Regular Savings Accounts: The Best Currently Available List!

Bridlington1

silvercar said:

Back to Monmouth, I had already paid in a cheque from the nominated bank account, so really this extra effort is unnecessary. I wonder what happens if I fail to verify the bank account. Presumably they will send me a cheque when I close the account. That may prove to be less hassle.

I never thought I'd say this, but I think we've finally found an account that takes longer to get fully set up than my first HSBC current account.

TiVo_Lad

Bridlington1 said:

silvercar said:

Back to Monmouth, I had already paid in a cheque from the nominated bank account, so really this extra effort is unnecessary. I wonder what happens if I fail to verify the bank account. Presumably they will send me a cheque when I close the account. That may prove to be less hassle.

I never thought I'd say this, but I think we've finally found an account that takes longer to get fully set up than my first HSBC current account.

I received the signature form just before Christmas after a three week wait. Based on the experiences of other forumites I'm going to pass. It's just not worth the hassle and time delays.

Bridlington1

TiVo_Lad said:

Bridlington1 said:

silvercar said:

Back to Monmouth, I had already paid in a cheque from the nominated bank account, so really this extra effort is unnecessary. I wonder what happens if I fail to verify the bank account. Presumably they will send me a cheque when I close the account. That may prove to be less hassle.

I never thought I'd say this, but I think we've finally found an account that takes longer to get fully set up than my first HSBC current account.

I received the signature form just before Christmas after a three week wait. Based on the experiences of other forumites I'm going to pass. It's just not worth the hassle and time delays.

Personally I'm going to stick with the regular saver as it's 5.5% as I won't be withdrawing any funds till November/December 2023 anyway so even a 10 month delay won't affect me much.

It's just the Premium Instant account that's not worth the hassle for me. Even then, now that it's funded I shall be withdrawing all barring £1 just in case, so the account will remain open.

Snapdragon

Bridlington1 said:

silvercar said:

Back to Monmouth, I had already paid in a cheque from the nominated bank account, so really this extra effort is unnecessary. I wonder what happens if I fail to verify the bank account. Presumably they will send me a cheque when I close the account. That may prove to be less hassle.

I never thought I'd say this, but I think we've finally found an account that takes longer to get fully set up than my first HSBC current account.

As a completely new customer to Monmouth I went for the Regular Saver as soon as it was released. A post on here mentioned there was a further form for setting up your bank for the withdrawals, so I downloaded that and included it with my application and the initial deposit (a cheque from same bank account). I received confirmation my bank was set up the same day I received my passbook, (just before Christmas). What I haven't received yet is the activation code for online access, but as I'm just today receiving Christmas cards posted early Dec, I presume the missing activation code is just down to postal delays.

Bridlington1

Snapdragon said:

Bridlington1 said:

silvercar said:

Back to Monmouth, I had already paid in a cheque from the nominated bank account, so really this extra effort is unnecessary. I wonder what happens if I fail to verify the bank account. Presumably they will send me a cheque when I close the account. That may prove to be less hassle.

I never thought I'd say this, but I think we've finally found an account that takes longer to get fully set up than my first HSBC current account.

As a completely new customer to Monmouth I went for the Regular Saver as soon as it was released. A post on here mentioned there was a further form for setting up your bank for the withdrawals, so I downloaded that and included it with my application and the initial deposit (a cheque from same bank account). I received confirmation my bank was set up the same day I received my passbook, (just before Christmas). What I haven't received yet is the activation code for online access, but as I'm just today receiving Christmas cards posted early Dec, I presume the missing activation code is just down to postal delays.

I would have done that myself but I sent the application form off within an hour of them launching the regular saver so never spotted that post.

SFindlay

To be completely fair to the Monmouth I think its been a perfect storm between huge demand, initial decision to make applications postal / branch rather than online even for current customers only (like we previously had), time of year where there are holidays along with postal strike (which we can't blame them for) it's just caused chaos. 

Think people are also a bit impatient with an expectation that their application should be the priority and dealt with forgetting the many other thousands being processed (in between telling thise very same impatient customers that they were dealing with them as soon as they could!!). What people think they are gaining by having the passbook in their possession is beyond me!!! 

My account was all opened and set up and passbook etc sent to me postmarked the 9th December however it was only on the 30th December it arrived with me, now even the most ardent critic can't blame them for the 3 week delay and guess what, come the end of the year I'll still get all the interest including when passbook sat within the mail system so really not a big issue in reality!! 

It's like I always think why do people moan about accounts or posts on forums that arent perfect "in their opinion" when they have the option to not open the account or scroll past a particular post. 

Band7

SFindlay said:

What people think they are gaining by having the passbook in their possession is beyond me!!! 

As a MonBS account holder, you will know that the passbook / the letter that it comes with is how you find out what your account number is. If you are making electronic deposits, which most people do, it is therefore critical to be in receipt of the passbook. 

As to the remainder of your post: as numerous other providers of Regular Savers prove, there are substantially smarter ways of running these accounts. I am sure MonBS are acutely aware of that fact.

Section62

SFindlay said:

What people think they are gaining by having the passbook in their possession is beyond me!!! 

Until you have the passbook you won't know the new account number (unless you phone them) which means you can't add the account in 'My Accounts' to confirm the account is open and the first deposit made, and you can't set up a SO or make a faster payment for the second month's deposit (or first, if you opted for opening the account with zero balance).

I agree though that Monmouth have done a fair job in the circumstances, in particular backdating the opening date and initial deposit to early December (where they have done that).

The one thing I think they could do differently is to automatically add the new account in 'My Accounts' as soon as it is opened - that way people could check online to see if the account is set up (no need to phone to find out) and they can get the account details from there to set up their SO or faster payment.

I like Monmouthshire BS - I hope the outcome of this recent experience is that in future they do more to make use of their online systems, rather than the alternative of restricting future top accounts to 'locals' or branch-only applications.

MSE_ForumTeam5

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Bridlington1

I think if Monmouthshire had only launched the Christmas regular saver it wouldn't have been too bad, but to simultaneously launch a top paying easy access account, albeit with a very high minimum deposit, won't have helped much.

Even then the issue myself and I imagine a lot of people have had is not necessarily the delays with processing the applications given that there were numerous postal strikes in December, but trying to get the nominated account details and be able to get into online banking.

If they'd simply put on the application form something along the lines of "If you wish to manage this account online, please provide details of a nominated account along with an original/certified copy of a recent bank statement or a cancelled cheque." and if they'd incorporated the signature withdrawal form into the application form. They would have saved themselves a lot of time and work and the whole process would have been a lot smoother, not to mention saving themselves a great deal of money in postage by not having to send out so many prepaid envelopes (some of which contained typos).