The Top Easy Access Savings Discussion Area

Bridlington1

Bridlington1 said:

happybagger said:

Bridlington1 said:

Back to Monmouthshire's Premium Instant account. I have just checked in the online banking and they have sent me a secure message saying that they have refused to let me make any withdrawal that will take the balance to below £25k, but will let me close the account to access the funds.

I have replied by saying that the Ts&Cs state that there is a £25k minimum balance to open the account but that the Ts&Cs also state:

• If a withdrawal reduces the account balance to less than £25,000, you will receive a variable interest rate of 0.05% AER/Gross, from the date of the withdrawal until the account is returned to the minimum balance.

So if I'm not mistaken my withdrawal of £25000 should be permitted but the interest rate on the remaining funds would reduce from 3% to 0.05%.

Maybe, but it also says until you return it to the "minimum balance". So if they allow the withdrawal, they could tell you to return it to the "minimum balance" as it is a "minimum balance", and if you don't then they could close it.

That's how I read it but happy to be corrected. Careful reading of the terms would be needed (anyone got a link?)

https://www.monbs.com/products/premium-instant-account/ 

I think I might as well throw the towel in regarding Monmothshire Premium Instant account and close the wretched thing. By next month my collection of 24 regular savers will take my remaining easy access savings to well below £25k and I can now get over 3% elsewhere anyway. This is not worth the hassle for me and that takes some doing. 

Band7

happybagger said:

Bridlington1 said:

Back to Monmouthshire's Premium Instant account. I have just checked in the online banking and they have sent me a secure message saying that they have refused to let me make any withdrawal that will take the balance to below £25k, but will let me close the account to access the funds.

I have replied by saying that the Ts&Cs state that there is a £25k minimum balance to open the account but that the Ts&Cs also state:

• If a withdrawal reduces the account balance to less than £25,000, you will receive a variable interest rate of 0.05% AER/Gross, from the date of the withdrawal until the account is returned to the minimum balance.

So if I'm not mistaken my withdrawal of £25000 should be permitted but the interest rate on the remaining funds would reduce from 3% to 0.05%.

Maybe, but it also says until you return it to the "minimum balance". So if they allow the withdrawal, they could tell you to return it to the "minimum balance" as it is a "minimum balance", and if you don't then they could close it.

That's how I read it but happy to be corrected. Careful reading of the terms would be needed (anyone got a link?)

I can't find the term that says they can close the account if your balance sinks below £25k. Why would they do that, anyway - as they would only have to pay you a measly 0.05%.

I am in a similar situation as @Bridlington1. I have raised a complaint as their T&Cs are at best unclear, at worst underhand. As I am less than happy with this, I will not deposit £25k, and I have asked them to close my account. Especially since I can get 3% with truly instant access at CHIP, which can also be opened in a couple of minutes rather than in 6+ weeks.

Bridlington1

I've submitted the account closure request at 1:58pm. It appears I've done so just in the nick of time as account closures requested after 2pm aren't processed until the next working day. Hopefully £25K plus interest will be landing in my nominated account by Monday.

happybagger

Bridlington1 said:

happybagger said:

Bridlington1 said:

Back to Monmouthshire's Premium Instant account. I have just checked in the online banking and they have sent me a secure message saying that they have refused to let me make any withdrawal that will take the balance to below £25k, but will let me close the account to access the funds.

I have replied by saying that the Ts&Cs state that there is a £25k minimum balance to open the account but that the Ts&Cs also state:

• If a withdrawal reduces the account balance to less than £25,000, you will receive a variable interest rate of 0.05% AER/Gross, from the date of the withdrawal until the account is returned to the minimum balance.

So if I'm not mistaken my withdrawal of £25000 should be permitted but the interest rate on the remaining funds would reduce from 3% to 0.05%.

Maybe, but it also says until you return it to the "minimum balance". So if they allow the withdrawal, they could tell you to return it to the "minimum balance" as it is a "minimum balance", and if you don't then they could close it.

That's how I read it but happy to be corrected. Careful reading of the terms would be needed (anyone got a link?)

https://www.monbs.com/products/premium-instant-account/ 

Brilliant, thanks.

It's as I suspected. In the General Savings Terms document, section 4.12:

4.12 The minimum balance for an account is set out in its Product Terms and Conditions. It is a condition of the account that the balance does not fall below the stated minimum. If the balance falls below the minimum, then you will have 30 days from the date we issue you with a notification to bring the balance up to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close your account without further notice.

Pompeydave1967

SeriousHoax said:

Marcus has been quiet for a while.
It's about time he pushed the boat out and gave us a little boost.

My 1p is looking very lonely.😏

My other accounts are doing OK tho and nice to get the Coventry intrest boost today.

Agree come on Marcus , saga , atom and Shawbrook ! All gone quiet .

Bridlington1

happybagger said:

Bridlington1 said:

happybagger said:

Bridlington1 said:

Back to Monmouthshire's Premium Instant account. I have just checked in the online banking and they have sent me a secure message saying that they have refused to let me make any withdrawal that will take the balance to below £25k, but will let me close the account to access the funds.

I have replied by saying that the Ts&Cs state that there is a £25k minimum balance to open the account but that the Ts&Cs also state:

• If a withdrawal reduces the account balance to less than £25,000, you will receive a variable interest rate of 0.05% AER/Gross, from the date of the withdrawal until the account is returned to the minimum balance.

So if I'm not mistaken my withdrawal of £25000 should be permitted but the interest rate on the remaining funds would reduce from 3% to 0.05%.

Maybe, but it also says until you return it to the "minimum balance". So if they allow the withdrawal, they could tell you to return it to the "minimum balance" as it is a "minimum balance", and if you don't then they could close it.

That's how I read it but happy to be corrected. Careful reading of the terms would be needed (anyone got a link?)

https://www.monbs.com/products/premium-instant-account/ 

Brilliant, thanks.

It's as I suspected. In the General Savings Terms document, section 4.12:

4.12 The minimum balance for an account is set out in its Product Terms and Conditions. It is a condition of the account that the balance does not fall below the stated minimum. If the balance falls below the minimum, then you will have 30 days from the date we issue you with a notification to bring the balance up to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close your account without further notice.

It also says in section 2.7:

Where there is any inconsistency between the General Terms and Conditions and the Product Terms and Conditions, the Product Terms and Conditions will apply

The product Ts&Cs state:

• The minimum amount required to open this account is £25,000.

[...]

• If a withdrawal reduces the account balance to less than £25,000, you will receive a variable interest rate of 0.05% AER/Gross, from the date of the withdrawal until the account is returned to the minimum balance.

Whereas other accounts (in this case the easy saver) in which a minimum balance state something along the lines of:

• A minimum balance of £1 must be maintained.

I would argue that there is inconsistency between the product terms and the general terms, thus the product terms hold.

Moreover even in the general terms there is nothing to stop you withdrawing money to below the minimum balance, provided you restore the minimum balance within 30 days of them issuing a notification to bring the balance up to the minimum.

Bridlington1

Bridlington1 said:

Bridlington1 said:

happybagger said:

Bridlington1 said:

Back to Monmouthshire's Premium Instant account. I have just checked in the online banking and they have sent me a secure message saying that they have refused to let me make any withdrawal that will take the balance to below £25k, but will let me close the account to access the funds.

I have replied by saying that the Ts&Cs state that there is a £25k minimum balance to open the account but that the Ts&Cs also state:

• If a withdrawal reduces the account balance to less than £25,000, you will receive a variable interest rate of 0.05% AER/Gross, from the date of the withdrawal until the account is returned to the minimum balance.

So if I'm not mistaken my withdrawal of £25000 should be permitted but the interest rate on the remaining funds would reduce from 3% to 0.05%.

Maybe, but it also says until you return it to the "minimum balance". So if they allow the withdrawal, they could tell you to return it to the "minimum balance" as it is a "minimum balance", and if you don't then they could close it.

That's how I read it but happy to be corrected. Careful reading of the terms would be needed (anyone got a link?)

https://www.monbs.com/products/premium-instant-account/ 

I think I might as well throw the towel in regarding Monmothshire Premium Instant account and close the wretched thing. By next month my collection of 24 regular savers will take my remaining easy access savings to well below £25k and I can now get over 3% elsewhere anyway. This is not worth the hassle for me and that takes some doing. 

The account has now been closed and the full balance plus £34.94 in interest is winging its way to me by BACS.

AmityNeon

It's funny seeing notices of rate increases for a future effective date, only to have those accounts withdrawn (just) before the date comes around. It's like being too big for your britches, biting off more than you can chew, which makes me start to wonder whether standard Easy Access accounts will even go above 3% any time soon. I'm glad I kept my Zopa treadmill going for 3.26%

ForumUser7

Nationwide has announced their mortgage increases, but I can't see a savings header on there anymore, either with new rates, or saying they are still thinking it through. Does this mean they aren't increasing our savings rates this time round? Seems surprising but I was wondering if anyone knew please? Thank you

https://www.nationwide.co.uk/news-and-stories/bank-of-england-increases-base-rate/

phillw

AmityNeon said:

It's funny seeing notices of rate increases for a future effective date, only to have those accounts withdrawn (just) before the date comes around. It's like being too big for your britches, biting off more than you can chew, which makes me start to wonder whether standard Easy Access accounts will even go above 3% any time soon. I'm glad I kept my Zopa treadmill going for 3.26%

It sounds about right, announce ahead of time that you're going to increase interest rates to prevent an outflow of cash but pull the account shortly before the rate rise to avoid the meltdown of a sudden inflow of cash.

What I'm surprised about is that we got to hear that the accounts were going to be pulled.