Monmouthshire Flexible saver issue 2 launched

bob792

The general consensus on this forum seems to be you can put a second £12k into an Issue 1 Flexible Saver in one lump but can only put £1k/month into an Issue 2 Saver. My 2nd £12k went into my Issue 1 Saver by FP on 1 April and is shown sitting in my Monmouthshire account. They haven't sent it back yet so it looks like it works.

mark49152

I phoned Monmouthshire when I opened my issue 1 and they confirmed that you can put £12k in in a single lump sum any time after April 1st and keep the bonus.

Looking at issue 2 it seems the only difference is that they have closed this "loophole" - 4% on £24k for a year is better than most fixed rates, thanks Monmouthshire!

Gromitt

According to HMRC, the sponser bank for Monmouthshire is HSBC. Does this mean I've just moved 12K from HSBC to... HSBC ?

innovate

I could be wrong, but I don't believe a "sponsor bank" has anything to do with the FSA authorisation of a bank/building society, or their FSCS cover.

I believe a sponsor bank provides a service to smaller financial outfits and to merchants for the connection to the VISA and Master Card systems.

Someone will no doubt pop along soon and either confirm or otherwise

penny_pincha

I am researching this account as a possibility for my 16 year old daughter. Does anyone know how long Monmonthshire transfers take to appear in your linked current account? Also, do they mess up transactions? or are they OK at giving good service? Don't want her to be messed around when she is new to managing her money in an account herself.

Thanks in advance.

Gromitt

penny_pincha wrote: »

I am researching this account as a possibility for my 16 year old daughter. Does anyone know how long Monmonthshire transfers take to appear in your linked current account?

By the end of the next working day (so request on Friday, get the money by Monday night), but you are only allowed 4 such withdrawals before the account is closed as its meant as a regular saver rather than an instant access savings account.

penny_pincha wrote: »

Also, do they mess up transactions?

Not sure what this means?

noh

Transfers requested on a working day appear in the linked account by the end of the next working day.

penny_pincha

Thanks Gromitt and Noh

Do they mess up transactions?

Gromitt wrote: »

Not sure what this means?

What I was asking was, do they do something other than what was asked? eg pay into the wrong account or pay the wrong amount.I know that if they do, somehow I will get the blame.

She is fine about the limited withdrawls. (She has only made one withdrawl in her previous savings account in 10 years.)

Gromitt

I'm not aware of them doing anything like that, but I just use the online account access - never phoned them and definitely not going to a branch (don't think there is one within 100 miles of me)

penny_pincha

Thanks Gromitt. I will let my daughter know. Sounds a good deal for her especially as she can keep an eye on it on-line.