monmouthshire b socy/flexisaver

badger09

noh wrote: »

But we have known about it for a year. It having been mentioned on the original thread.
http://forums.moneysavingexpert.com/showpost.php?p=52159777&postcount=98

Yup that was me

Sits back smugly until anniversary of account opening on 31 January, before moving funds to accounts paying max 3%

castle96

another thought. Was intending to withdraw all £s and pay into Santander at 3.12% But that rate expires in June. CAN I repay monies back into Monmouth (leae a £1 in ot keep open), in June ? Will have made 3 withdrawals as can only withdraw £10k p/day

Vortigern

Stompa wrote: »

Am I correct in thinking that there's a maximum daily online withdrawal limit of £10k? If so, I'm not entirely sure it's worth the bother of setting up telephone banking. The amount of interest lost by withdrawing in three tranches across three consecutive days should be fairly minimal.

Yes, the limit is 10k without telephone authorisation. I don't know whether they would regard consecutive 10K withdrawals as suspicious and ring you anyway. Consecutive withdrawals would leave the account open, and will mean you don't get the rest of your interest till March. Closing the account means you'll get the interest sooner and can save/invest it elsewhere.

If you're keeping the account open for the 2% rate, bear in mind that the rate is variable and could easily drop soon like all the others.

badger09

castle96 wrote: »

another thought. Was intending to withdraw all £s and pay into Santander at 3.12% But that rate expires in June. CAN I repay monies back into Monmouth (leae a £1 in ot keep open), in June ? Will have made 3 withdrawals as can only withdraw £10k p/day

This was discussed here (post 111 onwards)
https://forums.moneysavingexpert.com/discussion/3735137

If you have Issue 1, I think you can pay in £12k lump sum each year ended 31 March (as long as you don't have other Flexible Saver accounts, max is £12k per annum across all) If you have Issue 2, you can pay in max £1k per month up to £12k.

Vortigern

castle96 wrote: »

was intending to withdraw all £s and pay into Santander at 3.12% But that rate expires in June. CAN I repay monies back into Monmouth (leave a £1 in to keep open), in June ? Will have made 3 withdrawals as can only withdraw £10k p/day

There doesn't seem to be anything in the T&Cs to prohibit further deposits other than a limit of 12K deposits per year to 31 March and 1K per month by direct debit. Of course the rate may have changed by then.

You CAN withdraw more than 10K per day, just request via online banking and be ready for them to call you for telephone authorisation.

Don't worry if you have made 3 withdrawals. The withdrawal limit counter is also reset on 31 March. You're allowed 4 withdrawals each year to March 31.

SallySunshine

Trying hard to work this one out:eek:

My O.H.s account matures tomorrow , anniversary of opening.

He wants to send the maturing funds to another bank, all details and Telephone security already in place.

However, I'm not sure if it would be better to leave it until Monday to do this as it is over £10k.

Would the funds that mature tomorrow be sent immediately by faster payments, I'd rather they get 2% sat in the Monmouthshire than be floating around in cyberspace until Monday.

Also would I get full access to funds including bonus tomorrow if I left a small amount in to keep the account open.
Some online accounts don't show the final monies until late in the day.

I know I have read various answers to this but there were a few threads on this topic, I can find 2 but not the one I wanted.

I'll probably have to ring up and confirm one way or another but was interested to see if anyone had the answer tonight.

Gromitt

Monbs transfer the funds by the 'end of the next working day' and I confirm this is true. I transferred £9999 on Monday and it was in my bank account on Tuesday, I then transferred another £9999 on Tuesday and it was there on Wednesday. If you transfer now, it'll probably be there on Monday.

You'll only get 2% now and 2% when you close or on the bonus date (March I think it was?)

badger09

Gromitt wrote: »

Monbs transfer the funds by the 'end of the next working day' and I confirm this is true. I transferred £9999 on Monday and it was in my bank account on Tuesday, I then transferred another £9999 on Tuesday and it was there on Wednesday. If you transfer now, it'll probably be there on Monday.

You'll only get 2% now and 2% when you close or on the bonus date (March I think it was?)

Actually, my experience is better than this . I withdrew a chunk on 30th Jan, another on 31st Jan and yet another on 1st Feb. I made all the withdrawal requests in the morning (probably before 10.00) and all 3 arrived in my Co-operative current account shortly after 17.00 on the same day.

Grommitt did you actually check to see if your funds had arrived on the same day?

buffman

My experience is identical to badger09. Funds transfered in the morning arrived at my clearing bank just afer 4pm the same day.

Gromitt

badger09 wrote: »

Grommitt did you actually check to see if your funds had arrived on the same day?

To be honest, I didn't request the transfer until after 5pm each day (all internet traffic at work is monitored), so maybe I missed the cut-off time. I checked at 11pm, but each time nothing had appeared. I checked on Wednesday and the funds were there by 6am.

It does seem that when you request a transfer, its simply added to a queue and needs staff intervention to authorise, as you can go back several hours later and see the pending transactions, and have the option of cancelling them.

Either way, I was a happy bunny as I was expecting a similar time frame to that of the post office - upto 3 days.