Monmouthshire B Socy

drlabman

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 don't agree. You'll get "regular" 2% interest paid on 31/3/12 (almost 3 month's worth - about £60 gross if you opened with £12K?). The 2% bonus interest will be paid next Jan (on the anniversary of opening - about £240 gross if you opened with £12K) if the account is still open. Once you've had the bonus interest, surely you'd close the account completely, at which point you'll also get the 2% "regular" interest accrued from 1/4/12 to Jan/13 i.e. 9 months worth (about £180 gross). The T and cs say the interest is calculated daily, so if you don't get the extra accrued interest (9 months worth) on closure it'll be unlike any savings account I've ever held. The only caveat on this account is that the bonus interest is paid on the anniversary, as long as the account remains open. The "regular" interest works just like every other normal savings account - you don't have to wait until the date of interest payment in order to close the account - you'll get what you've accrued (not paid, just accrued) up to that point.

adindas

This is not the case. They could accept Faster payment from other bank e.g FPI but they do not support FPO (faster payment from outwards from their BS).

Withdrawal will go by cheque or BACS.

buffman wrote: »

Online withdrawal can also be made by Faster Payment. .

buffman

adindas wrote: »

They could accept Faster payment from other bank e.g FPI but they do not support FPO (faster payment from outwards from their BS).

This is incorrect. Having spoken again to their Customer Services Dept, it was confirmed, as I stated previously, that from the first week of January, one is able to make online withdrawals using Faster Payment. Providing the instruction is given before 12pm, the money will arrive the same day.

castle96

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.

are both of these statements still true (getting confused now).

So....
1. £20 , then £11980 in now
2. £12k in 1/4/2012 (new account - will they allow this ?)
3. Jan 2013 withdraw all, bar the initial £20
4. 1/4/2013 withdraw £20 + bonus interest

IS that correct ??? Thanks

psychic_teabag

castle96 wrote: »

So....
1. £20 , then £11980 in now
2. £12k in 1/4/2012 (new account - will they allow this ?)
3. Jan 2013 withdraw all, bar the initial £20
4. 1/4/2013 withdraw £20 + bonus interest

IS that correct ??? Thanks

As drlabman already said, why not just close the account on the first anniversary, after the bonus has been paid ? You should get all the interest already earned, without having to wait until 1/4/2013 for the second scheduled annual interest date.

Also, IIRC the min operating balance is £1 - £20 is the min opening balance.

buffman

castle96 wrote: »

1. £20 , then £11980 in now
2. £12k in 1/4/2012 (new account - will they allow this ?)
3. Jan 2013 withdraw all, bar the initial £20
4. 1/4/2013 withdraw £20 + bonus interest

1. Correct. The £11980 can be paid in using Faster Payment as soon as the account is up and running.
2. They will allow this, but I am not sure whether it is worth the hassle for the extra 3 months. Possibly better to simply put the additional £12k into the same account.
3. There is no reason not to close the account AFTER the bonus has been paid.

Do not forget to register for internet banking.

castle96

but (No 4.).
surely I have to wait until 1/4/12 (1 yr anniversay of the second £12k), to get the bonus interest on the 2nd £12k.

sorry if I am missing something....

castle96

4 - Interest and Bonus
The interest rate is variable. Interest is calculated on a daily basis and can be paid net or gross to non-tax payers.

Interest can be credited to the individual Flexible Saver account or paid annually into a bank account (or other suitable Society account) following the close of business on 31 March each year.

On the first anniversary of the account being opened, a bonus of 2.00% AER/Gross, which is calculated on a daily basis, will be added to the individual Flexible Saver account. The bonus is only payable where the individual Flexible Saver account is still open 12 months after that individual Flexible Saver account was opened. (so 1/4/2013 ??? assuming second £12k deposited on 1/4/2012) If the individual Flexible Saver account is closed before this date, no bonus is payable to that account.

psychic_teabag

If you open a second account on 1st of April, then yes, you'd leave that money in for a full year to get its bonus. Just close the first account after it gets its bonus.

But if you add £12k to the first account on 1st of April, that doesn't start earning a new bonus or anything - there is a single bonus payment of 2% paid on the first anniversary of opening.

castle96

"But if you add £12k to the first account on 1st of April, that doesn't start earning a new bonus or anything - there is a single bonus payment of 2% paid on the first anniversary of opening. "

the first account will already have the max £12 in it. I cannot ? add any more to the initial/existing account (can I ?)

Ooops, sorry. It is £12 per YEAR (ending 31/3.

So the easiest/less hassle way

1. £20 now, £11980 shortly
2. £12k added to existing account on 1/4/12
3. Withdraw the lot on 1st anniversary/Jan 2013

=

2% + 2% on £12k for 12 mths
+
2% + 2% on 2nd 12k for 9 mths

I think I've finally got it (have I ?)