Monmouthshire B Socy

buffman

mark49152 wrote: »

In the T&Cs for this account it stipulates a £20/month minimum deposit and a maximum of £12k/year. A few people here have said they plan to put in £12k on 1st April. Has anyone checked with MonBS that it is OK to pay in up to the maximum early and not pay the £20/month thereafter?

I have checked with Monmouthshire. After the initial deposit, it is permissible to transfer the balance up to £12k in one go. I have done this using Faster Payment. They have also confirmed that from April (when their 'year' commences), I can transfer in a further £12k in one lump sum.

mark49152

Thanks for the feedback - definitely a good account!

noh

adindas wrote: »

Read below T&C. I also called them that is what they said they accept FPI but not FPO. Be careful if you just speak to tehri customer services, as this product is still new, Better speak to new account enqueries team.

• New account inquiries 01633 844 330 (use this)
• Customer Services 01633 844 340 (not this)

Also be aware "this is a saving account"t NOT current account. For saving account there is no requirement that the money has to arrive on the next working days.

I already open one of this account, therefore I also hope that they do FPO. But So until a lot of people have called them and they changed their T&C, I do not think they do FPO.

3 - Withdrawals
.......
Details of our cash and cheque withdrawal limits are displayed in our branch offices, available from our website or our Head Office or click here.

You can also make withdrawals by electronic transfer using the 'My Accounts' system. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions.

My account T&C
8.5 We submit all withdrawn funds via the BACS system to your nominated bank account. You agree that under normal circumstances it will take three working days for the cleared funds to reach your nominated bank account. However, we cannot guarantee when a payment will reach the account.

http://www.monbs.com/uploads/publications/247.pdf

for anyone reading this thread now. The T+Cs have been updated and section 8.5 now says

"8.5 We submit all withdrawn funds via the Faster Payments
system to your nominated bank account. It will take one
working day for the cleared funds to reach your
nominated bank account. However, we cannot
guarantee when a payment will reach the account."

apt

buffman wrote: »

I have checked with Monmouthshire. After the initial deposit, it is permissible to transfer the balance up to £12k in one go. I have done this using Faster Payment. They have also confirmed that from April (when their 'year' commences), I can transfer in a further £12k in one lump sum.

Are you sure? On the website it says 'you can save direct from a suitable account with your bank or another building society. Please refer to our Direct Debit leaflet for more information. The minimum Direct Debit amount is £20 per month, up to a maximum of £1,000 per month per customer.'

buffman

apt wrote: »

Are you sure? On the website it says 'you can save direct from a suitable account with your bank or another building society. Please refer to our Direct Debit leaflet for more information. The minimum Direct Debit amount is £20 per month, up to a maximum of £1,000 per month per customer.'

100% sure. Both my wife and I have successfully done this by contacting directly the bank where the money is coming from and sending a Faster Payment.

psychic_teabag

apt wrote: »

Are you sure? On the website it says 'you can save direct from a suitable account with your bank or another building society. Please refer to our Direct Debit leaflet for more information. The minimum Direct Debit amount is £20 per month, up to a maximum of £1,000 per month per customer.'

It doesn't say that you must set up a monthly DD. Merely that if you do, it must be at least £20 per month.

Gromitt

apt wrote: »

The minimum Direct Debit amount is £20 per month, up to a maximum of £1,000 per month per customer.'

Correct, IF you setup a DD. You can decide not to and use FP instead, in which case there is only the 12K per year limitation. Branch staff have confirmed this.

Abatement

Just to be clear that I'm understanding this acccount correctly:

If I pay in £12,000 now, and then withdraw, £11,000 after 6 months (but leaving the account open with £1,000), will I still eventually get the full 4% on the 12,000 that was in there for the 6 months that it was in there (plus 4% on the 1,000 left in the second 6 months)? Or is the bonus only paid on the amount left in there for the full 12 months?

Gromitt

You'll get 4% on whatever is in the account (upto maximums) for however long you leave the cash in there for, upto 12 months, as long as the account is still open when the bonus becomes payable.

Abatement

Thanks Gromitt. If I've read what you're saying correctly, the answer to my first question is 'yes' I think.