Maturing Monmouthshire Regular Saver

Gers

surreysaver said:

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

Perhaps you need to wait a couple of days? Don't know though.

I was able to choose my maturity instruction, was offered either an external transfer to my nominated bank account or transfer to another MBS account.

pafpcg

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.

I wouldn't call it "rather easy"!

I too raised this issue with Monmouthshire via a secure message and got a response which was basically "use the form with your maturity letter and don't forget to send proof of your bank account"!

As suggested by arsenalboy and gers, I've set-up a transfer on the maturity date to go to my nominated bank account by Faster Payments but it's limited to just the £3000 current balance - I'll have to request another transfer for the £27 of interest on the day of maturity (less a pound to keep the Easy Saver account open in case of further accounts such as the new Existing-Members Regular Saver @ 1.52%!). 

Note:  It's possible that the "Transfer" button on the maturing account isn't visible for everyone.  It was there for me when I set-up the transfer on my account, but when we tried to do it on my partner's account (with the same maturity date), it just wasn't there.  After a secure message, the "Transfer" button appeared a couple of days later.

arsenalboy

If you put the maturity date as the transfer date, I was told interest would be added to the 3000.

arsenalboy

pafpcg said:

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.

I wouldn't call it "rather easy"!

It is easier than returning a form with the passbook or receiving a cheque?

pafpcg

arsenalboy said:

If you put the maturity date as the transfer date, I was told interest would be added to the 3000.

It would appear to be so.  When I tried to transfer some of the interest as an additional transaction today, it displayed the original request (for a transfer of £3000) to be for the full balance (£3027.43).  I'm unimpressed by Monmouthshire's performance - changing the amount without warning is a red flag: I had intended to keep a nominal sum from the matured account in the new Easy Saver account, now the balance will go to zero and presumably close the Easy Saver.  Combined with the delay in despatch of funds over a weekend plus Monday's public holiday, I'm not a happy bunny!

Note to self for future Monmouthshire regular savers: 
 - be careful about opening and depositing funds to ensure that the maturity date does not fall on a weekend/public holiday (or a Friday to be paranoid).
 - only request funds for transfer on a working day.

arsenalboy said:

pafpcg said:

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.

I wouldn't call it "rather easy"!

It is easier than returning a form with the passbook or receiving a cheque?

Having to complete forms and post them with the passbook, is what I'd classify as "difficult".  So, yes, it is easier using the online transfer process, but not as easy as having an online maturity process that allows all options and works as expected.  (See above.)

kaMelo

Maybe I'm missing something but if you have online access to the account, surely the easiest way is to just let the regular saver mature and become an easy saver. Then transfer whatever amount you wish to the linked account. No form filling, no proof of account ownership or anything else.
It may lose a couple of days interest but compared to all the faff mentioned here it seems the easiest way.
Also keeping the easy saver means being eligible for any future offers like the existing members regular saver.

Fingerbobs

Can I just ask what sort of maturity dates people who have received maturity instructions letters from Monmouth have please?

Reason I ask is that mine matures in just over two weeks from today, and I have heard nothing from them.

arsenalboy

My letter was dated 17th Aug for maturity 4th Sept. Cant remember when letter was received but it wasnt long after the 17th.

veryintrigued

Am I really reading that people are opening accounts with cheques for proof or funding and then the same members have to prove (with more, cancelled, cheques) that the maturing fund destination accounts are theirs?

The more I deal with MBS the more I wince.

kaMelo

To give a comparison Monmouthshire BS has assets of £1.3 Billion, Skipton BS has assets of £26.5 Billion and Nationwide £250 Billion.
Monmouth BS is just a small building society, it operates just like building societies used to do. Larger societies can dilute the cost of online platform development much wider. Monmouth, I assume, purchase the online platform from a third party as I've come across the same system, albeit branded accordingly, at other places too. All of them offer online access but with limited functionality although they all allow online withdrawals to a nominated account. As these are savings accounts I'm happy with that level of functionality.

Personally I don't mind the old fashioned way they do things, they still sent a passbook with the recent members regular saver application for example, even if it means some extra steps that I have to take. As long as they keep offering better rates rather than spend the money on increased admin costs or fancy websites.