Any experience with Chetwood bank? or Monument

knoxy26

Hi all,
I'm just wondering if anyone has any experience with Chetwood bank or Monument and whether or not you would recommend them? I cant seem to find much about them online at all.

I need to split some money between a couple of savings accounts.

The others I have been considering are Vanquis, Oxbury, OakNorth and Atom.

Thanks!

Beddie

Yes, they all work fine and are FSCS protected.

refluxer

I can't comment on Chetwood or Monument, but I've opened a variety of different accounts between three of the others you mentioned (Oxbury, OakNorth and Atom) and haven't had a single issue with any of them. 

Atom in particular are really slick although it's worth noting that they are an app-only bank, so you need to ensure that you have a reasonably up-to-date smartphone to maintain access to their app. At the moment, their app supports the latest versions of Android and iOS and the two preceding versions.

mebu60

Opened and funded Chetwood EA last week, all straightforward and quick. 

Bigwheels1111

Atom are very good, I've had 3 savings accounts with them in the last 4 years.

Chetwood bank links to Smartsave, not used them.

https://moneyfactscompare.co.uk/savings-accounts/1-year-fixed-rate-bonds/

Just remember 85K is protected only, So if you put 85K in for 1 year @ 5% Union bank of India.

85K + interest £4250.00 = £89,250.

Risking £4250.

So only put 80K in any account with annual interest paid away.

Well that's just my thoughts.

What is your income, ie tax rate 20%.

Below £12,570 or above £18,570.

Are you keeping an emergency fund back.

What about an isa, regular savers, I have 15.

My emergency fund fills the regular savers every month.

knoxy26

Thanks so much for all your really helpful responses/
@Bigwheels1111 I would be taxed at 20% and have maxed ISA and have an emergency fund too!

Bigwheels1111

knoxy26 said:

Thanks so much for all your really helpful responses/
@Bigwheels1111 I would be taxed at 20% and have maxed ISA and have an emergency fund too!

You are welcome.

Now it's just getting the best rate for the term then.

If you get over 10K in interest you will need to file a self assessment return.

Takes longer to register than to fill out.

mhurley12

I opened a chetwood bank easy access savings account and received the account details ams paying on instructions. I was very nervous as the instructions advised to pay in using a Barclays bank account stating my chetwood account in the reference. I contacted nationwide,  my current account provider to check if everything was OK, I also checked with the Financial Services Compensation Scheme and all looked good. 3 days ago I paid £100 into tyne account. The deposit is still not showing. I messaged chetwood bank using their account messaging facility by have had no response. 
What do i do now? 
I suspect this bank, whilst looking legit, is a scam please help

mebu60

mhurley12 said:

I opened a chetwood bank easy access savings account and received the account details ams paying on instructions. I was very nervous as the instructions advised to pay in using a Barclays bank account stating my chetwood account in the reference. I contacted nationwide,  my current account provider to check if everything was OK, I also checked with the Financial Services Compensation Scheme and all looked good. 3 days ago I paid £100 into tyne account. The deposit is still not showing. I messaged chetwood bank using their account messaging facility by have had no response. 
What do i do now? 
I suspect this bank, whilst looking legit, is a scam please help

It would be a most elaborate scam! I would suggest triple checking the sort code and account number you used for Chetwood and your account reference that you used in the payment reference field then ringing Chetwood.  

poseidon1

mhurley12 said:

I opened a chetwood bank easy access savings account and received the account details ams paying on instructions. I was very nervous as the instructions advised to pay in using a Barclays bank account stating my chetwood account in the reference. I contacted nationwide,  my current account provider to check if everything was OK, I also checked with the Financial Services Compensation Scheme and all looked good. 3 days ago I paid £100 into tyne account. The deposit is still not showing. I messaged chetwood bank using their account messaging facility by have had no response. 
What do i do now? 
I suspect this bank, whilst looking legit, is a scam please help

Chetwood are indeed legit. Like yourself i credited the account with an intial £100 'test ' amount via faster payments which arrived same day in the account. Thereafter I topped  it up with more substantial amounts which again went through smoothly.

You should make sure you had followed Chetwood's instructions to the letter, and that when you set them up as a payee your bank auto systems did recognise them ( they should show in your list of payees as Chetwood Bank). Finally you should make sure you had correctly quoted the personal reference number Chetwood emailled you for your account, otherwise your transfer will sit in pending.

My only issue with Chetwood is alhough they do credit interest on a monthly basis, they don't have a system to automatically pay it out. I have to remember to log in from time to time to manually pay out the interest myself. A little tedious but it was not a deal breaker.

auser99

Yes, very similar experience to @poseidon1 above.

Money is confirmed into your Chetwood account within 2 hours. 
So if it's not showing there's either a problem at your other bank's end, or you've not entered the right details