monmouthshire b socy/flexisaver

Stompa

Hmmm, my account is now closed and my funds have arrived in my current account. Now IIRC this account was 2% interest plus a 2% bonus. So how come my non-bonus interest is less than my bonus interest (by about 5%)?

oldfella

I would expect the bonus interest to be more as it runs for 12 months, normal interest was paid last year for the period to 1 April 2012

Gromitt

Stompa wrote: »

Hmmm, my account is now closed and my funds have arrived in my current account. Now IIRC this account was 2% interest plus a 2% bonus. So how come my non-bonus interest is less than my bonus interest (by about 5%)?

Your non-bonus interest was also paid last year, around 1st April, and would have been paid this year at around the same time if you left your account open. So you need to add last years interest payment to the one you just got.

Stompa

oldfella wrote: »

I would expect the bonus interest to be more as it runs for 12 months, normal interest was paid last year for the period to 1 April 2012

Thanks, the answer dawned on me shortly after posting!

SallySunshine

Account closed and money now in nominated bank account.

Had a chat with Monmouthshire advisor.

If the account was left open with £1 it would earn 2% flat rate.
Apparently if the bank rate rose it would rise with it, but not fall to less than the current 0.05%.


Would still be able to deposit 12k per annum, never got around to asking if this was a lump sum, but probably it would be the same as Issue 2, 1K per month limit

This offer is only for current customers of this Issue.

badger09

SallySunshine wrote: »

Account closed and money now in nominated bank account.

Had a chat with Monmouthshire advisor.

If the account was left open with £1 it would earn 2% flat rate.
Apparently if the bank rate rose it would rise with it, but not fall to less than the current 0.05%.

That's precisely why I've left the odd £33 in mine. When I opened this account in January 2012, 2% was a rubbish rate. Not now looking quite so shabby (comparatively speaking of course )

SallySunshine wrote: »

Had a chat with Monmouthshire advisor.

Would still be able to deposit 12k per annum, never got around to asking if this was a lump sum, but probably it would be the same as Issue 2, 1K per month limit

This offer is only for current customers of this Issue.

I would have thought it would be on the same terms as the original, because it is simply a continuation. So if you had Issue 1 (as I did ) you could deposit a lump sum up to £12k, but if Issue 2, then only £1k per month.

Having said that, I hope I don't need to use it :rotfl:

SallySunshine

Although one account was closed completely, I've still got another closing this week.
Will have another chat with advisor as I still think I'm confused:(

SallySunshine

Just been on the Monmouthshire site and noticed this

Please note, at the current time, all new personal and corporate savings account can only be opened by individuals or organisations who reside within the following postcode areas: NP, CF, SA, LD, WR, GL, HR & BS.

Was going to withdraw and possibly close account down and transfer funds to Santander e-saver which is 3.2%, this should finish at the end of July, then reduces to 1.5%.

However noticed another post which states the poster had a call from Santander reducing her e-saver 3 months before it effectively should close?

Might just keep the Monmouthshire open now if that is happening.



That seems to have a few other posters worried.

castle96

"However noticed another post which states the poster had a call from Santander reducing her e-saver 3 months before it effectively should close?"

hadn't noticed/heard of that - worrying. Anyone else had this ???

SallySunshine

Here's a link to that thread.

https://forums.moneysavingexpert.com/discussion/4445393


Never heard on here about anyone else being contacted about this early drop in rate, especially by phone.

Mine should expire in July so we'll see. If it does, it does.
I think we'd all got used to our rates being stable even though we knew they were variable.

Sign of the times:(