Regular Savings Accounts: The Best Currently Available List!

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.

harz99

glider3560 said:

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.

Exactly, if you cost your own time applying, and the time spent toing and froing on this thread into the mix, your making nothing. 

SFindlay

glider3560 said:

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.

There are 2 real benefits though 

Firstly rate is fixed however your 1% instant access may soon be 0.1%!!! 

Secondly its becoming more common for best deals to be offered to existing customers therefore worth opening for potential offers in future. Even instant access accounts are often now restricted to existing customers.

where_are_we

glider3560 said:

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.

The accumulative gain of funding many regular savers should not be overlooked. We have in excess of £10,000 going out in standing orders each month to RS. As each one matures you renew if the interest rate is high enough and you start new ones as they come along. It is an "effort", but being in the game is part of the fun!

typistretired

Plus the money is earning in the easy access until it is moved.