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The Top Easy Access Savings Discussion Area

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  • ColdIron
    ColdIron Posts: 9,829 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    Oh I don't know. I've been using the account since Oct 2020 and it's always been about 0.05% behind the direct rates
    I'm a happy bunny
    Financial tartery, that's what really pays. 
    Can't disagree with you there though ;)
  • happybagger
    happybagger Posts: 1,035 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Combo Breaker
    soulsaver said:
    ASL1 said:
    Do we reckon Al Rayan will up their rate soon to match Coventry's 3.25% Limited Access Saver (Online) 6 or even the upcoming Yorkshire BS Loyalty 3.5% on 17th Jan?


    The Yorkshire Loyalty is NLA, so that won't bother them... And there's a rumour that the Cov ac is about to go NLA, too.
    Although it may cause an outflow to those with the NLA accounts already opened, if they don't do something. After all, these are generally people already hunting the best rates (like us lot!)
  • Bridlington1
    Bridlington1 Posts: 3,740 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    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%.
  • phillw
    phillw Posts: 5,665 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Bridlington1 said:
    Loyalty only ever pays if you define loyalty to mean opening a savings account with a minimal balance (usually £1) so that you can get hold of higher rate loyalty products/other perks later down the line. 
     
    You don't always even need to deposit £1, I have had a nil balance Coventry account for ages....

  • Bridlington1
    Bridlington1 Posts: 3,740 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    phillw said:
    Bridlington1 said:
    Loyalty only ever pays if you define loyalty to mean opening a savings account with a minimal balance (usually £1) so that you can get hold of higher rate loyalty products/other perks later down the line. 
     
    You don't always even need to deposit £1, I have had a nil balance Coventry account for ages....

    I pushed the boat out and left 1p in one of mine.
  • happybagger
    happybagger Posts: 1,035 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Combo Breaker
    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?)
  • Bridlington1
    Bridlington1 Posts: 3,740 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    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/ 
  • 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.
  • Bridlington1
    Bridlington1 Posts: 3,740 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    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
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    edited 6 January 2023 at 3:21PM
    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.
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