Regular Savings Accounts: The Best Currently Available List!

Gers

For those of us who lived through the previous RS opening from MBS I'm sure that most will be patient and understanding now.  In my experience one of the major banks (HSBC) was much more incompetent, negligent and unapologetic when opening an account - that took months, three visits, umpteen emails and two complaints.

I'm happy to accept a modicum of inconvenience from MBS. If you've ever tried closing an account with SRBS then you wouldn't be annoyed now.

SFindlay

georged123 said:

SFindlay said:

georged123 said:

SFindlay said:

TheWoodler said:

As PP have said MBS have woeful IT.

With the poor IT they are reliant on branch processing of application influxes which they don’t have the resources to deal with. I don’t know why they keep offering these products because these influxes lead to process errors.

I’d rather have efficient resources than cups of coffee with nice staff front of house. Their CS was out of their depth with an error *of their own making* with a previous RS issue in my case which they were ill-equipped to deal with. In my view, they should only operate locally with branch-based products confined to their heartland. Smaller societies seem to me to have made a more successful transition and offer better IT and CS than MBS have done. 

And I  (like most reasonable people) would rather have accounts paying 7-8% over one paying 4-5% but giving me a wonderful IT experience.!! Being able to instantly see your account online is of absolutely ZERO advantage to anyone, it doesn't earn you any extra interest.  

Why would anyone prefer societies to only offer branch based accounts to locals rather than wait a few days for a competitive account to be opened? Many accounts can only be opened by post yet there aren't people on here moaning about the length of time they take to open so would everyone prefer Monmouthshire didn't have any online application and do it all through postal or branch applications? All these complaints sound like sour grapes by those who are still waiting but let's be serious we are talking pennies of a difference!!

But all that aside if people stopped whinging for just a minute (though that seems to be the world we live in now) you might realise Monmouthshire are in the process of updating their IT system and are actively asking for people's experience and suggestions to improve how they operate so instead of complaining on forums maybe engage with Monmouthshire using their feedback and surveys to improve things in future.

Once they've spent a whack of money improving their IT so you can see your account balance instantly you can then come on and moan about their interest rates being poor as theyve spent all their money giving you an IT system that you don't consider woeful!!

I don't think it's much to ask for a bank or building society that handles millions of pounds of people's money in 2023 to have a decent standard of IT system, competent processes and clear communication with their customers. 

There's far too many posters on these threads that are over defensive of certain banks/building societies when people rightly criticise shoddy service and incompetence.

I'm not directly aiming this at you SFindlay but calling valid criticism/opinion as "whinging" and "sour grapes" is not needed.

A valid criticism is when an institution does not fulfil its statutory obligation or processes outlined in their documentation neither of which have the Monmouthshire failed on. Don't really see how you can claim shoddy service or incompetence considering the main issues people are complaining about.

At no time did Monmouthshire state accounts would be opened instantly or indeed even give an indication how long applications would take to process, people aren't depositing any money so how long it takes to open is irrelevant!! 

At no time did Monmouthshire say that they would email acknowledgement to people that applications were recieved and being processed, it did however say after application was completed that once processed they would be in touch. Numerous people have posted that they recieved email confirmation once their application had been processed so they have fulfilled their commitment. 

Monmouthshire policy is they want a completed signatory form before account will be fully opened and operational, that's their policy and if people don't like it don't apply. Those of us who have had numerous Monmouthshire accounts have no doubt sent back numerous signature forms but who cares, it takes 2 seconds to sign and then shove it in a prepaid envelope to put in a post box, hardly difficult to do.

Quite frankly if people don't like how an institution chooses to operate an account then simply don't apply but people seeing a headline rate but failing to read T&C or documentation surrounding account opening and operating procedures then moaning about them are simply whinging and have nobody to blame but themselves!!

There's been many posters on this thread who have said about the website crashing, customer service being poor, receiving contradictory information and not being sent the correct documents in order to complete the process. None of those issues were down to customers failing to read the T+Cs correctly and were solely down to Monmouthshire's incompetence.

Maybe I've missed the posts so happy for you to correct me and show me the posts.

At no point have I seen anyone saying website crashed??  There were reports online applications for certain products stopped for a while around 11AM (whilst alternative application form was uploaded) and then withdrawn for 7% saver from the Thursday but at no time did website crash. Institutions have the right to withdraw products at any time so fact they got enough applications for standard RS in a short time then withdrew it does not mean website crashed.

I didnt see anyone complaing about customer service, in fact quite the opposite. From what I've seen those people who elected to apply online and telephone customer services said the handlers were all very helpful. A couple of people struggled initially to get through but that's only expected when so many people phoned unnecessarily. Overall previous customers have always praised Monmouthshire CS and branch staff so don't know where you have seen anyone complaining about them?

Only posts regarding contradictory information was regarding if interest rate was fixed or variable but don't think it would have stopped anyone applying when unlimited penalty free withdrawals allowed. If anyone really bothered then the individual product T&C is the literature to rely on and would be used for any complaints so not really annissue.

With regards to not being sent correct documents the odd error happens with everyone. Regarding people with Exclusive RS saying they hadn't got a signature form to send back I think it's reasonable to pressume since it is a members only account they have decided not to bother requesting signatures, all these people got their passbooks so can presume their accounts are fully open and operational. Everyone opening the standard RS have said they did get signature form so not prevented from.completing the process.

None of that shows any incompetence, maybe people need to use a bit of common sense and think for themselves.

Anyway this is straying from discussing their Regular Savers which let's not forget are market leading products so people have to decide what's more important to them as nobody is being forced to open an account!! 

SFindlay

janusdesign said:

SFindlay said:

janusdesign said:

SFindlay said:

Foxhouse said:

soulsaver said:

You could try it using their sort code and ac number40 05 30 14576608 and your 10 digit ac no in the ref.
But they may return your deposit if they haven't received the signature doc. 

Thanks - I'll wait a couple of days then.

Once they recieve your signature form they will officially open your account and send passbook which provides their sort code and account number (for the majority of people who don't get it from forums like this) and telling you to use your account number as reference. 

surely if someone receives a letter from them with an account number on it, the account has already officially been opened?

No, institutions will allocate an account / reference number for a completed application until all identity / moneylaundering etc checks are completed. The account will exist but until all checks/ requirements have been completed it won't officially be fully open and operational and many institutions will return money if all their opening requirements haven't been completed. 

so if I delay returning the signature form so that it arrives next Friday or later, the account won't "officially" be opened until September - giving me the rest of that month to deposit the initial £300 ?

Monmouthshire operate on a calendar month rather than date you open although do say deposit before 25th of month to guarantee it clears so yes if don't deposit till 1st September have rest of month to pay in full £300. 

Malchester

SFindlay said:

georged123 said:

SFindlay said:

georged123 said:

SFindlay said:

TheWoodler said:

As PP have said MBS have woeful IT.

With the poor IT they are reliant on branch processing of application influxes which they don’t have the resources to deal with. I don’t know why they keep offering these products because these influxes lead to process errors.

I’d rather have efficient resources than cups of coffee with nice staff front of house. Their CS was out of their depth with an error *of their own making* with a previous RS issue in my case which they were ill-equipped to deal with. In my view, they should only operate locally with branch-based products confined to their heartland. Smaller societies seem to me to have made a more successful transition and offer better IT and CS than MBS have done. 

And I  (like most reasonable people) would rather have accounts paying 7-8% over one paying 4-5% but giving me a wonderful IT experience.!! Being able to instantly see your account online is of absolutely ZERO advantage to anyone, it doesn't earn you any extra interest.  

Why would anyone prefer societies to only offer branch based accounts to locals rather than wait a few days for a competitive account to be opened? Many accounts can only be opened by post yet there aren't people on here moaning about the length of time they take to open so would everyone prefer Monmouthshire didn't have any online application and do it all through postal or branch applications? All these complaints sound like sour grapes by those who are still waiting but let's be serious we are talking pennies of a difference!!

But all that aside if people stopped whinging for just a minute (though that seems to be the world we live in now) you might realise Monmouthshire are in the process of updating their IT system and are actively asking for people's experience and suggestions to improve how they operate so instead of complaining on forums maybe engage with Monmouthshire using their feedback and surveys to improve things in future.

Once they've spent a whack of money improving their IT so you can see your account balance instantly you can then come on and moan about their interest rates being poor as theyve spent all their money giving you an IT system that you don't consider woeful!!

I don't think it's much to ask for a bank or building society that handles millions of pounds of people's money in 2023 to have a decent standard of IT system, competent processes and clear communication with their customers. 

There's far too many posters on these threads that are over defensive of certain banks/building societies when people rightly criticise shoddy service and incompetence.

I'm not directly aiming this at you SFindlay but calling valid criticism/opinion as "whinging" and "sour grapes" is not needed.

A valid criticism is when an institution does not fulfil its statutory obligation or processes outlined in their documentation neither of which have the Monmouthshire failed on. Don't really see how you can claim shoddy service or incompetence considering the main issues people are complaining about.

At no time did Monmouthshire state accounts would be opened instantly or indeed even give an indication how long applications would take to process, people aren't depositing any money so how long it takes to open is irrelevant!! 

At no time did Monmouthshire say that they would email acknowledgement to people that applications were recieved and being processed, it did however say after application was completed that once processed they would be in touch. Numerous people have posted that they recieved email confirmation once their application had been processed so they have fulfilled their commitment. 

Monmouthshire policy is they want a completed signatory form before account will be fully opened and operational, that's their policy and if people don't like it don't apply. Those of us who have had numerous Monmouthshire accounts have no doubt sent back numerous signature forms but who cares, it takes 2 seconds to sign and then shove it in a prepaid envelope to put in a post box, hardly difficult to do.

Quite frankly if people don't like how an institution chooses to operate an account then simply don't apply but people seeing a headline rate but failing to read T&C or documentation surrounding account opening and operating procedures then moaning about them are simply whinging and have nobody to blame but themselves!!

There's been many posters on this thread who have said about the website crashing, customer service being poor, receiving contradictory information and not being sent the correct documents in order to complete the process. None of those issues were down to customers failing to read the T+Cs correctly and were solely down to Monmouthshire's incompetence.

Maybe I've missed the posts so happy for you to correct me and show me the posts.

At no point have I seen anyone saying website crashed??  There were reports online applications for certain products stopped for a while around 11AM (whilst alternative application form was uploaded) and then withdrawn for 7% saver from the Thursday but at no time did website crash. Institutions have the right to withdraw products at any time so fact they got enough applications for standard RS in a short time then withdrew it does not mean website crashed.

I didnt see anyone complaing about customer service, in fact quite the opposite. From what I've seen those people who elected to apply online and telephone customer services said the handlers were all very helpful. A couple of people struggled initially to get through but that's only expected when so many people phoned unnecessarily. Overall previous customers have always praised Monmouthshire CS and branch staff so don't know where you have seen anyone complaining about them?

Only posts regarding contradictory information was regarding if interest rate was fixed or variable but don't think it would have stopped anyone applying when unlimited penalty free withdrawals allowed. If anyone really bothered then the individual product T&C is the literature to rely on and would be used for any complaints so not really annissue.

With regards to not being sent correct documents the odd error happens with everyone. Regarding people with Exclusive RS saying they hadn't got a signature form to send back I think it's reasonable to pressume since it is a members only account they have decided not to bother requesting signatures, all these people got their passbooks so can presume their accounts are fully open and operational. Everyone opening the standard RS have said they did get signature form so not prevented from.completing the process.

None of that shows any incompetence, maybe people need to use a bit of common sense and think for themselves.

Anyway this is straying from discussing their Regular Savers which let's not forget are market leading products so people have to decide what's more important to them as nobody is being forced to open an account!! 

Surely bad service is bad service whether they have breached their terms and conditions. When you compare MBS with others they are terrible, outdated, poor customer service, bring out new accounts without, it seems, putting in place the necessary resources to deal with it. That to me deserves mentioning. Others are similar - I have had similar problems with Swansea BS. Have suffered from YBS poor systems and staff. Too many financial institutions have outdated systems and procedures and do not have adequate trained staff. I will say so if I experience this. I will also praise those who do things well (recently Saffron BS and West Bromwich BS)

Nick_C

A few people have posted the Sort Code and Account Number for Monmouthshire Building Society.

While I know they mean to be helpful, never take the word of some random stranger on the internet when it comes to finding the details to send a payment to.  

The information can easily be found or verified on Monmouthshire's web site.

fabsaver

SFindlay said:

georged123 said:

SFindlay said:

georged123 said:

SFindlay said:

TheWoodler said:

As PP have said MBS have woeful IT.

With the poor IT they are reliant on branch processing of application influxes which they don’t have the resources to deal with. I don’t know why they keep offering these products because these influxes lead to process errors.

I’d rather have efficient resources than cups of coffee with nice staff front of house. Their CS was out of their depth with an error *of their own making* with a previous RS issue in my case which they were ill-equipped to deal with. In my view, they should only operate locally with branch-based products confined to their heartland. Smaller societies seem to me to have made a more successful transition and offer better IT and CS than MBS have done. 

And I  (like most reasonable people) would rather have accounts paying 7-8% over one paying 4-5% but giving me a wonderful IT experience.!! Being able to instantly see your account online is of absolutely ZERO advantage to anyone, it doesn't earn you any extra interest.  

Why would anyone prefer societies to only offer branch based accounts to locals rather than wait a few days for a competitive account to be opened? Many accounts can only be opened by post yet there aren't people on here moaning about the length of time they take to open so would everyone prefer Monmouthshire didn't have any online application and do it all through postal or branch applications? All these complaints sound like sour grapes by those who are still waiting but let's be serious we are talking pennies of a difference!!

But all that aside if people stopped whinging for just a minute (though that seems to be the world we live in now) you might realise Monmouthshire are in the process of updating their IT system and are actively asking for people's experience and suggestions to improve how they operate so instead of complaining on forums maybe engage with Monmouthshire using their feedback and surveys to improve things in future.

Once they've spent a whack of money improving their IT so you can see your account balance instantly you can then come on and moan about their interest rates being poor as theyve spent all their money giving you an IT system that you don't consider woeful!!

I don't think it's much to ask for a bank or building society that handles millions of pounds of people's money in 2023 to have a decent standard of IT system, competent processes and clear communication with their customers. 

There's far too many posters on these threads that are over defensive of certain banks/building societies when people rightly criticise shoddy service and incompetence.

I'm not directly aiming this at you SFindlay but calling valid criticism/opinion as "whinging" and "sour grapes" is not needed.

A valid criticism is when an institution does not fulfil its statutory obligation or processes outlined in their documentation neither of which have the Monmouthshire failed on. Don't really see how you can claim shoddy service or incompetence considering the main issues people are complaining about.

At no time did Monmouthshire state accounts would be opened instantly or indeed even give an indication how long applications would take to process, people aren't depositing any money so how long it takes to open is irrelevant!! 

At no time did Monmouthshire say that they would email acknowledgement to people that applications were recieved and being processed, it did however say after application was completed that once processed they would be in touch. Numerous people have posted that they recieved email confirmation once their application had been processed so they have fulfilled their commitment. 

Monmouthshire policy is they want a completed signatory form before account will be fully opened and operational, that's their policy and if people don't like it don't apply. Those of us who have had numerous Monmouthshire accounts have no doubt sent back numerous signature forms but who cares, it takes 2 seconds to sign and then shove it in a prepaid envelope to put in a post box, hardly difficult to do.

Quite frankly if people don't like how an institution chooses to operate an account then simply don't apply but people seeing a headline rate but failing to read T&C or documentation surrounding account opening and operating procedures then moaning about them are simply whinging and have nobody to blame but themselves!!

There's been many posters on this thread who have said about the website crashing, customer service being poor, receiving contradictory information and not being sent the correct documents in order to complete the process. None of those issues were down to customers failing to read the T+Cs correctly and were solely down to Monmouthshire's incompetence.

Maybe I've missed the posts so happy for you to correct me and show me the posts.

At no point have I seen anyone saying website crashed??  There were reports online applications for certain products stopped for a while around 11AM (whilst alternative application form was uploaded) and then withdrawn for 7% saver from the Thursday but at no time did website crash. Institutions have the right to withdraw products at any time so fact they got enough applications for standard RS in a short time then withdrew it does not mean website crashed.

I didnt see anyone complaing about customer service, in fact quite the opposite. From what I've seen those people who elected to apply online and telephone customer services said the handlers were all very helpful. A couple of people struggled initially to get through but that's only expected when so many people phoned unnecessarily. Overall previous customers have always praised Monmouthshire CS and branch staff so don't know where you have seen anyone complaining about them?

Only posts regarding contradictory information was regarding if interest rate was fixed or variable but don't think it would have stopped anyone applying when unlimited penalty free withdrawals allowed. If anyone really bothered then the individual product T&C is the literature to rely on and would be used for any complaints so not really annissue.

With regards to not being sent correct documents the odd error happens with everyone. Regarding people with Exclusive RS saying they hadn't got a signature form to send back I think it's reasonable to pressume since it is a members only account they have decided not to bother requesting signatures, all these people got their passbooks so can presume their accounts are fully open and operational. Everyone opening the standard RS have said they did get signature form so not prevented from.completing the process.

None of that shows any incompetence, maybe people need to use a bit of common sense and think for themselves.

Anyway this is straying from discussing their Regular Savers which let's not forget are market leading products so people have to decide what's more important to them as nobody is being forced to open an account!! 

I posted yesterday about the letters I received from Monmouthshire.
https://forums.moneysavingexpert.com/discussion/comment/80256263/#Comment_80256263

Maybe they have decided that not to bother requesting signatures for the members only Exclusive RS. However if that were the case they should not have requested return of the form in the covering letter. My letter for the Exclusive RS states:
"As you have applied online, please sign and return the enclosed 'Online Signatory Form' so we can get you up and running. Please note, you will not be able to transact on your account until we are in receipt of this"

We should not have to presume if our accounts are fully open and operational. Their communications should make that clear.

SFindlay

fabsaver said:

SFindlay said:

georged123 said:

SFindlay said:

georged123 said:

SFindlay said:

TheWoodler said:

As PP have said MBS have woeful IT.

With the poor IT they are reliant on branch processing of application influxes which they don’t have the resources to deal with. I don’t know why they keep offering these products because these influxes lead to process errors.

I’d rather have efficient resources than cups of coffee with nice staff front of house. Their CS was out of their depth with an error *of their own making* with a previous RS issue in my case which they were ill-equipped to deal with. In my view, they should only operate locally with branch-based products confined to their heartland. Smaller societies seem to me to have made a more successful transition and offer better IT and CS than MBS have done. 

And I  (like most reasonable people) would rather have accounts paying 7-8% over one paying 4-5% but giving me a wonderful IT experience.!! Being able to instantly see your account online is of absolutely ZERO advantage to anyone, it doesn't earn you any extra interest.  

Why would anyone prefer societies to only offer branch based accounts to locals rather than wait a few days for a competitive account to be opened? Many accounts can only be opened by post yet there aren't people on here moaning about the length of time they take to open so would everyone prefer Monmouthshire didn't have any online application and do it all through postal or branch applications? All these complaints sound like sour grapes by those who are still waiting but let's be serious we are talking pennies of a difference!!

But all that aside if people stopped whinging for just a minute (though that seems to be the world we live in now) you might realise Monmouthshire are in the process of updating their IT system and are actively asking for people's experience and suggestions to improve how they operate so instead of complaining on forums maybe engage with Monmouthshire using their feedback and surveys to improve things in future.

Once they've spent a whack of money improving their IT so you can see your account balance instantly you can then come on and moan about their interest rates being poor as theyve spent all their money giving you an IT system that you don't consider woeful!!

I don't think it's much to ask for a bank or building society that handles millions of pounds of people's money in 2023 to have a decent standard of IT system, competent processes and clear communication with their customers. 

There's far too many posters on these threads that are over defensive of certain banks/building societies when people rightly criticise shoddy service and incompetence.

I'm not directly aiming this at you SFindlay but calling valid criticism/opinion as "whinging" and "sour grapes" is not needed.

A valid criticism is when an institution does not fulfil its statutory obligation or processes outlined in their documentation neither of which have the Monmouthshire failed on. Don't really see how you can claim shoddy service or incompetence considering the main issues people are complaining about.

At no time did Monmouthshire state accounts would be opened instantly or indeed even give an indication how long applications would take to process, people aren't depositing any money so how long it takes to open is irrelevant!! 

At no time did Monmouthshire say that they would email acknowledgement to people that applications were recieved and being processed, it did however say after application was completed that once processed they would be in touch. Numerous people have posted that they recieved email confirmation once their application had been processed so they have fulfilled their commitment. 

Monmouthshire policy is they want a completed signatory form before account will be fully opened and operational, that's their policy and if people don't like it don't apply. Those of us who have had numerous Monmouthshire accounts have no doubt sent back numerous signature forms but who cares, it takes 2 seconds to sign and then shove it in a prepaid envelope to put in a post box, hardly difficult to do.

Quite frankly if people don't like how an institution chooses to operate an account then simply don't apply but people seeing a headline rate but failing to read T&C or documentation surrounding account opening and operating procedures then moaning about them are simply whinging and have nobody to blame but themselves!!

There's been many posters on this thread who have said about the website crashing, customer service being poor, receiving contradictory information and not being sent the correct documents in order to complete the process. None of those issues were down to customers failing to read the T+Cs correctly and were solely down to Monmouthshire's incompetence.

Maybe I've missed the posts so happy for you to correct me and show me the posts.

At no point have I seen anyone saying website crashed??  There were reports online applications for certain products stopped for a while around 11AM (whilst alternative application form was uploaded) and then withdrawn for 7% saver from the Thursday but at no time did website crash. Institutions have the right to withdraw products at any time so fact they got enough applications for standard RS in a short time then withdrew it does not mean website crashed.

I didnt see anyone complaing about customer service, in fact quite the opposite. From what I've seen those people who elected to apply online and telephone customer services said the handlers were all very helpful. A couple of people struggled initially to get through but that's only expected when so many people phoned unnecessarily. Overall previous customers have always praised Monmouthshire CS and branch staff so don't know where you have seen anyone complaining about them?

Only posts regarding contradictory information was regarding if interest rate was fixed or variable but don't think it would have stopped anyone applying when unlimited penalty free withdrawals allowed. If anyone really bothered then the individual product T&C is the literature to rely on and would be used for any complaints so not really annissue.

With regards to not being sent correct documents the odd error happens with everyone. Regarding people with Exclusive RS saying they hadn't got a signature form to send back I think it's reasonable to pressume since it is a members only account they have decided not to bother requesting signatures, all these people got their passbooks so can presume their accounts are fully open and operational. Everyone opening the standard RS have said they did get signature form so not prevented from.completing the process.

None of that shows any incompetence, maybe people need to use a bit of common sense and think for themselves.

Anyway this is straying from discussing their Regular Savers which let's not forget are market leading products so people have to decide what's more important to them as nobody is being forced to open an account!! 

I posted yesterday about the letters I received from Monmouthshire.
https://forums.moneysavingexpert.com/discussion/comment/80256263/#Comment_80256263

Maybe they have decided that not to bother requesting signatures for the members only Exclusive RS. However if that were the case they should not have requested return of the form in the covering letter. My letter for the Exclusive RS states:
"As you have applied online, please sign and return the enclosed 'Online Signatory Form' so we can get you up and running. Please note, you will not be able to transact on your account until we are in receipt of this"

We should not have to presume if our accounts are fully open and operational. Their communications should make that clear.

I think the fact you have recieved the passbook for the Exclusive RS and no signature form makes it pretty obvious the account is fully open and operational even more so since the non member RS did not have passbook but did have a signature request form enclosed. They probably thought they were doing members a favour and the fact most existing members probably have access online they can add new accounts to their online profile and make a deposit, or would you prefer to wait? 

simonsmithsays

SFindlay said:

fabsaver said:

SFindlay said:

georged123 said:

SFindlay said:

georged123 said:

SFindlay said:

TheWoodler said:

As PP have said MBS have woeful IT.

With the poor IT they are reliant on branch processing of application influxes which they don’t have the resources to deal with. I don’t know why they keep offering these products because these influxes lead to process errors.

I’d rather have efficient resources than cups of coffee with nice staff front of house. Their CS was out of their depth with an error *of their own making* with a previous RS issue in my case which they were ill-equipped to deal with. In my view, they should only operate locally with branch-based products confined to their heartland. Smaller societies seem to me to have made a more successful transition and offer better IT and CS than MBS have done. 

And I  (like most reasonable people) would rather have accounts paying 7-8% over one paying 4-5% but giving me a wonderful IT experience.!! Being able to instantly see your account online is of absolutely ZERO advantage to anyone, it doesn't earn you any extra interest.  

Why would anyone prefer societies to only offer branch based accounts to locals rather than wait a few days for a competitive account to be opened? Many accounts can only be opened by post yet there aren't people on here moaning about the length of time they take to open so would everyone prefer Monmouthshire didn't have any online application and do it all through postal or branch applications? All these complaints sound like sour grapes by those who are still waiting but let's be serious we are talking pennies of a difference!!

But all that aside if people stopped whinging for just a minute (though that seems to be the world we live in now) you might realise Monmouthshire are in the process of updating their IT system and are actively asking for people's experience and suggestions to improve how they operate so instead of complaining on forums maybe engage with Monmouthshire using their feedback and surveys to improve things in future.

Once they've spent a whack of money improving their IT so you can see your account balance instantly you can then come on and moan about their interest rates being poor as theyve spent all their money giving you an IT system that you don't consider woeful!!

I don't think it's much to ask for a bank or building society that handles millions of pounds of people's money in 2023 to have a decent standard of IT system, competent processes and clear communication with their customers. 

There's far too many posters on these threads that are over defensive of certain banks/building societies when people rightly criticise shoddy service and incompetence.

I'm not directly aiming this at you SFindlay but calling valid criticism/opinion as "whinging" and "sour grapes" is not needed.

A valid criticism is when an institution does not fulfil its statutory obligation or processes outlined in their documentation neither of which have the Monmouthshire failed on. Don't really see how you can claim shoddy service or incompetence considering the main issues people are complaining about.

At no time did Monmouthshire state accounts would be opened instantly or indeed even give an indication how long applications would take to process, people aren't depositing any money so how long it takes to open is irrelevant!! 

At no time did Monmouthshire say that they would email acknowledgement to people that applications were recieved and being processed, it did however say after application was completed that once processed they would be in touch. Numerous people have posted that they recieved email confirmation once their application had been processed so they have fulfilled their commitment. 

Monmouthshire policy is they want a completed signatory form before account will be fully opened and operational, that's their policy and if people don't like it don't apply. Those of us who have had numerous Monmouthshire accounts have no doubt sent back numerous signature forms but who cares, it takes 2 seconds to sign and then shove it in a prepaid envelope to put in a post box, hardly difficult to do.

Quite frankly if people don't like how an institution chooses to operate an account then simply don't apply but people seeing a headline rate but failing to read T&C or documentation surrounding account opening and operating procedures then moaning about them are simply whinging and have nobody to blame but themselves!!

There's been many posters on this thread who have said about the website crashing, customer service being poor, receiving contradictory information and not being sent the correct documents in order to complete the process. None of those issues were down to customers failing to read the T+Cs correctly and were solely down to Monmouthshire's incompetence.

Maybe I've missed the posts so happy for you to correct me and show me the posts.

At no point have I seen anyone saying website crashed??  There were reports online applications for certain products stopped for a while around 11AM (whilst alternative application form was uploaded) and then withdrawn for 7% saver from the Thursday but at no time did website crash. Institutions have the right to withdraw products at any time so fact they got enough applications for standard RS in a short time then withdrew it does not mean website crashed.

I didnt see anyone complaing about customer service, in fact quite the opposite. From what I've seen those people who elected to apply online and telephone customer services said the handlers were all very helpful. A couple of people struggled initially to get through but that's only expected when so many people phoned unnecessarily. Overall previous customers have always praised Monmouthshire CS and branch staff so don't know where you have seen anyone complaining about them?

Only posts regarding contradictory information was regarding if interest rate was fixed or variable but don't think it would have stopped anyone applying when unlimited penalty free withdrawals allowed. If anyone really bothered then the individual product T&C is the literature to rely on and would be used for any complaints so not really annissue.

With regards to not being sent correct documents the odd error happens with everyone. Regarding people with Exclusive RS saying they hadn't got a signature form to send back I think it's reasonable to pressume since it is a members only account they have decided not to bother requesting signatures, all these people got their passbooks so can presume their accounts are fully open and operational. Everyone opening the standard RS have said they did get signature form so not prevented from.completing the process.

None of that shows any incompetence, maybe people need to use a bit of common sense and think for themselves.

Anyway this is straying from discussing their Regular Savers which let's not forget are market leading products so people have to decide what's more important to them as nobody is being forced to open an account!! 

I posted yesterday about the letters I received from Monmouthshire.
https://forums.moneysavingexpert.com/discussion/comment/80256263/#Comment_80256263

Maybe they have decided that not to bother requesting signatures for the members only Exclusive RS. However if that were the case they should not have requested return of the form in the covering letter. My letter for the Exclusive RS states:
"As you have applied online, please sign and return the enclosed 'Online Signatory Form' so we can get you up and running. Please note, you will not be able to transact on your account until we are in receipt of this"

We should not have to presume if our accounts are fully open and operational. Their communications should make that clear.

I think the fact you have recieved the passbook for the Exclusive RS and no signature form makes it pretty obvious the account is fully open and operational even more so since the non member RS did not have passbook but did have a signature request form enclosed. They probably thought they were doing members a favour and the fact most existing members probably have access online they can add new accounts to their online profile and make a deposit, or would you prefer to wait? 

And the fact the RS 2 correspondence says 'ACCOUNT NUMBER' and is in the same format as my other six accounts with them makes me comfortable enough to assume it's the final account number.

TheWoodler

May I just say, to those who suggested that I was merely whinging on a forum about MBS’ inefficiency, that I put in a complaint about *their* error which was fully justified and *upheld in full*. So I have addressed it directly with them and am entitled to speak as I have found. 

Whatever market-leading RS they had at the time was simply not worth the hassle that they put me through. 

That was my experience. YMMV. 

allegro120

DJDools said:

I have a Saffron BS Small Saver (Issue 7) that is earning a paltry 4% AER until Dec. I know they don't allow people to hold more than one regular saver/small saver, but if I were to close the one I have and open the one that's on offer now at 5.75%, would I still get the 4% paid to a/c closure?

My 'Small Saver issue 7' turned into 'Small Saver variable' a while ago. I didn't ask for it, it just happened when the rate has gone up.  I don't know why yours didn't change, I assumed that this happened automatically to all 'small saver' holders, not just to me.