Regular Savings Accounts: The Best Currently Available List!

wmb194

OceanSound said:

wmb194 said:

veggieblob said:

Can somebody please remind me whether the cheque for opening the Monmouthshire RS should be made out to me or to the BS.  Thank you

For security the best thing is to make it out to both i.e. 'Monmouthshire Building Society a/c [your name].'

Can you explain how come making it out to both is more secure?

The terms and conditions say [your name]  [account number where it's known]:

"You can pay into your account by cheque which must be made payable to the account holder(s) and quote the account number where this is known (do not make cheques

payable to 'Monmouthshire Building Society' only). If you are paying in a cheque given to you by someone else, please ask for it to be made payable to you or if it is already made payable to the Society, to add your name and account number. Any alterations or additions to the cheque, no matter how small should be signed in full by the drawer (i.e. the person who writes and signs the cheque)."

If putting it in the format you say. I e. Both BS name and your name, is best for security, how come the terms and conditions wouldn't ask us to use that format? 

Because even if they have an account that shares your name if someone intercepts your cheque they'll have a very hard time depositing it to an account with any institution other than Monmouthshire BS and they'll have a harder time modifying the payee. It makes stealing your money very hard and far less likely. This has been good advice for decades and I did it this week with Monmouthshire and Lloyds paid it.

Why don't Mons BS' terms ask us to use this format? Because the person who wrote them doesn't know it's a more secure way to write a cheque?

OceanSound

wmb194 said:

OceanSound said:

wmb194 said:

veggieblob said:

Can somebody please remind me whether the cheque for opening the Monmouthshire RS should be made out to me or to the BS.  Thank you

For security the best thing is to make it out to both i.e. 'Monmouthshire Building Society a/c [your name].'

Can you explain how come making it out to both is more secure?

The terms and conditions say [your name]  [account number where it's known]:

"You can pay into your account by cheque which must be made payable to the account holder(s) and quote the account number where this is known (do not make cheques

payable to 'Monmouthshire Building Society' only). If you are paying in a cheque given to you by someone else, please ask for it to be made payable to you or if it is already made payable to the Society, to add your name and account number. Any alterations or additions to the cheque, no matter how small should be signed in full by the drawer (i.e. the person who writes and signs the cheque)."

If putting it in the format you say. I e. Both BS name and your name, is best for security, how come the terms and conditions wouldn't ask us to use that format? 

Because even if they have an account that shares your name if someone intercepts your cheque they'll have a very hard time depositing it to an account with any institution other than Monmouthshire BS and they'll have a harder time modifying the payee. It makes stealing your money very hard and far less likely. This has been good advice for decades and I did it this week with Monmouthshire and Lloyds paid it.

Why don't Mons BS' terms ask us to use this format? Because the person who wrote them doesn't know it's a more secure way to write a cheque?

If only there was a way to feedback ideas by sharing the post directly with the bank/BS/fintech, you could've shared it with them without having to write to them separately (because lets be honest how many of us will write to them separately and make this kind of suggestion). Maybe there could be a checkbox beside the post we are writing called 'share with bank/BS/fintech' and ticking it opens a drop down list of banks/BS's/fintech's, after choosing the post is automatically emailed to the customer services or product development team of the respective bank/BS/fintech.

flaneurs_lobster

subjecttocontract said:

To yourself.

   !!!!!!

subjecttocontract

allegro120 said:

ForumUser7 said:

allegro120 said:

Kazza242 said:

PloughmansLunch said:

JamesRobinson48 said:

Kazza242 said:

Some info for anyone who cannot get to a Monmouthshire Building Society branch, but wants to open their Coronation Regular Saver, paying 5.60%:

I am an existing Monmouthshire BS member.  I downloaded, completed and posted off a savings application form for the account on Thursday 13th April, along with a cheque and a letter.

They opened the Coronation Regular Saver account for me the next day (14th April).  I have received the passbook and account confirmation letter in the post today.  

Thanks Kazza.  I posted to the Mon BS my application form with cheque on 19th April; they opened the Coronation RS account on 20th; I received the passbook by post today; and my cheque cleared already.  I don't much like writing cheques, but I'll make an exception for such an appealing RS account.

Were you an existing member, or new? I'm umming and ahhing about attempting to open one, but have never had any dealings with them before.

Yes, I am an existing member of Monmouthshire BS.

I wanted to open Coronation when it was released, but didn't do it because it says "branch only". I'm reading now that it is possible to open it by post.  Do you know if I can request them to send me the application form.  I'm existing member, I've opened Christmas with them about 6 months ago.

You can use this form: https://www.monbs.com/media/2032/savings-application-form-march-2022-savapp-03-22-1.pdf

Thanks. That's the same one I've used for Christmas application.  This was the last time my printer printed,  it packed in since then and I've decided not to invest in any more printers, hardly any need for having printer anymore. 

In the past some building societies were keen on sending application forms by post, so I was hoping that Monmouthshire might still do it. 

I don't have a personal printer any longer either......it's saved me loads of money on ink. What I do is use my local library who charge 20p per A4 sheet. One of my better money saving decisions.

trickydicky14

allegro120 said:

ForumUser7 said:

allegro120 said:

Kazza242 said:

PloughmansLunch said:

JamesRobinson48 said:

Kazza242 said:

Some info for anyone who cannot get to a Monmouthshire Building Society branch, but wants to open their Coronation Regular Saver, paying 5.60%:

I am an existing Monmouthshire BS member.  I downloaded, completed and posted off a savings application form for the account on Thursday 13th April, along with a cheque and a letter.

They opened the Coronation Regular Saver account for me the next day (14th April).  I have received the passbook and account confirmation letter in the post today.  

Thanks Kazza.  I posted to the Mon BS my application form with cheque on 19th April; they opened the Coronation RS account on 20th; I received the passbook by post today; and my cheque cleared already.  I don't much like writing cheques, but I'll make an exception for such an appealing RS account.

Were you an existing member, or new? I'm umming and ahhing about attempting to open one, but have never had any dealings with them before.

Yes, I am an existing member of Monmouthshire BS.

I wanted to open Coronation when it was released, but didn't do it because it says "branch only". I'm reading now that it is possible to open it by post.  Do you know if I can request them to send me the application form.  I'm existing member, I've opened Christmas with them about 6 months ago.

You can use this form: https://www.monbs.com/media/2032/savings-application-form-march-2022-savapp-03-22-1.pdf

Thanks. That's the same one I've used for Christmas application.  This was the last time my printer printed,  it packed in since then and I've decided not to invest in any more printers, hardly any need for having printer anymore. 

In the past some building societies were keen on sending application forms by post, so I was hoping that Monmouthshire might still do it. 

Why don't you give them a ring, they are very helpful.

10_66

trickydicky14 said:

allegro120 said:

ForumUser7 said:

allegro120 said:

Kazza242 said:

PloughmansLunch said:

JamesRobinson48 said:

Kazza242 said:

Some info for anyone who cannot get to a Monmouthshire Building Society branch, but wants to open their Coronation Regular Saver, paying 5.60%:

I am an existing Monmouthshire BS member.  I downloaded, completed and posted off a savings application form for the account on Thursday 13th April, along with a cheque and a letter.

They opened the Coronation Regular Saver account for me the next day (14th April).  I have received the passbook and account confirmation letter in the post today.  

Thanks Kazza.  I posted to the Mon BS my application form with cheque on 19th April; they opened the Coronation RS account on 20th; I received the passbook by post today; and my cheque cleared already.  I don't much like writing cheques, but I'll make an exception for such an appealing RS account.

Were you an existing member, or new? I'm umming and ahhing about attempting to open one, but have never had any dealings with them before.

Yes, I am an existing member of Monmouthshire BS.

I wanted to open Coronation when it was released, but didn't do it because it says "branch only". I'm reading now that it is possible to open it by post.  Do you know if I can request them to send me the application form.  I'm existing member, I've opened Christmas with them about 6 months ago.

You can use this form: https://www.monbs.com/media/2032/savings-application-form-march-2022-savapp-03-22-1.pdf

Thanks. That's the same one I've used for Christmas application.  This was the last time my printer printed,  it packed in since then and I've decided not to invest in any more printers, hardly any need for having printer anymore. 

In the past some building societies were keen on sending application forms by post, so I was hoping that Monmouthshire might still do it. 

Why don't you give them a ring, they are very helpful.

They'll say no if you ask them via phone.  I rang several branches (before I followed Kazza's advice), and they all "sing from the same hymn sheet" when asked about it.

subjecttocontract

flaneurs_lobster said:

subjecttocontract said:

To yourself.

   !!!!!!

The question asked was who do I make the cheque out to ?.......my answer was to yourself. I had already phoned the Monmouth and asked that very question.

flaneurs_lobster

subjecttocontract said:

flaneurs_lobster said:

subjecttocontract said:

To yourself.

   !!!!!!

The question asked was who do I make the cheque out to ?.......my answer was to yourself. I had already phoned the Monmouth and asked that very question.

Apologies, it's a profanity-filtered mild expletive that is meant to express annoyance at myself because I've already sent off a cheque made out to Monmouth BS.

It's been at least five years since I've written a cheque and probably over 10 since I've written one paying myself. Of course, now, it's obvious that this is what I should have done.

Section62

flaneurs_lobster said:

subjecttocontract said:

flaneurs_lobster said:

subjecttocontract said:

To yourself.

   !!!!!!

The question asked was who do I make the cheque out to ?.......my answer was to yourself. I had already phoned the Monmouth and asked that very question.

Apologies, it's a profanity-filtered mild expletive that is meant to express annoyance at myself because I've already sent off a cheque made out to Monmouth BS.

It's been at least five years since I've written a cheque and probably over 10 since I've written one paying myself. Of course, now, it's obvious that this is what I should have done.

If you are lucky they might open the account with a zero balance and send the cheque back to you, requesting that you make the minimum deposit within 'x' days.

Sending a cheque with the application is usually only very important when opening the account near the month end, and there won't be enough time for them to open the account, post you the account number, and for you to then get a cleared payment to them by the end of the month.

I could be tempting fate, but I don't think I've had a situation with Monmouth where they wouldn't open the account without an initial deposit being included with the application.

Kazza242

Section62 said:

flaneurs_lobster said:

subjecttocontract said:

flaneurs_lobster said:

subjecttocontract said:

To yourself.

   !!!!!!

The question asked was who do I make the cheque out to ?.......my answer was to yourself. I had already phoned the Monmouth and asked that very question.

Apologies, it's a profanity-filtered mild expletive that is meant to express annoyance at myself because I've already sent off a cheque made out to Monmouth BS.

It's been at least five years since I've written a cheque and probably over 10 since I've written one paying myself. Of course, now, it's obvious that this is what I should have done.

Sending a cheque with the application is usually only very important when opening the account near the month end, and there won't be enough time for them to open the account, post you the account number, and for you to then get a cleared payment to them by the end of the month.

I could be tempting fate, but I don't think I've had a situation with Monmouth where they wouldn't open the account without an initial deposit being included with the application.

I sent in a cheque with my postal application for the Monmouthshire BS Coronation RS because the information on their website states that the account must be opened in branch or agency.  

I thought that I'd stand a better chance of getting them to open the account via postal application, if I included a cheque for the opening deposit.   

The Monmouthshire opened the account for me.