Regular Savings Accounts: The Best Currently Available List!

subjecttocontract

I will tell you why....I'm a very ardent critic of any organisation that designs a system or process that falls flat as soon as there is a problem with the post. Whilst the post office carry some blame for the delays Monmouth b/soc also carry blame because it's their antiquated system that has contributed to the problems.

The classroom is a very important part that IS needed because without it and the account number it contains, future credits to the account cannot be made.

I don't support your defence of MBS.

,...................

subjecttocontract

Classroom should read passbook.

Band7

SFindlay said:

Band7 you're spot on saying "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" but considering most people opened the account with a cheque and they sent out my (and from other people's posts many other) passbooks around or on 9th December with the expectation that people would get them within a week or so that gives people plenty of time to set up electronic payment from January onwards. As it was the postal strike delayed mine until the 30th which still gave me plenty of time to set up an electronic payment for the 3rd January. 

Not everyone was as lucky as you (and I)  were and got their passbook in time for setting up an SO for Jan 3, even though they applied back in November. But in any case, there is no reason to question what people gain from having their passbook.

SFindlay said:

As I said in post though it's irrelevant if other providers use "substantially smarter ways to run the accounts" bearing in mind Monmouthshire have always been a little "different" in their approach with things requiring a paper signature for every new account opened even if already a customer etc etc. The Monmouthshire clearly think the same as me in that if someone doesn't like how they go about operating their accounts they're not bothered if you open it or not!! Let's be honest people are scrambling about to open them and moaning when tgey changed to in branch only applications so I don't really think they're short on applicants!!! 

It may be irrelevant to you that other providers are using smarter and more cost-efficient processes, execute their product launches in a more intelligent manner, and have a higher customer satisfaction rating than MonBS. This doesn’t mean others find it equally irrelevant, or that people should be ridiculed if they expect that in 2022 opening a savings account shouldn’t take several weeks. Hiding behind the postal strikes is no excuse for having antiquated processes, and not anticipating the effects of launching products designed to attract interest from across the UK. MonBS need satisfied customers just like any other lender does, and I am sure they would never talk down on their customers the way you did.

happybagger

For info for those that have it, closed issue:

Vernon BS From 1/2/23

Regular Saver Reward
Old rate 2.60 New rate 2.85 (Time to say goodbye, methinks.)

source

ForumUser7

happybagger said:

For info for those that have it, closed issue:

Vernon BS From 1/2/23

Regular Saver Reward
Old rate 2.60 New rate 2.85 (Time to say goodbye, methinks.)

source

Their regular saver ISA is going to 3.25 from 0-25000 with the bonus. Unless Virgin increases their rate, this will be better.

happybagger

Yes but it's very restrictive. Max deposit £500 p/m, so in a full year £6k max, this tax year £2k max, so no good for anyone who wants to deposit more than this in a cash ISA. And if anyone gets to £25k they only get the bonus on the first £25k. You'll also be tied into this account as your cash isa indefinitely to get the bonus as you have to keep making deposits.

Postcode restrictions: BL, CH, CW, M, OL, SK, WA, WN, or existing members

Section62

SFindlay said:

Let's be honest people are scrambling about to open them and moaning when tgey changed to in branch only applications so I don't really think they're short on applicants!!!

I don't think anyone is "moaning" in that way.

The point I was making - on a thread about the best RS accounts - is that it would be a shame if the difficulties Monmouth have experienced this time around led them to making a business decision not to make their 'top' regular savings accounts available to such a diverse/wide selection of forum members as has been possible in the past.

In other words, people who are complaining should note the potential impact this may have on other forum members being able to get these accounts in the future.

SFindlay said:

People have the choice 5.25% with a bit of hassle and waiting around for your passbook even though will get it in time for following months payment whilst already earning interest on your opening deposit or save the hassle and open an account paying 2 or 3% but you can see your account details straight away!! I know which I choose!

The point though is that some people may not have got their passbook in time to make a payment in December.

Those of us who know enough about Monmouthshire's processs from past experience to be aware that it was a good idea to include a cheque with the application as the first deposit (and hence benefitted from the backdating etc) should be reasonably understanding of the frustration/concern/disappointment of those who didn't know, for whom getting their passbook asap was a matter of importance.

ChaskhaChaia

I applied for the Monbs Christmas Saver on the day that it released at the end of November 2022. I have no previous relationship with Monbs. I sent neither a cheque (even if I was aware of their antiquated process, I don't even have a cheque book to use to write a cheque!) nor the additional form regarding the nominated bank account. Today I received my letter/passbook so I finally have my account number (hurrah!) I fortunately was not asked to provide a certified bank statement or other documentation.

I've made my first deposit (Yes, I've missed December but not a lot that I can do about that now) and have requested online access (as part of that process they asked me details of my nominated account for withdrawals so presumably that will negate the need for a physical form). Hopefully the activation key will turn up at some point so that I can use the online account access, although as I don't intend to make any withdrawals from the account until closure date this is less of a priority now that I finally have my account number!

chris_the_bee

ChaskhaChaia said:

I applied for the Monbs Christmas Saver on the day that it released at the end of November 2022. I have no previous relationship with Monbs. I sent neither a cheque (even if I was aware of their antiquated process, I don't even have a cheque book to use to write a cheque!) nor the additional form regarding the nominated bank account. Today I received my letter/passbook so I finally have my account number (hurrah!) I fortunately was not asked to provide a certified bank statement or other documentation.

I've made my first deposit (Yes, I've missed December but not a lot that I can do about that now) and have requested online access (as part of that process they asked me details of my nominated account for withdrawals so presumably that will negate the need for a physical form). Hopefully the activation key will turn up at some point so that I can use the online account access, although as I don't intend to make any withdrawals from the account until closure date this is less of a priority now that I finally have my account number!

Top right of home screen is a link for 'add new account'. Click and enter your account number. The account will appear and say 'pending' with no balance for 24 hours.

ChaskhaChaia

chris_the_bee said:

ChaskhaChaia said:

I applied for the Monbs Christmas Saver on the day that it released at the end of November 2022. I have no previous relationship with Monbs. I sent neither a cheque (even if I was aware of their antiquated process, I don't even have a cheque book to use to write a cheque!) nor the additional form regarding the nominated bank account. Today I received my letter/passbook so I finally have my account number (hurrah!) I fortunately was not asked to provide a certified bank statement or other documentation.

I've made my first deposit (Yes, I've missed December but not a lot that I can do about that now) and have requested online access (as part of that process they asked me details of my nominated account for withdrawals so presumably that will negate the need for a physical form). Hopefully the activation key will turn up at some point so that I can use the online account access, although as I don't intend to make any withdrawals from the account until closure date this is less of a priority now that I finally have my account number!

Top right of home screen is a link for 'add new account'. Click and enter your account number. The account will appear and say 'pending' with no balance for 24 hours.

Yes I've done this, but as I'm a brand new customer I had to register to use the service and have to wait to receive an activation code through the post.