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From the T&Cs.


Credits into the Flexible Saver accounts held can be made monthly to each individual Flexible Saver account(s) held by direct debit up to £1,000 per month (minimum £20 per month) and / or deposit monies at any time subject to a maximum investment of £12,000 per year (ending 31 March) applicable across all Flexible Saver accounts held per customer.

Special_Saver2

Thanks Milarky (well spotted!!!) and the other posters above.

I have added the account to post 4 but I agree that this is what I would call another "hybrid" account (like the Yorkshire BS account in post 7); it was intended to be a regular saver account (up to £1,000 per month) but according to the terms and conditions, you could just fill this account up straight away.

I should point out that you can apply for this account online - just click on the button at the bottom of this page.

At the end of that process, you get the following message:

We have now received your application to open a Flexible Saver Account.

We will send you a summary of your application form by post within 5
working days for you to check, sign and return to us, along with a
personal cheque for the investment amount.

If we require any further proof of your identity we will advise you accordingly.

If you wanted to make the highest possible interest, then I would suggest the optimum way is as follows:
1. Open with a cheque for £12,000, or open with a cheque for £20 (minimum) and then as soon as you have the account details send an electronic payment for £11,980
2. On 1st April 2012, pay in another £12,000
3. Twelve months after opening the account, make a withdrawal to reduce the balance to £1 (as the bonus interest is paid and any subsequent balance stops accruing the bonus interest after this date).
4. On 1st April 2013 close the account (as the non-bonus interest should be paid on 31st March).

The application process makes it clear that they may not accept everybody's application so I am guessing that they are going to limit the number of applications and then withdraw this product. That is what I would do if I were them.

I will also mention that I cannot find anything to suggest that this account is restricted to locals only - it looks like anybody can open one.

SS2

johnmoney05

Special_Saver2 wrote: »

Thanks Milarky (well spotted!!!) and the other posters above.

I have added the account to post 4 but I agree that this is what I would call another "hybrid" account (like the Yorkshire BS account in post 7); it was intended to be a regular saver account (up to £1,000 per month) but according to the terms and conditions, you could just fill this account up straight away.

I should point out that you can apply for this account online - just click on the button at the bottom of this page.

At the end of that process, you get the following message:
If you wanted to make the highest possible interest, then I would suggest the optimum way is as follows:
1. Open with a cheque for £12,000, or open with a cheque for £20 (minimum) and then as soon as you have the account details send an electronic payment for £11,980
2. On 1st April 2012, pay in another £12,000
3. Twelve months after opening the account, make a withdrawal to reduce the balance to £1 (as the bonus interest is paid and any subsequent balance stops accruing the bonus interest after this date).
4. On 1st April 2013 close the account (as the non-bonus interest should be paid on 31st March).

The application process makes it clear that they may not accept everybody's application so I am guessing that they are going to limit the number of applications and then withdraw this product. That is what I would do if I were them.

I will also mention that I cannot find anything to suggest that this account is restricted to locals only - it looks like anybody can open one.

SS2

So we should have £24,000 sitting there 4% for 9 months! I didn't spot your point No 2. Thanks.

atypical

They could reduce the underlying rate couldn't they? Reducing the underlying rate to 1% + 2% bonus is 3% which wouldn't be competitive any more. Nothing to lose though.

LittleVoice

atypical wrote: »

They could reduce the underlying rate couldn't they? Reducing the underlying rate to 1% + 2% bonus is 3% which wouldn't be competitive any more. Nothing to lose though.

Agreed - because of the withdraw all but £1 option.

adindas

As the name suggested, I think we could also see this product as the other way around as a flexible saving account with maximum 4 withdrawals a year.

I think there is still something unclear to me regarding withdrawal. The withdrawal information is available on their website.
http://www.monbs.com/deposits-and-withdrawals0343/

Withdrawal Limits

• The maximum cash withdrawal limit for Branches and Agencies is £350 per customer per day.
• The maximum cheque withdrawal limit for Agencies is £10,000.
• There is no cheque withdrawal limit for Branches.

It does not seem any electronic FP withdrawal mentioned and If any there is still question about the daily limits. Say someone for instance have £24.000 cash but he needs instant access on this a/c when needed e.g. they could get the money at the same or the next day, this account does not seem to be able to do this job, I have not read carefully but opinion from other people are really welcome.

Special_Saver2 wrote: »

At the end of that process, you get the following message:
If you wanted to make the highest possible interest, then I would suggest the optimum way is as follows:
1. Open with a cheque for £12,000, or open with a cheque for £20 (minimum) and then as soon as you have the account details send an electronic payment for £11,980
2. On 1st April 2012, pay in another £12,000
3. Twelve months after opening the account, make a withdrawal to reduce the balance to £1 (as the bonus interest is paid and any subsequent balance stops accruing the bonus interest after this date).
4. On 1st April 2013 close the account (as the non-bonus interest should be paid on 31st March).
.

SS2

MarkFromCornwall

adindas wrote: »

It does not seem any electronic FP withdrawal mentioned.

In the account-specific t&c it says "You can also make withdrawals by electronic transfer using the 'My Accounts' system."

Chickabee

adindas wrote: »

Has anyone successfully applied for this product by downloading their general Saving Application Form and send it to their head quarter ?

Thank you in advance for your info ..

i would also be very interested in hearing from anyone who has successfully opened one of these by post.
I printed out an apps form for Cheshire and was getting ready to fill it out and send it off when i checked the website and seemingly they also offer 2.5% reg saver and the only differnce i can see between the 2.5% and platinum reg saver is the platinum says branch access only. So i've held off sending the apps form as i fear they would open me the 2.5% instead

LittleVoice

MarkFromMullion wrote: »

In the account-specific t&c it says "You can also make withdrawals by electronic transfer using the 'My Accounts' system."

And the t&c for that ("updated" November 2009 and available today) include,

8.5 We submit all withdrawn funds via the BACS system to your nominated bank account. You agree that under normal circumstances it will take three working days for the cleared funds to reach your nominated bank account. However, we cannot guarantee when a payment will reach the account.

adindas

Ok, for the benefit of all I just want to report the converstation that I made a few minutes ago regarding this account.

It supports FPI (could receive Faster Payment from another bank/BS) but NOT
FPO (to be sent to another Bank/BS).

For electronic transfer to another a/c it will go through BACS which mean it will take about 3 working days to arrive to the other end.

But In my opinion, it is still a good product when you do not need immediate (same/next day access ) to your money.

This is the phone number that I used.

- New account enquiries 01633 844 330

LittleVoice wrote: »

And the t&c for that ("updated" November 2009 and available today) include,