Monmouthshire B Socy

ses6jwg

can this account be opened in trust for a child?

xylophone

ses6jwg wrote: »

can this account be opened in trust for a child?

Ring up and ask whether you can open a 're' account for the child.

adindas

Yes as long as you keep your account open and withdrawal no more than four times. (Up to 4 withdrawals are allowed each year (ending March 31)
The interest rate is variable and calculated on a daily basis. Interest will be credited to your account, or paid annually into a bank account, or other suitable Society account following the close of business on 31 March each year.

Abatement wrote: »

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?

eviekins

Considering opening one of these. Although does sound a little confusing!
Also, the withdrawal limit is only 350 a day! There is no branch near me either for larger withdrawals. Does this not bother anyone, bit of a faff getting the 12k out at the end of the year?

psychic_teabag

eviekins wrote: »

Considering opening one of these. Although does sound a little confusing!
Also, the withdrawal limit is only 350 a day! There is no branch near me either for larger withdrawals. Does this not bother anyone, bit of a faff getting the 12k out at the end of the year?

£350 is the max cash withdrawal from a branch/agent per day.

bandana999

eviekins wrote: »

Considering opening one of these. Although does sound a little confusing!
Also, the withdrawal limit is only 350 a day! There is no branch near me either for larger withdrawals. Does this not bother anyone, bit of a faff getting the 12k out at the end of the year?

Withdrawals of up to £350 in cash per day
You can withdraw large amounts online using faster payments
http://www.monbs.com/my-accounts-terms-and-conditions0349/

eviekins

Ahhh! I see.
Sorry, totally got that wrong then.
Thanks for your replies! That sounds much better

eviekins

Me agaaaiiinnn! Just about to open my account now, but unsure whether to opt for interest into another account, or whether to get an annual payment into the Monmouthshire account? Any opinions on this? Also, i've put the intial investment as £20.00, although I have the 12k to put in straight away. I think this is right, yes? Sorry in advance for being so thick, but i'm used to a very simple savings account without any restrictions, and i'm getting a bit worried about doing something wrong! All responses are very much appreciated!!


----


I've since sent the application off, so hope this is all correct! I opted for the interest to be paid into my current account. I also kept the intial investment as £20, and will add the remaining £11980 via fast payments when everything is set up. Hope i've done everything right!
Now to find another new savings account for the rest of my money due to the end of a bonus rate on my Natwest e-saver.

apt

Unless the account your monthly interest gets transferred into pays 4% or more you will get more interest by opting for annual interest. Probably best to open the account with a cheque for £20 then transfer the remaining £11,980 by faster payment when the account is all set up and you have your account number.

Gromitt

After 12 months the interest drops to 2%, so not much point putting the yearly interest into the account.

The cheque will be cashed before you get your account number, so you will lose a little bit of the 4% interest by FPing afterwards, but hopefully you'll be removing it from a 3.x% account, so not losing much. You'll lose far more by leaving 12K in a current account, so I opted for a £250 initial deposit.

Don't forget that in April you can deposit another 12K, so keep your options open.