idea is just to move the data as and when it is recieved, all that needs to be done is to enable the interrupt RI. And in that ISR, write the code for moving the data to the external EEPROM - so why do you need the second timer ?

The only thing to watch maybe will be the "slow" write to the EEPROM.

OK I am guessing too much without clarity on your exact application...

Raghu