Melton Mowbray BS

dryfly

Melton Mowbray listed as top 2yr Fixed Rate Bond rate 1.41percent monthly interest. clicked MSE link but could not find this offer on the MMBS website.

Thrugelmir

Withdrawn? 

quirkydeptless

Pie in the sky?

dosh37

I spotted it this morning and immediatley opened a new account paying 1.4% until Dec 2022.

When I looked on their website again this evening, it's already been withdrawn.

In the current climate, any offers that appear at the top of the 'best buys' list quickly become over-subscribed.

I suspect that because of the drastic reduction in interest rates by NS&I in November, many people are trying to move their savings elsewhere.

This may account for why I had to wait 15mins on the phone yesterday to authorise a payment from Lloyds into a new Raisin savings account.

dosh37

Because of limits on faster payments I was in the process of funding the new account using a number of successive daily transfers.

This morning I made another payment.

When I subsequently checked my emails I found the following message (sent yesterday):-

"Dear Customer

You recently opened our online 2 year fixed rate savings account and we are writing to let you know that we are no longer accepting any further deposits into this account due to unprecedented demand.

We are extremely busy at the moment so we would kindly ask that you refrain from calling us at this time, unless absolutely necessary.

Yours sincereley

The Savings Team
The Melton Building Society"

Now I have no idea if the latest payment will be accepted or if it will be returned to my current account.

The online form to open the account included a field for the total investment amount and I have not reached that figure yet.

Speculator

dosh37 said:

Because of limits on faster payments I was in the process of funding the new account using a number of successive daily transfers.

This morning I made another payment.

When I subsequently checked my emails I found the following message (sent yesterday):-

"Dear Customer

You recently opened our online 2 year fixed rate savings account and we are writing to let you know that we are no longer accepting any further deposits into this account due to unprecedented demand.

We are extremely busy at the moment so we would kindly ask that you refrain from calling us at this time, unless absolutely necessary.

Yours sincereley

The Savings Team
The Melton Building Society"

Now I have no idea if the latest payement will be accepted or if it will be returned to my current account.

The online form to open the account included a field for the total investment amount and I have not reached that figure yet.

I got the same email yesterday at 17.19 with the same spelling mistake.
If you made a payment after the email, the money will probably be returned to your bank.
I exceeded my "Total investment amount" by 300%.
Luckily, I finished making all my deposits on Tuesday.
When you say limits of faster payments, it appears my bank has a limit of £250,000 per Faster Payment. Pretty sure it was only £10K a few years ago.

dosh37

The Lloyds FP limit is only £25K.

When you set up a new payee, the first payment often triggers a security check and you are forced to make a phone call to Lloyds to authorise the payment. It you fail to do so within a certain time period they threaten to freeze your account.

In the past I have had to wait up to 15 mins for someone to answer the phone.

This makes it a real pain to move money between savings accounts via a current account.

savethepandas

Just received this:
 "Dear Customer

We're writing to you because you recently applied for our online fixed rate savings account to 16 December 2022.

Due to unprecedented customer demand the account was closed to any further deposits on 14 October.  This means that we are unable to accept any monies that were received after 12pm on 14 October 2020.

If we received funds before this time, we are still processing these applications and you will receive a welcome letter confirming your account has been opened.

If we were not in receipt of funds before this time, we would like to offer you an alternative fixed rate account with the same interest rate of 1.40% gross, but with an end date of 1 March 2023.

If you would like to take advantage of this offer, you don't need to do anything just yet. We will email you with a personal link next Thursday 22 October which you can use to open the account.

This is an exclusive product, available to you only and will therefore not appear on our website. The link is to be used for the purposes of your personal account opening and should not be posted anywhere publically or passed on to anyone else.

If you are asked to provide ID as part of your application but you have already sent this to us in support of your original application, you will not need to send this in again.

We are extremely busy at the moment so we would kindly ask that you refrain from calling us, unless absolutely necessary. If you do need to contact us, please be patient with us, as our service levels are extending beyond our usual turnaround times. 

Thank you for choosing to save with the Melton.

Yours sincerely

The Savings Team
The Melton Building Society"

Had received by user id, but was waiting for the password to arrive, before doing 20K transfers from Santander.

Very unimpressed with this.

dosh37

savethepandas said:

Just received this:
 "Dear Customer

We're writing to you because you recently applied for our online fixed rate savings account to 16 December 2022.

Due to unprecedented customer demand the account was closed to any further deposits on 14 October.  This means that we are unable to accept any monies that were received after 12pm on 14 October 2020.

If we received funds before this time, we are still processing these applications and you will receive a welcome letter confirming your account has been opened.

If we were not in receipt of funds before this time, we would like to offer you an alternative fixed rate account with the same interest rate of 1.40% gross, but with an end date of 1 March 2023.

If you would like to take advantage of this offer, you don't need to do anything just yet. We will email you with a personal link next Thursday 22 October which you can use to open the account.

This is an exclusive product, available to you only and will therefore not appear on our website. The link is to be used for the purposes of your personal account opening and should not be posted anywhere publically or passed on to anyone else.

If you are asked to provide ID as part of your application but you have already sent this to us in support of your original application, you will not need to send this in again.

We are extremely busy at the moment so we would kindly ask that you refrain from calling us, unless absolutely necessary. If you do need to contact us, please be patient with us, as our service levels are extending beyond our usual turnaround times. 

Thank you for choosing to save with the Melton.

Yours sincerely

The Savings Team
The Melton Building Society"

Had received by user id, but was waiting for the password to arrive, before doing 20K transfers from Santander.

Very unimpressed with this.

Agreed.

Normally when you open a savings account you are told up front that you have a certain amount of time to make the deposit(s).

In this case they are blocking deposit payments after the account has been opened without giving sufficient warning.

I feel like this guy who bought a pork pie and discovered it was empty.

Speculator

savethepandas said:

Just received this:
 "Dear Customer

We're writing to you because you recently applied for our online fixed rate savings account to 16 December 2022.

Due to unprecedented customer demand the account was closed to any further deposits on 14 October.  This means that we are unable to accept any monies that were received after 12pm on 14 October 2020.

If we received funds before this time, we are still processing these applications and you will receive a welcome letter confirming your account has been opened.

If we were not in receipt of funds before this time, we would like to offer you an alternative fixed rate account with the same interest rate of 1.40% gross, but with an end date of 1 March 2023.

If you would like to take advantage of this offer, you don't need to do anything just yet. We will email you with a personal link next Thursday 22 October which you can use to open the account.

This is an exclusive product, available to you only and will therefore not appear on our website. The link is to be used for the purposes of your personal account opening and should not be posted anywhere publically or passed on to anyone else.

If you are asked to provide ID as part of your application but you have already sent this to us in support of your original application, you will not need to send this in again.

We are extremely busy at the moment so we would kindly ask that you refrain from calling us, unless absolutely necessary. If you do need to contact us, please be patient with us, as our service levels are extending beyond our usual turnaround times. 

Thank you for choosing to save with the Melton.

Yours sincerely

The Savings Team
The Melton Building Society"

Had received by user id, but was waiting for the password to arrive, before doing 20K transfers from Santander.

Very unimpressed with this.

The password you create yourself during the account opening process. Then you have to wait for your user ID to come through the post.
I phoned them last Friday before making my first deposit and they gave me my ID over the phone after answering some security questions so I was able to log on straight away.
However, I am still waiting for my verification code to come in the post to verify my nominated bank account.

Thrugelmir

dosh37 said:

savethepandas said:

Just received this:
 "Dear Customer

We're writing to you because you recently applied for our online fixed rate savings account to 16 December 2022.

Due to unprecedented customer demand the account was closed to any further deposits on 14 October.  This means that we are unable to accept any monies that were received after 12pm on 14 October 2020.

If we received funds before this time, we are still processing these applications and you will receive a welcome letter confirming your account has been opened.

If we were not in receipt of funds before this time, we would like to offer you an alternative fixed rate account with the same interest rate of 1.40% gross, but with an end date of 1 March 2023.

If you would like to take advantage of this offer, you don't need to do anything just yet. We will email you with a personal link next Thursday 22 October which you can use to open the account.

This is an exclusive product, available to you only and will therefore not appear on our website. The link is to be used for the purposes of your personal account opening and should not be posted anywhere publically or passed on to anyone else.

If you are asked to provide ID as part of your application but you have already sent this to us in support of your original application, you will not need to send this in again.

We are extremely busy at the moment so we would kindly ask that you refrain from calling us, unless absolutely necessary. If you do need to contact us, please be patient with us, as our service levels are extending beyond our usual turnaround times. 

Thank you for choosing to save with the Melton.

Yours sincerely

The Savings Team
The Melton Building Society"

Had received by user id, but was waiting for the password to arrive, before doing 20K transfers from Santander.

Very unimpressed with this.

Agreed.

Normally when you open a savings account you are told up front that you have a certain amount of time to make the deposit(s).

In this case they are blocking deposit payments after the account has been opened without giving sufficient warning.

I feel like this guy who bought a pork pie and discovered it was empty.

Hardly surprising given the billions flooding out of other savings accounts looking for a home.