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chris_the_bee

OneUser1 said:

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.

Assume open account 25th August 2023.
Maturity of 12 months term is 25th August 2024
Pay in £300 on 25th August 2023 - (1 payment)
Then pay in £300 on 1st September 2023 to 1st August 2024 inclusive. - (12 payments)
A Monmouthshire month is a calendar month, unlike Coventry BS which is stipulated as a month from 1st payment (monthiversary)
So, 13 payments made during 12 months term, each being £300 per month..

tg99

I’m a new customer to Monmouth and got the welcoming letter today. Will return the sig form in the enclosed envelope but in the meantime can I make first £300 deposit before 5pm today and thus it be allocated to my account tomorrow so can then make another £300 payment on Friday 1 Sep? It says on the letter 1 working day for receipt of deposits but also advised to do before 25th. Thx.

Catplan

tg99 said:

I’m a new customer to Monmouth and got the welcoming letter today. Will return the sig form in the enclosed envelope but in the meantime can I make first £300 deposit before 5pm today and thus it be allocated to my account tomorrow so can then make another £300 payment on Friday 1 Sep? It says on the letter 1 working day for receipt of deposits but also advised to do before 25th. Thx.

I got mine yesterday, I’m not risking the payment just yet, suggestions further back on this thread that it would be returned as account not up and running until the signature is with them. I didn’t want to chance it, the details required where also posted further back but I think you can also obtain them from mbs website.

badger09

As an existing customer, I applied for  MONBS 8% RS yesterday. Surprised to get email today saying a new account added to my online profile. Nothing showing online though & I’m now out of UK for 3 weeks so will leave funding until I get back. 

Nick_C

tg99 said:

I’m a new customer to Monmouth and got the welcoming letter today. Will return the sig form in the enclosed envelope but in the meantime can I make first £300 deposit before 5pm today and thus it be allocated to my account tomorrow so can then make another £300 payment on Friday 1 Sep? It says on the letter 1 working day for receipt of deposits but also advised to do before 25th. Thx.

I got my letter yesterday, and sent them a faster payment.  I will send another one on Friday.  I will be surprised if they return them.  Time will tell.  

tg99

Nick_C said:

tg99 said:

I’m a new customer to Monmouth and got the welcoming letter today. Will return the sig form in the enclosed envelope but in the meantime can I make first £300 deposit before 5pm today and thus it be allocated to my account tomorrow so can then make another £300 payment on Friday 1 Sep? It says on the letter 1 working day for receipt of deposits but also advised to do before 25th. Thx.

I got my letter yesterday, and sent them a faster payment.  I will send another one on Friday.  I will be surprised if they return them.  Time will tell.  

I sent mine just before 5 today and then will do the next on Friday.

SFindlay

tg99 said:

Nick_C said:

tg99 said:

I’m a new customer to Monmouth and got the welcoming letter today. Will return the sig form in the enclosed envelope but in the meantime can I make first £300 deposit before 5pm today and thus it be allocated to my account tomorrow so can then make another £300 payment on Friday 1 Sep? It says on the letter 1 working day for receipt of deposits but also advised to do before 25th. Thx.

I got my letter yesterday, and sent them a faster payment.  I will send another one on Friday.  I will be surprised if they return them.  Time will tell.  

I sent mine just before 5 today and then will do the next on Friday.

I suspect you should be OK, although it says 1 working day for receipt of payments in reality that means 1 working day to appear on your account but they backdate the actual deposit to day you made the FP. As I said earlier I sent mine on Saturday lunchtime and even with bank holiday Monday my deposits didn't appear online until today it shows deposit was on account for Saturday so interest earning since then.

Gers

No letter yet from MBS about my 8% account but the number has been confirmed to me during a phone call from them today so I have added it to my online account and funded it.

BestSeagull

chris_the_bee said:

OneUser1 said:

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.

Assume open account 25th August 2023.
Maturity of 12 months term is 25th August 2024
Pay in £300 on 25th August 2023 - (1 payment)
Then pay in £300 on 1st September 2023 to 1st August 2024 inclusive. - (12 payments)
A Monmouthshire month is a calendar month, unlike Coventry BS which is stipulated as a month from 1st payment (monthiversary)
So, 13 payments made during 12 months term, each being £300 per month..

If the account is opened on 25th August 2023 and a month is a calendar month, are we sure that the end date of the  "12 months" is not 31st of August 2024?

tg99

I thought I read a previous comment a couple of days ago saying that the 12 month Monmouth Reg saver term started on the day you make your opening deposit. However, letter says day you opened the account is when the term starts which I therefore assume is actually the date on the letter since the letter starts off by thanking me for opening the regular saver?

Forgot to note whether the 7% is fixed or variable….I think fixed but can someone confirm? Thx