Monmouthshire B Socy

ashteadgirl

Do people agree with Grommitt that can deposit £12K upto 3/12 then another £12K in April 2012? on reading the t and c I think it may be possible but would like to know if others agrre with how I read it

Chadsman

I agree with Gromitt

I asked if customers can open an account with more than the maximum £1000 monthly deposit and was told that you can open with any amount from £20 upwards with the only other restriction that the maximum you can deposit in all Flexible Saver accounts in the 12 months from 1/4 to 31/3 is £12,000.

So from 1st April either drip feed up to £1000 per month into an existing Flexible Saver or open a new account with a lump sum of up to £12,000 or some combination thereof.

buffman

I have just finished a long conversation with their customer services department. I am able to open the account with a £20 cheque, and once it is up and running register for online services. I am then able to transfer by Faster Payments from my current account £11,980. I will receive a small amount of interest on 31 March (2% AER). On the anniversary of opening, I receive my bonus (another 2% AER) and on 31/3/2013 or closure (do not close before anniversary otherwise you will lose your bonus entitlement), I will also receive 2% AER on the balance from 31 March 2012. Online withdrawal can also be made by Faster Payment. A further £12K can be deposited from 1 April 2012. As the bonus ceases on the anniversary, one needs to withdrawal all funds apart from £20 to maximise ones interest.

I believe that this can be regarded as 1 year bond (assuming base rates do not change) paying 4% with the flexibility of withdrawing or adding to your account.

Gromitt

Yes, I left them a message on their website and they rang me back just now to talk to me about it. Feel impressed so far, just waiting to receive my application form so I can post it off with a cheque

castle96

"As the bonus ceases on the anniversary, one needs to withdrawal all funds apart from £20 to maximise ones interest"

Buffman, why will you leave £20 there, on 1/4.. Surely it is right to withdraw the lot on 1/4/13.

Gromitt

castle96 wrote: »

Buffman, why will you leave £20 there, on 1/4.. Surely it is right to withdraw the lot on 1/4/13.

You'll withdraw the lot bar £20 on the anniversary (which is likely to be next January) and then the £20 and account closure on the 1/4 once the interest has been paid.

buffman

Gromitt wrote: »

You'll withdraw the lot bar £20 on the anniversary (which is likely to be next January) and then the £20 and account closure on the 1/4 once the interest has been paid.

I agree. If the account is still available on 1st April 2012, it is better to open a second account rather than adding to your existing account. That way you will receive the bonus on the 2nd £12k for a full 12 months rather than 9 months.

castle96

right, sorry... I misunderstood. What a lot of trouble we go to for a few extra quid, but then... why not

psychic_teabag

If you elect to have the interest paid into the account, is that counted as part of the 12k annual limit ? The bonus is paid on the anniversary : if you've already added your second 12k by then, are they going to get upset ?

buffman

psychic_teabag wrote: »

If you elect to have the interest paid into the account, is that counted as part of the 12k annual limit ? The bonus is paid on the anniversary : if you've already added your second 12k by then, are they going to get upset ?

No. The £12k only applies to money deposited into the account.