The New Top Easy Access Savings Discussion Area

Scoobyd10

Any users of Monument here and happy to vouch for them? Got some money sat with Atom at 3.75% and thinking of shifting it across to Monument at 4.51% if feedback is positive. Thanks! 

caveman38

DRS1 said:

happybagger said:

dosh37 said:

Born2Save_3 said:

savethepandas said:

Born2Save_3 said:

 West Brom BS Triple Access Saver (Issue 1) 

After applying for this account how many days have you waited before hearing anything and/or the account being opened ?

I applied early yesterday and to be fair to WBBS they stated at the start of the process that it may take 3 to 5 working days due to the number of applications.

West Brom BS

Four Access in July 
Applied 14:59 20th July (Sunday), open 16:39 21st July

Triple Access in November
Applied 15:00 Tuesday, open 11:33 today

But you got one !

When an account is good, I go for it no matter what the time, if I can; that's why I applied at 3:30am, when I got the feeling it might not be there for long.  And it was opened yesterday after the NLA announcement came out, adding extra excitement.

Question now is how will the rate stand over the next few months ? Currently, I still have a Cahoot Simple Saver paying 4.55%A. With Ulster and West Brom as backups. But how is the rate shake down going to pan out.

The West Brom Triple Access Saver Iss 1 (4.55%) expires after 1 year.

I already had an existing Four Access Saver Iss 2 (4.4%). That has no expiry date.

Hence I decided to leave some cash in the Four Access Saver rather than transfer the entire balance and close the account.

That way I have the option to move the cash back after 1 year (or earlier if the Triple Access rate drops below the Four Access rate).

Four Access Saver Issue 2 has a maturity date of 31 May 2026

Yes and issue 4 (4.28%) expires on the same day as the Triple Access Saver (31/01/27).  What we really need is a Four Access Saver issue 5.

Perhaps a silly question, but. If these accounts are not fixed rate bonds,  how do they have maturity dates?

refluxer

caveman38 said:

Perhaps a silly question, but. If these accounts are not fixed rate bonds,  how do they have maturity dates?

It's not uncommon for certain types of easy access savings accounts (eg. some Limited/Special Edition accounts or restricted access accounts) to have expiry dates - you'll often only be able to hold the account for a year before it reverts to a standard EA account, usually on a much lower rate.

Nationwide's Triple Access Saver, for example, is one that lasts for a year before it reverts to a standard EA account.

DRS1

and I had a Skipton Base Rate Tracker which matured on Saturday (so you couldn't actually do anything with it until today!).

Other accounts have a bonus rate which only lasts for a year - so they don't mature as such they just start paying a lower rate of interest.  Somehow I feel the ones that mature are more above board than those accounts.

Mrs_Trellis_of_North_Wales

Scoobyd10 said:

Any users of Monument here and happy to vouch for them? Got some money sat with Atom at 3.75% and thinking of shifting it across to Monument at 4.51% if feedback is positive. Thanks! 

I've had four different Monument accounts over the last 2+ years, and never had any problems at all. The app is simple and quick. I don't have any funds with them at the moment because the rates for existing customers are not competitive now, but if you want that 4.51% as a new customer then I wouldn't hesitate for a second.

intalex

DRS1 said:

and I had a Skipton Base Rate Tracker which matured on Saturday (so you couldn't actually do anything with it until today!).

I got (an empty) one of these maturing this weekend, when you say you couldn't do anything with it until after maturity, did you mean you couldn't close it?

Bridlington1

intalex said:

DRS1 said:

and I had a Skipton Base Rate Tracker which matured on Saturday (so you couldn't actually do anything with it until today!).

I got (an empty) one of these maturing this weekend, when you say you couldn't do anything with it until after maturity, did you mean you couldn't close it?

In my experience Skipton don't allow withdrawals/closure on non-working days, if you do try to close the account over the weekend it's processed on the next working day.

I've never actually had a Skipton account mature over the weekend as I've either timed the maturity date to be a working day or closed the account early but could imagine weekend maturities would leave money stuck in limbo until after the weekend.

BooJewels

I recently had a Skipton BRT mature - they sent me maturity options about a month before and I went onto the web site and selected my requirements and when it did mature, by the time I got up the following morning, the funds, including final interest, were in my chosen nominated current account (to move elsewhere) the account was closed.

It happened to be a weekday, but had it been over a weekend, I would have expected it to happen on the Monday.
@DRS1 - did you not arrange your maturity options in advance?

Silverbullet036

Scoobyd10 said:

Any users of Monument here and happy to vouch for them? Got some money sat with Atom at 3.75% and thinking of shifting it across to Monument at 4.51% if feedback is positive. Thanks! 

Also a thumbs up from me for Monument. App is excellent and any contact I have had with customer service has been quick and efficient. My wife and I both use them and she's very happy aswell

DRS1

BooJewels said:

I recently had a Skipton BRT mature - they sent me maturity options about a month before and I went onto the web site and selected my requirements and when it did mature, by the time I got up the following morning, the funds, including final interest, were in my chosen nominated current account (to move elsewhere) the account was closed.

It happened to be a weekday, but had it been over a weekend, I would have expected it to happen on the Monday.
@DRS1 - did you not arrange your maturity options in advance?

As it happens I did not.  I had a maturity of a bond with Skipton earlier in the month and following the maturity options then showed me that I could not spread the proceeds across multiple existing Skipton accounts.  New accounts yes but existing ones no.  So I figured I would wait until after maturity to spread the Base Rate Tracker around.  I didn't twig that it matured on a Saturday night.