monmouthshire b socy/flexisaver

castle96

bit lost in the mists of time on this one...
letter just received... "end of 2% bonus is 23/1/13"

I had it diaried for 31/3/13. or do I withdraw the investment and have to wait for interest until March ?

Cannot find the flexi listed on their list of accounts

badger09

castle96 wrote: »

bit lost in the mists of time on this one...
letter just received... "end of 2% bonus is 23/1/13"

I had it diaried for 31/3/13. or do I withdraw the investment and have to wait for interest until March ?

Cannot find the flexi listed on their list of accounts

Bonus 2% bringing rate to 4% applies if account still open on 1st anniversary of opening. Mine will be 30/1/2013. Interest is credited on 31/3 but you can close/withdraw any time after 23/1 and interest will be credited on closure

castle96

thanks. I have a passbook that shows
£20 23/1/12
£10k 28/1/12
£1980 29/1/12

I then put in £10k on 11/4/12 and £2k 12/4/12

this seems to have been 2 separate 'transaction', onelot of £12k in the year pre 31/3/12 and one lot of £12k after 31/3/12

Do you think their letter only apples ot the first £12, or, will the 2% bonus still be applying to the second £12k if I leave it there until...11/4 ?

badger09

castle96 wrote: »

thanks. I have a passbook that shows
£20 23/1/12
£10k 28/1/12
£1980 29/1/12

I then put in £10k on 11/4/12 and £2k 12/4/12

this seems to have been 2 separate 'transaction', onelot of £12k in the year pre 31/3/12 and one lot of £12k after 31/3/12

Do you think their letter only apples ot the first £12, or, will the 2% bonus still be applying to the second £12k if I leave it there until...11/4 ?

The bonus only applies for 12 months from the date you first opened the account, so until 23/1/13 for you (30/1/13 for me)

You were allowed to deposit max of £12k up to 31/3/12 and another £12k up to 31/3/13, but you still only get the 2% + 2% bonus, for 12 months after opening.

You can leave as much as you want in there after 23/1/13, but you'll only get 2% on it

badger09

badger09 wrote: »

The bonus only applies for 12 months from the date you first opened the account, so until 23/1/13 for you (30/1/13 for me)

You were allowed to deposit max of £12k up to 31/3/12 and another £12k up to 31/3/13, but you still only get the 2% + 2% bonus, for 12 months after opening.

You can leave as much as you want in there after 23/1/13, but you'll only get 2% on it

Found these for you

http://www.monbs.com/flexible-saver-terms-and-conditions/

buffman

Please be aware that you will forfeit the 2% bonus if you close your account before it is paid.

Milarky

badger09 wrote: »

Bonus 2% bringing rate to 4% applies if account still open on 1st anniversary of opening. Mine will be 30/1/2013. Interest is credited on 31/3 but you can close/withdraw any time after 23/1 and interest will be credited on closure

I had the idea the bonus interest was to be credited to the account separately on the anniversary date, and the variable interest at the 31st every year. Is that not correct?

badger09

Milarky wrote: »

I had the idea the bonus interest was to be credited to the account separately on the anniversary date, and the variable interest at the 31st every year. Is that not correct?

Yes it is - see T&C.

Normal interest credit date is 31 March but bonus is credited on anniversary date, providing account still open on that date.

johnmoney05

I think the safest is to leave £1 in the account untill the interest paid on 31 March. But I can't see there will be a problem for the normal interest to be paid up on closure.

Milarky

Here's what it actually says in the terms and conditions [just to muddy the waters]

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. If the individual Flexible Saver account is closed before this date, no bonus is payable to that account.

Carefully reading this, you do get the interest added at the anniversary and the account can then be closed safely since that payment has been received.

Gromitt

Indeed, but I'm just going to leave £100 in the account until I've received both interest payments before closing the account.