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Every_Penny_Counts

Re Monmouth BS Christmas RS

Applied for this the first weekend it was launched.  Received the passbook last week which stated the first deposit was credited on 6th December.  However my cheque wasn't cashed until today!!!  A full month after the deposit was credited to the account...

EPC

Bridlington1

Every_Penny_Counts said:

Re Monmouth BS Christmas RS

Applied for this the first weekend it was launched.  Received the passbook last week which stated the first deposit was credited on 6th December.  However my cheque wasn't cashed until today!!!  A full month after the deposit was credited to the account...

EPC

Better late than never I suppose.

MiserlyMartin

ForumUser7 said:

happybagger said:

None of their open or closed RS accounts are "directly linked", (by that they mean "tracker" accounts)
Darlington have a habit of making changes on random days to random accounts. They tend not to stick with the 1st of the month. I'd hold fire with them. Although their closed "High Days" RS account suddenly started to fall behind so I ditched it.

When I queried rates with Darlington BS a few months ago, I was told their pricing committee sits at the end of each month to discuss rates. Hopefully they'll sit early January to make up for the likely missed December meeting, but who knows.

I was assuming that for their new rates to be implemented on Jan 1st, they had to have already met before the Xmas break to decide what increases to do. After one BoE move before, they didn't raise the Reg Saver at all, but they made up for it with a 1 % rise after the previous one.

spider42

I'm in the fortunate position of almost maximising the £25,000 balance in Principality's First Home Steps regular saver. The notes on page 1 of this thread say "Maximum balance £25,000.".

The key terms says "If the account reaches £25,000, you cannot pay any more money in."

I would interpret the key terms as allowing you to reduce your next payment below £1,500, in order to leave the balance at £24,999.99, and then make a final deposit of £1,500 the next month to leave it at £26,499.99.

Has anyone tried this?

aleph_0

spider42 said:

I'm in the fortunate position of almost maximising the £25,000 balance in Principality's First Home Steps regular saver. The notes on page 1 of this thread say "Maximum balance £25,000.".

The key terms says "If the account reaches £25,000, you cannot pay any more money in."

I would interpret the key terms as allowing you to reduce your next payment below £1,500, in order to leave the balance at £24,999.99, and then make a final deposit of £1,500 the next month to leave it at £26,499.99.

Has anyone tried this?

I can't dispute your interpretation, but it also feels like a pedantic reading of the rules, personally I just wouldn't take the Michael and test these things.

If we are also to continue with such a reading, the interest rate is defined:
"£7,501-£25,000 3.50%"
So, it would also be entirely reasonable for them not to pay interest on balance above £25k (they obviously wouldn't, but given that it says rate applies to whole balance, and there is no rate defined for £25k+, not rate is applicable).

soulsaver

PBS FHS The first year's interest eventually took me over by £19 (IIRC) when I paid the last £1k in... and they returned it (£19). Draw your own conclusion.

kaMelo

spider42 said:

I'm in the fortunate position of almost maximising the £25,000 balance in Principality's First Home Steps regular saver. The notes on page 1 of this thread say "Maximum balance £25,000.".

The key terms says "If the account reaches £25,000, you cannot pay any more money in."

I would interpret the key terms as allowing you to reduce your next payment below £1,500, in order to leave the balance at £24,999.99, and then make a final deposit of £1,500 the next month to leave it at £26,499.99.

Has anyone tried this?

Your interpretation is wrong, £25,000 is an absolute limit regarding deposits. In the scenario you describe the maximum you could pay in would be £1, any more and the whole deposit would be returned. Only due to interest being credited can the balance exceed £25,000. 

Ed-1

kaMelo said:

spider42 said:

I'm in the fortunate position of almost maximising the £25,000 balance in Principality's First Home Steps regular saver. The notes on page 1 of this thread say "Maximum balance £25,000.".

The key terms says "If the account reaches £25,000, you cannot pay any more money in."

I would interpret the key terms as allowing you to reduce your next payment below £1,500, in order to leave the balance at £24,999.99, and then make a final deposit of £1,500 the next month to leave it at £26,499.99.

Has anyone tried this?

Your interpretation is wrong, £25,000 is an absolute limit regarding deposits. In the scenario you describe the maximum you could pay in would be £1, any more and the whole deposit would be returned. Only due to interest being credited can the balance exceed £25,000. 

.......1p

kaMelo

Ed-1 said:

kaMelo said:

spider42 said:

I'm in the fortunate position of almost maximising the £25,000 balance in Principality's First Home Steps regular saver. The notes on page 1 of this thread say "Maximum balance £25,000.".

The key terms says "If the account reaches £25,000, you cannot pay any more money in."

I would interpret the key terms as allowing you to reduce your next payment below £1,500, in order to leave the balance at £24,999.99, and then make a final deposit of £1,500 the next month to leave it at £26,499.99.

Has anyone tried this?

Your interpretation is wrong, £25,000 is an absolute limit regarding deposits. In the scenario you describe the maximum you could pay in would be £1, any more and the whole deposit would be returned. Only due to interest being credited can the balance exceed £25,000. 

.......1p

lol, mis-reading things is my speciality.

subjecttocontract

silvercar said:

ChaskhaChaia said:

Band7 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!

@ChaskhaChaia if you want to get your money out of MonBS at maturity, rather than by cheque, you do need a verified nominated account. I would recommend you set the registration in train as soon as possible so you are all set for later
https://www.monbs.com/savings/nominated-bank-account-form/

They asked me for details of my nominated account for withdrawals as part of the registration process for online banking access.

Me to, it’s only a more recent letter with a reply paid envelope that asks for a bank statement.

You might have a long wait......I received a letter today, posted 1st class on 14th December.........nothing is actually working in this country. Will the last person to leave switch the lights off please?