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Nick_C

Re Monmouthshire.

I didn't keep a copy of the Key Facts, but can anyone confirm that there is nothing to stop me making a 13th payment on 1/8/24?  ie, there isn't a £3600 cap on the account, just a monthly £300 limit?

OneUser1

The Monmouthshire terms say the maximum is £300 per month for twelve months. I read that as a £3600 maximum.

simonsmithsays

subjecttocontract said:

Why ? If the first payment gets made in September then the account will run for 12 months from September.

Personally I'd much rather be benefitting from these rates as early as possible.

Wheres_My_Cashback

OneUser1 said:

The Monmouthshire terms say the maximum is £300 per month for twelve months. I read that as a £3600 maximum.

No, It doesn't say that, there is no maximum stipulated.

They have only given a suggested example of interest return upon 12 months deposits just as all accounts do. That doesn't mean a 13t payment isn't possible, however MON don't usually allow them and hasn't on my previous 13 accounts with them.

simonsmithsays said:

subjecttocontract said:

Why ? If the first payment gets made in September then the account will run for 12 months from September.

Personally I'd much rather be benefitting from these rates as early as possible.

Makes no difference as 1 year maturity date is set from 1st deposit date, not the date the a/c is 'opened' unless they are the same.

Wheres_My_Cashback

Bridlington1 said:

Bridlington1 said:

happybagger said:

Has anyone seen any confirmation of changes to Darlington's RS accounts (incl NLAs) in the pipeline?

Their website states
"Published 3 August 2023

The Society has responded to today’s 0.25% Bank of England base rate rise by increasing interest rates across its range of savings accounts to help members maximise their savings."

to be implemented on "some" accounts on 1 Sept, it seems

Darlington BS have told me that their new rates will be revealed on their website on 1/9/23 and that they can't give me any further information until then.

Right scrap that, they've just phoned me. They've gone to town with their savings rate increases:
Regular Monthly Saver, Green Regular Saver (NLA) and Special Occasion Saver (NLA) will all rise from 4.5% to 4.6%.

Glad I removed my funds a couple of months ago and stuck them in a 5.35% 90 day notice. they'd been hovering on the drop list for a while so no great surprise really.

simonsmithsays

Wheres_My_Cashback said:

simonsmithsays said:

subjecttocontract said:

Why ? If the first payment gets made in September then the account will run for 12 months from September.

Personally I'd much rather be benefitting from these rates as early as possible.

Makes no difference as 1 year maturity date is set from 1st deposit date, not the date the a/c is 'opened'.

It absolutely makes a difference if the £600 was sat in accounts which pay less than the interest rates of the two RS Monmouthshire.

Isnt that why any of us move money?

Anyway enough from me

Wheres_My_Cashback

simonsmithsays said:

Wheres_My_Cashback said:

simonsmithsays said:

subjecttocontract said:

Why ? If the first payment gets made in September then the account will run for 12 months from September.

Personally I'd much rather be benefitting from these rates as early as possible.

Makes no difference as 1 year maturity date is set from 1st deposit date, not the date the a/c is 'opened'.

It absolutely makes a difference if the £600 was sat in accounts which pay less than the interest rates of the two RS Monmouthshire.

Isnt that why any of us move money?

Anyway enough from me

Well yes, that obvious, but the initial query wasn't in that context.

simonsmithsays

Wheres_My_Cashback said:

simonsmithsays said:

Wheres_My_Cashback said:

simonsmithsays said:

subjecttocontract said:

Why ? If the first payment gets made in September then the account will run for 12 months from September.

Personally I'd much rather be benefitting from these rates as early as possible.

Makes no difference as 1 year maturity date is set from 1st deposit date, not the date the a/c is 'opened'.

It absolutely makes a difference if the £600 was sat in accounts which pay less than the interest rates of the two RS Monmouthshire.

Isnt that why any of us move money?

Anyway enough from me

Well yes, that obvious, but the initial query wasn't in that context.

My initial statement was - scroll back.  You interpreted it wrongly am afraid.

Anyway this thread is getting very clogged up.

subjecttocontract

I'm always amazed when people can get so excited over an extra £0.05p a day in interest. 

OneUser1

Wheres_My_Cashback said:

OneUser1 said:

The Monmouthshire terms say the maximum is £300 per month for twelve months. I read that as a £3600 maximum.

No, It doesn't say that, there is no maximum stipulated.

They have only given a suggested example of interest return upon 12 months deposits just as all accounts do. That doesn't mean a 13t payment isn't possible, however MON don't usually allow them and hasn't on my previous 13 accounts with them.

simonsmithsays said:

subjecttocontract said:

Why ? If the first payment gets made in September then the account will run for 12 months from September.

Personally I'd much rather be benefitting from these rates as early as possible.

Makes no difference as 1 year maturity date is set from 1st deposit date, not the date the a/c is 'opened' unless they are the same.

Actually yes they do say that.

First they say (Direct quote) “The maximum you can pay in is £300 each month” That’s from their paragraph in the summary box headed How do I open and manage my account?

They also say (Direct quote) “Interest is calculated daily and paid at the end of the 12 month term” That’s from the paragraph headed What is the interest rate?

So those two statements taken together are clearly and unambiguously saying £300 a month maximum for 12 months which is, as I said, £3600. 

If you can quote something different from the Monmouthshire terms and conditions please share.