The New Top Easy Access Savings Discussion Area

where_are_we

Beware of Monument offering top interest rates and subsequently reducing them to below average rates. They did this with their Flexible cash ISA reducing it from 4.76% to the present 4%. Hardly a premium for having a large minimum balance. 

janusd

where_are_we said:

Beware of Monument offering top interest rates and subsequently reducing them to below average rates. They did this with their Flexible cash ISA reducing it from 4.76% to the present 4%. Hardly a premium for having a large minimum balance. 

so true (went from 4.76 to 4.25% in May and then to 4% in August) - my recollection was that if you have £10k+ in your Cash ISA with them, they waived the £25k minimum balance across their savings accounts - though reading their Cash ISA terms just now, my memory is either mistaken or they've recently change the terms because they seem to want a £25k balance across all savings accounts.

in any event, i've had £10k in their ISA & £40+ in their Limited Access Saver for the last 7 months and they've never asked me to return the combined balance to the £25k minimum (I had £15k in the LAS at opening in May before the rate drops).

intalex said:

CuparLad said:

Monument Bank EA Boosted Rate increased to 4.51% (inc 0.74% fixed boost to 01/12/26)

Available to new clients only. Min £25K for rate.

Anyone know if there is a time limit for the minimum required £25k to be deposited after which the account might expire/close, or is it simply a case that there is no time limit for deposits to reach £25k but that the published rate only kicks in when £25k is hit?

when I opened their Limited Access Saver, it says you have 14 days to make the first deposit - though it makes no mention of that initial deposit needing to make the combined balance of £25k.

I think it's more a case that the combined balance of your savings accounts should meet the £25k minimum - if it doesn't, then in theory they'll ask you to meet that minimum and subsequently if you don't, they'll give a couple of months notice to close the account.

if it helps, i'm receiving monthly interest on both my Cash ISA (£35) and LAS (15p!) - so it's not the case of interest only kicking in when the combined balance hits £25k.

that said, personally I wouldn't just open it and leave it with a £1 balance, Monument would likely expect it to have a significant balance at some point (or at least be heading in that direction) and react accordingly if it doesn't.

CuparLad

Interesting that West Brom have increased their interest rate on an already issued account (thanks to @soulsaver for alterting me to the change). Since it's available to all, they didn't necessarily need to beat Monument. Not that I'm complaining mind you! 

happybagger

West Brom have form with this - they increased their Four Access Saver from 4.4 to 4.65% a while after launch, to get to the top of the table at that time.
I opened it at 4.4% and they never said about the increase - I found out on here and checked my online account. Only been reduced since following the base rate cut.