Regular Savings Accounts: The Best Currently Available List!

badger09

typistretired said:

Just had a reply to my secure message telling me that applications are dealt with manually by staff and are not opened automatically

How quaint

Thanks to James Robinson 48 for the heads up. Just applied online.

I was surprised to find I could log into Monmouthshire OLB despite not having an active account since November 2015. 

MDMD

JamesRobinson48 said:

Monmouthshire BS has today pulled two RS products of long standing: the Saver Plus Issue 3 (as already posted) and the Christmas Saver Issue 2. 

In the document I have for the Saver Plus Issue 3 it says that

• Additional deposits can be made as often as you like up to £1,000 per month, whilst the product is on sale.

It’s gone from the website but is on the Wayback Machine:
https://web.archive.org/web/20190420131441/https://www.monbs.com/products/saver-plus/

So this suggests the product is now closed to further payments

JamesRobinson48

MDMD said:

In the document I have for the Saver Plus Issue 3 it says that

• Additional deposits can be made as often as you like up to £1,000 per month, whilst the product is on sale.

So this suggests the product is now closed to further payments

Thanks, well spotted!  Interestingly, while the above phrase appears in the Key Product Information, there is nothing to that effect in the Specific Product Terms and Conditions within the same document. (Also, the MonBS's somewhat similar Christmas Saver account has nothing like that).  As you know, a full set of monthly payments up to March 2021 is required to earn the 1.00% bonus. It looks like possibly loose drafting to me. I guess in early Sep I'll start by transferring a nominal amount into Saver Plus 3 from another MonBS savings account, and see if that's accepted.

veryintrigued

Thanks for the heads-up on these Monmouthshire pulled accounts.

I'd tend to agree with JR48 that it's poor QAing of the T&C's.

I guess it's one of those that we are keen to know but not keen to highlight to MBS!

wiseonesomeofthetime

Monmouth BS Regular Saver Bond, summary re withdrawals prior to maturity:

Can I withdraw money?

No withdrawals from the account are allowed until after the maturity date. The account may be closed without penalty or notice should the investor die before maturity.  If you close your account before maturity, the account will not qualify for the 1.50% AER/Gross interest rate. Any interest you have earned will be calculated at the variable rate of our Easy Saver account. Your bond will mature on the first anniversary of the date of opening. We will write to you prior to maturity informing you of the investment options available at that time. If your instructions have not been received before the bond maturity date the proceeds of the bond will revert to the Society’s variable rate Easy Saver instant access account and will be subject to the interest rate and product terms and conditions of this account.

10_66

veryintrigued said:

...I guess it's one of those that we are keen to know but not keen to highlight to MBS!

I'm afraid they already know, I asked for clarification before opening the account back in April and they confirmed that once the account's been withdrawn from market, no more payments can be made into it.  I guess standing orders etc would be bounced back, I'm not sure about that.

veryintrigued

10_66 said:

veryintrigued said:

...I guess it's one of those that we are keen to know but not keen to highlight to MBS!

I'm afraid they already know, I asked for clarification before opening the account back in April and they confirmed that once the account's been withdrawn from market, no more payments can be made into it.  I guess standing orders etc would be bounced back, I'm not sure about that.

Monmouthshire Saver Plus

 Ahhh they best hurry up with officially notifying us (that it's off sale) as I guess most of us will have payments leaving our accounts on the 1st and bouncing, upto £1000, payments back isn't terribly desirable.

Screenshots of the Key Product Information and Terms and Conditions leaflet as previously discussed.

MDMD

10_66 said:

veryintrigued said:

...I guess it's one of those that we are keen to know but not keen to highlight to MBS!

I'm afraid they already know, I asked for clarification before opening the account back in April and they confirmed that once the account's been withdrawn from market, no more payments can be made into it.  I guess standing orders etc would be bounced back, I'm not sure about that.

Did Monmouthshire explain how we are meant to fulfil the bonus criteria of “making all monthly payments” when we can no longer pay in? Presumably the T&Cs would prevail under clause 6 which don’t mention anything about what happens when it is withdrawn, unlike the KPI

10_66

No they didn't mention that.  I'm going to leave a standing order of £20 and see what happens.

schiff

I wonder if Mon BS have realised that there is this anomaly?