Monument easy access savings account

realitybites

I am hoping someone can give me a little reassurance. I am looking to open the above account and am hoping I can just draw the interest out each month but still have access to the funds at short notice as and when as we are looking to buy a house and just want to get our money to work for us. Have read through most of the jargon but the amount of scams going on we are a little hesitant to commit. Also, we have downloaded the bank app from the play site using a QR code, is this safe? Many thanks

jbrassy

I have a Monument easy access saver. I can confirm you can withdraw an unlimited number of times with no charge. The app is safe if you download from the Google Play store or the Apple App store. It's all legit.

PRAISETHESUN

Very good that you are doing your due diligence! I don't have any direct experience with Monument myself, but they appear legitimate. I also don't think they would appear on the MSE best buy list if they weren't. Either way, you can check their status on the FSCS website yourself: https://www.fscs.org.uk/check/check-your-money-is-protected/

I can't comment on any withdrawal restrictions or the timeliness of how they respond to withdrawal requests, but if the terms say it's easy access then I don't see why there would be any issues. As for the app, as long as you download it from your official app store using the links provided on their website then you'll be okay. 

Malchester

Have had Monument accounts in the past and found them good. Deposits and withdrawals via open banking were swift. Only reason I stopped was not being keen on app only accounts. Would use them again no problem if they offered online as well as app. I use Wealthify (among others) who are similar to Monument but have online and app access but a lower interest rate 

Eyeful

To avoid company clones & scams you could do the following.

1. To find ALL CORRECT contact details for the company of interest.
Type the company name into the FCA register:   https://register.fca.org.uk/s/
Example
Monument Bank Limited
Firm Reference Number (FRN): 849724
Website: https://www.monument.co/
Make sure you down load their app via this correct registered website, to avoid any company clones.

2. To check your money is covered by the FSCS Savings Protection. 
Type in the FRN into the FSCS checker below:
https://www.fscs.org.uk/check/check-your-money-is-protected/
Example: Monument Bank Limited
Is protected up to £85000

3. Suggest you book mark both above registers for future use.

realitybites

Thank you all.

realitybites

I think this is a stupid question but being my middle name. Do they send a debit card to you and you withdraw from a cashtill the same as you would a high street bank?

realitybites

Also, I am not up to speed on how an account works. It says 4.81% is the interest rate and the first 20k would be tax free as part of an ISA I think. If I were to put in say, 50k does the interest rate then drop on the next 30k per annum.

realitybites

Another banking question if someone can help. I am with Barclays and want to transfer from my Everyday Saver into the Monument bank account. I can only see the pay option as it will only allow me to transfer between my current and everyday saver account. I can see the pay now tab, is that the most effective way to transfer the money. When I say effective I mean without having to pay any fees, many thanks

realitybites

Phoned Barclays to clarify and got it sorted out. Many thanks to all who replied

PRAISETHESUN

realitybites said:

I think this is a stupid question but being my middle name. Do they send a debit card to you and you withdraw from a cashtill the same as you would a high street bank?

Can't comment

realitybites said:

Also, I am not up to speed on how an account works. It says 4.81% is the interest rate and the first 20k would be tax free as part of an ISA I think. If I were to put in say, 50k does the interest rate then drop on the next 30k per annum.

See below for info on how ISAs work. DO NOT deposit more than £20k each tax year (April to April) or else you will get into trouble with HMRC! The key advantage of ISA savings is that they do not get taxed, but remember you get the first £1000 of interest tax free every year anyway (potentially more if you are a low earner) so the advantages might be limited.

https://www.moneysavingexpert.com/savings/isa-guide-savings-without-tax

realitybites said:

Another banking question if someone can help. I am with Barclays and want to transfer from my Everyday Saver into the Monument bank account. I can only see the pay option as it will only allow me to transfer between my current and everyday saver account. I can see the pay now tab, is that the most effective way to transfer the money. When I say effective I mean without having to pay any fees, many thanks

Correct. You need to transfer your savings balance manually. You withdraw it from your Barclays savings account into your Barclays current account, and then you send it from your Barclays current account to your Monument account. There shouldn't be any fees, but check with Barclays to confirm.