Monmouthshire B Socy

castle96

why doesn't the 1 yr 4% (2% + 2% bonus) 4 withdrawals, appear on the 'best buy' list on MSE ?

pqrdef

Sssh. As soon as it does, it will probably be withdrawn owing to excessive demand.

Ifts

Good rate for up to £12k, but its a shame you are limited to a maximum balance of £12k. Probably why it hasn't sold out yet.

http://www.monbs.com/flexible-saver/

Gromitt

castle96 wrote: »

why doesn't the 1 yr 4% (2% + 2% bonus) 4 withdrawals, appear on the 'best buy' list on MSE ?

Because it's targetted as a regular saver account rather than a standard savings account perhaps? You have to state what you wish to save for at the beginning of the application. I like the sound of "secret saver"

It does state "Credits into the Flexible Saver accounts held can be made monthly to each individual Flexible Saver account(s) held by direct debit up to £1,000 per month (minimum £20 per month) [...]" but I think thats just for DD payments and electronic payments are not limited (other than the 12K limit per year)

VT82

Over the year it would be £72 more than I'd get on £12k in my Derbyshire account at 3.25% after tax. I'd be very tempted if it was a web account.

The four withdrawal limit wouldn't be a problem if you are just using this for the first £12k of your '> £12k pot of instant access savings'.

Might do it actually - less faffing than something like HSBC's 6% on £2.5k, as would probably just use it like a 1 year bond with instant access - so would only need to worry about the opening and the closing.

Gromitt

You'll be able to invest 24K this year, as it's 12K per year, and the year ends on the 31st March

So my plan is 12K this month, split into two payments (they require a cheque to open the account, but you can do electronic payments from then on)
Then 12K in April.

Then, if I've read it correctly, I should get one interest payment this March (Interest at year end), one next January (Bonus), and one next March (Interest at year end).

drlabman

Gromitt wrote: »

Then, if I've read it correctly, I should get one interest payment this March (Interest at year end), one next January (Bonus), and one next March (Interest at year end).

That's my understanding as well, but surely you'd close the account in Jan 2013 on the anniversary of opening the account, because after that you're only getting 2%. Or am I missing something?

Chadsman

VT82 wrote: »

Over the year it would be £72 more than I'd get on £12k in my Derbyshire account at 3.25% after tax. I'd be very tempted if it was a web account.

The four withdrawal limit wouldn't be a problem if you are just using this for the first £12k of your '> £12k pot of instant access savings'.

I already have an ISA with Monmouthshire BS which although it is not marketed as an internet account it can easily be operated via the internet using the MyAccounts system.

...and if you split the £12k deposit over a number of different Flexible Savers you can make more than four withdrawals per year.

Special_Saver2

drlabman wrote: »

That's my understanding as well, but surely you'd close the account in Jan 2013 on the anniversary of opening the account, because after that you're only getting 2%. Or am I missing something?

Yes, I think you are right - there is nothing to stop you closing the account straight after the anniversary of the account.

If you apply online then they print off your application and post it out to you to sign and return. They enclose a first class envelope. If you are afraid that the account is going to be withdrawn in the near future then you can download a blank application form off their website and post it in yourself. Even though I am an existing member, their covering letter says that they carried out a credit reference agency check (which I passed). (It should be the sort of identity check that does not show up on a credit check as you are not applying for credit.)

I agree with Chadsman that their MyAccounts system is good. I have a non-internet account already with them and the MyAccounts system lets me look at my balance and arrange BACS withdrawals over the internet.

SS2

Gromitt

Special_Saver2 wrote: »

Yes, I think you are right - there is nothing to stop you closing the account straight after the anniversary of the account.

I was thinking of leaving £20 in there from January to the end of March next to get the 10 months of interest? If you closed it next January, would you get the interest added at account closure?

Special_Saver2

Gromitt wrote: »

I was thinking of leaving £20 in there from January to the end of March next to get the 10 months of interest? If you closed it next January, would you get the interest added at account closure?

I suspect that drlabman is correct. They would have to pay the accrued non-bonus interest upon account closure. I have just had a look at the terms and conditions and I cannot see anything to contradict this. The key thing is to not close the account before the bonus interest is paid.

If you have any concerns about the possibility of losing the 9.5 months of non-bonus interest then just withdraw all but £1 after the bonus interest is paid then close the account on 1st April 2013.

SS2