Maturing Monmouthshire Regular Saver

Gers

The maturity letter for this account has just arrived, the processes seem rather confusing.

1) use the QR code to either close the account or move monies to a different account with Monmouthshire.  Great, but closing the account means that a cheque will be sent.

2) Complete the 'Your Bonds Maturity Options' form, if the funds are to be sent elsewhere then an original or certified copy of the receiving bank statement is required.

3) If no maturity instructions are received then the balance will be transferred into the Easy Saver account - this account will provide instant access to the matured funds.

Options one and two are so annoying in different ways.  I loved the idea of a QR code for maturity but then having to wait for a cheque to be sent and then cashed negates any advantage.  Same with option two - all my accounts are paperless. Surely I have 'proof of account' from sending regular sums each month from my nominated current account?

Anyway, I will just sit it out, wait for the funds to go into an 'instant' access account.  Another waste of paper too, all this could have been emailed out.

veryintrigued

Their online systems and letters are always 'clunky'.

Even when you have a nominated account showing on your online account they send you the letter insisting on the proof of account!

Their accounts also indicate that the next payment of interest is months after maturity.

1882

I was confuddled by the letter too!

veryintrigued

I agree JR48.

Like you I've similar products with similarly small institutions and the others seem to be getting better in their efficiency and systems.

Monmouthshire seem to be regressing in their recent iterations.

Shame really 

veryintrigued

JamesRobinson48 said:

I have a Scottish BS RS (1.35%) also about to mature. On past form, I imagine the money may take a couple of working days to come through after maturity date. It's a shame that Scottish BS doesn't seem to be offering any continuation or replacement RS product just now. 

This lot 'lost' my passport for two weeks for the ID check and then didn't ever advise me of the interest rate drop (due to, I assume, being on the threshold of opening the RS before it became unavailable).

I didnt bother complaining but they're on 'my list' of incompetent institutions.

Gers

I've now used the QR and code to specify moving the monies into an easy access saver so at least I can move the funds out quickly, or at least I hope I can.  My other RS with them matures in October.

Got this email in response:

Your Savings Re-investment

 Thank you for your continued loyalty to the Society. We are delighted that you have chosen to re-invest with us.

You can keep the same account number and continue to use your current passbook/transaction card for your new product. Here are the details of your new savings product:

Product Name: Easy Saver- Issue 1

 Amount Re-invested: £3,024.78

 Interest Rate: 0.10% AER/Gross

 Withdrawals Allowed: Yes

 Additional Deposits Allowed: Yes

 AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.

What Happens Next?

 Now that you have selected your new product, you will be automatically switched onto your new savings product on 10th September 2021. Once your instruction has been processed, we will issue you with written confirmation to the address we hold on file.

 Please be aware that we may contact you via telephone or email if we require any further information from you regarding your maturity selection.

 If you have any questions about your savings account, you can contact us here.

 

So, they are going to write to me again! Their adherence to so much paper based processes is a challenge.  When I opened an Easy Saver recently I received six leaflets / pieces of information, all now in the recycling bag - such a waste.

My Scottish BS account runs to November, I agree that it's a shame that they have no new products.

Gers

veryintrigued said:

JamesRobinson48 said:

I have a Scottish BS RS (1.35%) also about to mature. On past form, I imagine the money may take a couple of working days to come through after maturity date. It's a shame that Scottish BS doesn't seem to be offering any continuation or replacement RS product just now. 

This lot 'lost' my passport for two weeks for the ID check and then didn't ever advise me of the interest rate drop (due to, I assume, being on the threshold of opening the RS before it became unavailable).

I didnt bother complaining but they're on 'my list' of incompetent institutions.

Oh...I found them very efficient and professional and would happily re-invest if it were possible.  The staff were also very friendly, mind you I also find that the majority of the smaller BS's have really friendly staff. 

Gers

veryintrigued said:

Their online systems and letters are always 'clunky'.

Even when you have a nominated account showing on your online account they send you the letter insisting on the proof of account!

Their accounts also indicate that the next payment of interest is months after maturity.

My next interest payment is showing as March 2022!

arsenalboy

If you have registered for online all is not lost, in fact rather easy!

I raised maturity issues on the reg saver thread last week. Since then I have contacted Monmouth and discovered the following.

When I registered for online access, some time ago, I gave my nominated external account.

Log on and click "transfer" which should be shown against the maturing account. This gives you options to receive funds electronically on maturity. No cheque or having to send in passbook.

The "transfer" option only appeared within 10 days of maturity and not before.

Hope this helps.

surreysaver

arsenalboy said:

If you have registered for online all is not lost, in fact rather easy!

I raised maturity issues on the reg saver thread last week. Since then I have contacted Monmouth and discovered the following.

When I registered for online access, some time ago, I gave my nominated external account.

Log on and click "transfer" which should be shown against the maturing account. This gives you options to receive funds electronically on maturity. No cheque or having to send in passbook.

The "transfer" option only appeared within 10 days of maturity and not before.

Hope this helps.

It allows me to choose the date of the transfer, but it doesn't seem to have a choice to provide a maturity instruction

Gers

arsenalboy said:

If you have registered for online all is not lost, in fact rather easy!

I raised maturity issues on the reg saver thread last week. Since then I have contacted Monmouth and discovered the following.

When I registered for online access, some time ago, I gave my nominated external account.

Log on and click "transfer" which should be shown against the maturing account. This gives you options to receive funds electronically on maturity. No cheque or having to send in passbook.

The "transfer" option only appeared within 10 days of maturity and not before.

Hope this helps.

That was really helpful - many thanks!  I've done that and requested transfer to my external nominated bank account.  I couldn't add in the interest, just the £3k but can go back in later to transfer it out.

Why that method is not made offered in the convoluted letter is anybody's guess.