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schiff

MonBS

I first gave them my signature in 2020. Again in 2021, again in 2022 and again this month in 2023. Why? What do they compare them with, how do they verify that they are what they purport to be? What do they do with them? And why for every single account? Shouldn’t once be enough? 

Hattie627

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

I now fund four Monmouthshire Building Society Regular Savers by 4 X monthly SO's from my Santander Edge current account. All 4 SO's have same sort code and account number but different references. I didn't realise that some current accounts don't allow duplicate SO's with the same account number and sort code-very inconvenient.

flaneurs_lobster

jim1999 said:

I'm seriously thinking about stopping funding / cashing out the Coventry FHS Issue 1 - it feels crazy given that it's paying 5.6% but given that I'll be taxed 40% on the interest, I'd probably do better with the money in Premium Bonds, and it's now my worst paying account.

I suppose it's possible that it could increase dramatically, but so far they've all been very small increases.  I can't blame Coventry, as it's still quite a generous account compared to the rest of the market.

Anyone else stopped / debating stopping accounts >5.5%?

I've stopped funding (well, I added a quid) this month to the Coventry FHS (1), Halifax & BOS 5.5% RSs. Not so much tax as running out of saveable income with the addition of the new RSs. 

Do you happen to know if withdrawals from the FHS are penalty-free?

flaneurs_lobster

Hattie627 said:

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

I now fund four Monmouthshire Building Society Regular Savers by 4 X monthly SO's from my Santander Edge current account. All 4 SO's have same sort code and account number but different references. I didn't realise that some current accounts don't allow duplicate SO's with the same account number and sort code-very inconvenient.

To be clear, I'm funding manually each month, not by SO. RBS (and others) may well allow SO account dups.

Bridlington1

flaneurs_lobster said:

jim1999 said:

I'm seriously thinking about stopping funding / cashing out the Coventry FHS Issue 1 - it feels crazy given that it's paying 5.6% but given that I'll be taxed 40% on the interest, I'd probably do better with the money in Premium Bonds, and it's now my worst paying account.

I suppose it's possible that it could increase dramatically, but so far they've all been very small increases.  I can't blame Coventry, as it's still quite a generous account compared to the rest of the market.

Anyone else stopped / debating stopping accounts >5.5%?

I've stopped funding (well, I added a quid) this month to the Coventry FHS (1), Halifax & BOS 5.5% RSs. Not so much tax as running out of saveable income with the addition of the new RSs. 

Do you happen to know if withdrawals from the FHS are penalty-free?

Withdrawals are penalty free for Issue 1. Issue 2 requires 60 days notice or a 60-day interest hit.

RosieRooBear

flaneurs_lobster said:

jim1999 said:

I'm seriously thinking about stopping funding / cashing out the Coventry FHS Issue 1 - it feels crazy given that it's paying 5.6% but given that I'll be taxed 40% on the interest, I'd probably do better with the money in Premium Bonds, and it's now my worst paying account.

I suppose it's possible that it could increase dramatically, but so far they've all been very small increases.  I can't blame Coventry, as it's still quite a generous account compared to the rest of the market.

Anyone else stopped / debating stopping accounts >5.5%?

I've stopped funding (well, I added a quid) this month to the Coventry FHS (1), Halifax & BOS 5.5% RSs. Not so much tax as running out of saveable income with the addition of the new RSs. 

Do you happen to know if withdrawals from the FHS are penalty-free?

I’m keeping mine at the moment, mainly because I’m a non-taxpayer and @flaneurs_lobster because the FHS1 is penalty free and easy access.

Rudyson

Bridlington1 said:

flaneurs_lobster said:

A sideline enquiry involving MonBS but probably relevant elsewhere.

I now have 3 MonBS regular savers. To fund them by Faster Payment each month I would ideally like to set up 3 payees with my normal feeder current account that differ only in the Reference (the BS account number).

RBS don't allow Payee/Account No/Sort Code dups. 
Chase don't hold the reference between payments but do allow dups.

I don't want to be entering/amending the reference each month 3 times, too much potential for typos and subsequent grief.

Anyone suggest a solution or another bank that allows this duplication (I have a few others).

I fund each of my Monmouthshire BS regular savers from a different account to save having to check the account number reference each time.

That's such an obvious thing to do. 

Why didn't I think of it?

t1redmonkey

schiff said:

MonBS

I first gave them my signature in 2020. Again in 2021, again in 2022 and again this month in 2023. Why? What do they compare them with, how do they verify that they are what they purport to be? What do they do with them? And why for every single account? Shouldn’t once be enough? 

It is definitely overkill.  The idea of it is that the staff member processing the (eventual) withdrawal of funds once the request to close the RS comes in is meant to compare the signature on the withdrawal form with the one they have on file from the original account opening documentation.  So basically it's just for signature comparison purposes.

trickydicky14

Bridlington1 said:

flaneurs_lobster said:

jim1999 said:

I'm seriously thinking about stopping funding / cashing out the Coventry FHS Issue 1 - it feels crazy given that it's paying 5.6% but given that I'll be taxed 40% on the interest, I'd probably do better with the money in Premium Bonds, and it's now my worst paying account.

I suppose it's possible that it could increase dramatically, but so far they've all been very small increases.  I can't blame Coventry, as it's still quite a generous account compared to the rest of the market.

Anyone else stopped / debating stopping accounts >5.5%?

I've stopped funding (well, I added a quid) this month to the Coventry FHS (1), Halifax & BOS 5.5% RSs. Not so much tax as running out of saveable income with the addition of the new RSs. 

Do you happen to know if withdrawals from the FHS are penalty-free?

Withdrawals are penalty free for Issue 1. Issue 2 requires 60 days notice or a 60-day interest hit.

I'm keeping my Issue 1, I still think 5.6% easy access is worth it for now.

gele

Regarding Coventry I am debating the same myself as I have just opened my ISA for this year the Shawbrook 1 yr fix and 5.6% compared to 5.78% is a notable difference. Contemplating whether to put all but £500 into Shawbrook. Its only the reduction of easy access funds that's holding me back (and the fact that I just like Coventry and the FHS1 account