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typistretired

The account does not open until funds are put into the account. I was informed about this when they sent me a secure message saying I could not add my account online until it was funded.  But as you cannot fund until they receive your signature, it is a vicious circle. So whatever day you fund with determine the anniversary date.  But as only 12 payments are allowed you will have to wait for a month for maturity.  I thought you were comparing rate with what you were receiving in your feeder account.  Open account 27th August 2020 last payment July 2021.  Matures 27th August 2021. Open account September 2020 last payment August 2021.  Matures September 2021.  If think any difference maybe pennies as total interest only about £24.

surreysaver

typistretired said:

The account does not open until funds are put into the account. I was informed about this when they sent me a secure message saying I could not add my account online until it was funded.  But as you cannot fund until they receive your signature, it is a vicious circle. So whatever day you fund with determine the anniversary date.  But as only 12 payments are allowed you will have to wait for a month for maturity.  I thought you were comparing rate with what you were receiving in your feeder account.  Open account 27th August 2020 last payment July 2021.  Matures 27th August 2021. Open account September 2020 last payment August 2021.  Matures September 2021.  If think any difference maybe pennies as total interest only about £24.

That's the bit that's not clear - the actual maturity date. If its based upon when the account is first funded, all well and good. But if its from the application date then its not. 

typistretired

This was in my secure message
"Until we receive all the required documents and funds the account is not officially open, therefore cannot be processed online."

surreysaver

typistretired said:

This was in my secure message
"Until we receive all the required documents and funds the account is not officially open, therefore cannot be processed online."

Still not clear - officially open? Does that mean its currently unofficially open? I'll be asking them what the maturity date is when mine is officially open! 

Wheres_My_Cashback

surreysaver said:

typistretired said:

This was in my secure message
"Until we receive all the required documents and funds the account is not officially open, therefore cannot be processed online."

Still not clear - officially open? Does that mean its currently unofficially open? I'll be asking them what the maturity date is when mine is officially open! 

Seems crystal clear to me especially as it's been posted by more than one person. Account maturity is set at 1 year from the initial deposit date which it classes as the 'official' opening date.
You may not agree/like the use of their term 'official opening' but that's the way it is, that's the way they do it.

surreysaver

Wheres_My_Cashback said:

surreysaver said:

typistretired said:

This was in my secure message
"Until we receive all the required documents and funds the account is not officially open, therefore cannot be processed online."

Still not clear - officially open? Does that mean its currently unofficially open? I'll be asking them what the maturity date is when mine is officially open! 

Seems crystal clear to me especially as it's been posted by more than one person. Account maturity is set at 1 year from the initial deposit date which it classes as the 'official' opening date.
You may not agree/like the use of their term 'official opening' but that's the way it is, that's the way they do it.

I would disagree that its crystal clear, as its only anecdotal on an Internet forum, from people who've had secure messages from staff. In my experience, staff answering such queries aren't always providing accurate information. I shall wait and see.

bubieyehyeh

I guess if the maturity date is based on the initial payment, I could leave my 1st payment till late in September, and then subsequent 11 payments on the 1st, to maximise the interest.

I couldn't find anything in T&C where Monmouthshire require the initial payment within some timescale after "opened".

happybagger

Am I the only person reading this thread (which I do in case there's the odd snippet of something worthwhile) thinking the cost/benefit calculation for the effort people are putting into this MonBS account is not great? ...

SFindlay

happybagger said:

Am I the only person reading this thread (which I do in case there's the odd snippet of something worthwhile) thinking the cost/benefit calculation for the effort people are putting into this MonBS account is not great? ...

Or there are some of us who's only effort has been 
1- apply online 
2- sign form as per account opening instructions and post back to them
3- wait for Mon BS to open account and fund it

Really simple and no effort to get what is market leading fixed rate account without all the whingeing and complaining that's been going on, maybe certain people should just not fund it if Mon BS's terms are too difficult for them but then what would they have to moan about!!! 

glider3560

happybagger said:

Am I the only person reading this thread (which I do in case there's the odd snippet of something worthwhile) thinking the cost/benefit calculation for the effort people are putting into this MonBS account is not great? ...

Yes, I've thought this.  The gain is around £7.50 per year compared to a 1% instant access account.  Not worth any effort, even if I could open it online in a few minutes IMO.