Regular Savings Accounts: The Best Currently Available List!

10_66

pafpcg said:

...But be careful about sending funds to the account number quoted on the letter - it may be a temporary number created in the application process.  All my previous MonmouthshireBS accounts have been ten numeric digits - my letter's account number was in the form of nine digits plus an 'X'.  It's frustrating but I'm not risking it and will delay until September.  Unless somebody has already asked MonmouthshireBS about this?

Some of their permanent account numbers do have 9 digits and an X, it's not a temporary number created for application process.

surreysaver

arsenalboy said:

Monmouthshire BS, applied online over the weekend and received letter this morning asking to sign and return form,
They have given account number but state I cannot pay money in until they receive form back.
As I want to get a payment in before the end of this month this will have to be with them by Friday as Monday is bank holiday. 
I will set up a SO for Friday and see what happens!

When I opened the Monmouthshire Saver Plus and Christmas Saver back in April, I wasn't able to pay money in until they had received the signed forms back.  Even though the accounts appeared in the online banking, the money I sent to the accounts was sent back to the originating account as they hadn't yet received my forms.  So if you do set up a standing order for Friday, I suspect the money will find its way back to your current account.
I applied last Friday for this account, and haven't received anything in the post yet.  I'm not sure what counts as the account opening date - I will not be happy if I miss a month's payment because the account shows as opened before the end of August and I'm unable to pay any money in until September!

castle96

The number on my letter is the "reference". "No payment allowed in til we receive the signature form - Fri 29th cut off". Therefore only 11 payments in!  Sort code is 40 05 30. A/c No is 14576608

pafpcg

surreysaver said:

I applied last Friday for this account, and haven't received anything in the post yet.  I'm not sure what counts as the account opening date - I will not be happy if I miss a month's payment because the account shows as opened before the end of August and I'm unable to pay any money in until September!

Good point!  The T&Cs state: "Your bond will mature on the first anniversary of the date of opening."  I'm assuming that the account will be dated as opened when they receive back the signed form.

- You'll be OK if your signed form doesn't reach them before September, then paying-in the £250 max per month for the twelve months until August 2021 with at total capital of £3000 (the maximum allowed).

- Those of us who have already sent our forms could have our accounts opened on say 28th August (maturing on 28th August 2021) but not be able to pay-in to the account until September, but we should be able to make twelve monthly payments from Sept 2020 until Aug 2021.  It's just that we won't be able to maximise the interest because of the initial delay in making the first payment by a few days.  Even if the account is opened on the date when the form was despatched to us, say 25th August, we'll still be able to make all twelve payments. 

[Interest can be maximised on a regular saver which allows flexibility on the payment-day within a calendar month, by opening the account and making the first month's payment near the end of the month, but paying the following months' payments at the start of the remaining eleven months.  In this case, opening and making the first payment on 28th August 2020, the second payment on 1st September and the last payment on 1st July 2021 with maturity on 28th August 2021.]

pafpcg

castle96 said:

The number on my letter is the "reference". "No payment allowed in til we receive the signature form - Fri 29th cut off". Therefore only 11 payments in!  Sort code is 40 05 30. A/c No is 14576608

My letter starts with "Account Number: 123456789X".   I'm happy to accept this is the 'real' account number  (MonmouthshireBS must be using a check-digit calculation technique that allows the check-digit (the last character in the string) to have 11 different values 1-10 plus X or 10 values 1-9 plus X).

My letter also states: "Please note, you will not be able to transact on your account until we are in receipt of this" [the completed Online Signatory Form],  but nothing about a cut-off date within the month.

We should be able to make twelve payments in each of the months from Sept 2020 to Aug 2021, even if the account is opened in August 2020.

arsenalboy

pafpcg said:

arsenalboy said:

Monmouthshire BS, applied online over the weekend and received letter this morning asking to sign and return form,
They have given account number but state I cannot pay money in until they receive form back.
As I want to get a payment in before the end of this month this will have to be with them by Friday as Monday is bank holiday. 
I will set up a SO for Friday and see what happens!

I too received the form to complete and return this morning (but not one for my partner who applied minutes after me).

But be careful about sending funds to the account number quoted on the letter - it may be a temporary number created in the application process.  All my previous MonmouthshireBS accounts have been ten numeric digits - my letter's account number was in the form of nine digits plus an 'X'.  It's frustrating but I'm not risking it and will delay until September.  Unless somebody has already asked MonmouthshireBS about this?

My letter actually has an account number of 10 digits ending with a 3!
So I think I will be safe to set up  SO for Friday as their letter states I can do so once they have received the form which hopefully will be tomorrow.
The worst that can happen is that the 250 will bounce back.

schiff

surreysaver said:

arsenalboy said:

I will set up a SO for Friday and see what happens!

I applied last Friday for this account, and haven't received anything in the post yet.  I'm not sure what counts as the account opening date - I will not be happy if I miss a month's payment because the account shows as opened before the end of August and I'm unable to pay any money in until September!

Even if account opening date is August 21st and the first payment goes in on September 1st, payments on 1/9/20 and 1/8/21 secure the 12 payments.
The daily interest on £250 @ 1.75% is one penny. Deduct the 1.05% or 1.15% interest on where the money came from and it's less than a ha'penny. For two ha'penies you could buy a newspaper at one time. 

surreysaver

schiff said:

surreysaver said:

arsenalboy said:

I will set up a SO for Friday and see what happens!

I applied last Friday for this account, and haven't received anything in the post yet.  I'm not sure what counts as the account opening date - I will not be happy if I miss a month's payment because the account shows as opened before the end of August and I'm unable to pay any money in until September!

Even if account opening date is August 21st and the first payment goes in on September 1st, payments on 1/9/20 and 1/8/21 secure the 12 payments.
The daily interest on £250 @ 1.75% is one penny. Deduct the 1.05% or 1.15% interest on where the money came from and it's less than a ha'penny. For two ha'penies you could buy a newspaper at one time. 

Yes. Of course you are right!   But it's still over £1 I'm losing out on over the nearly a year that the £250 won't be in there for - even more if the 1.05% goes down within that time.

schiff

Monmouth
I FP'd £250 late afternoon y/day and have today requested that the account be listed on the online pages. I'm posting the signature form today (SCP per the provided envelope) to be added to the collection of signature forms they already have for me. It's like opening the Virgin store accounts used to be, as a result of which they have 19 photos of my passport.

typistretired

You can add the account yourself. There is an add account facility when you are logged in and your other accounts are listed. Haven’t received opening documents yet despite applying as soon as it was mentioned on this site but will add the account details when I receive them