The Old Regular Savers Discussion Thread 28/12/24-29/1/26

Slinky

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

mon3ysav3r

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Good timing I just received a letter from them with this info, their instructions say:

Select Business account - even though you're paying into your account, you're paying it to MBS first

Account Name use "Monmouthshire Building Society"

Sort code 40 05 30 - will show as HSBC

Account Number 14576608

Payment Reference - your MBS savings account number

EDIT - Apparently their letter contradicts what their information online says, perhaps both methods work

flaneurs_lobster

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Personal.   

Standing Orders and Electronic Transfer
 
To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Your full name (the account holder)

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

masonic

If you give it a day, you should get a Confirmation of Payee match on your name. I have no idea why they'd still be sending out letters saying people should use business and MBS as the account name.

flaneurs_lobster

Oh brilliant, their letter contradicts what's on their website.

Well, one of them (or more likely both) will work.

clowning

I used personal when I opened and funded mine last week. I can confirm the funds arrived safely

clairec666

mon3ysav3r said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Good timing I just received a letter from them with this info, their instructions say:

Select Business account - even though you're paying into your account, you're paying it to MBS first

Account Name use "Monmouthshire Building Society"

Sort code 40 05 30 - will show as HSBC

Account Number 14576608

Payment Reference - your MBS savings account number

flaneurs_lobster said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Personal.   

Standing Orders and Electronic Transfer
 
To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Your full name (the account holder)

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

Contradictory advice here - not just whether to use "Business" or "Personal", but also whether to us your own name or "Monmouthshire Building Society" as the account name.

Confused_Dog

Kim_13 said:

If Coventry cut the Sunny Day Saver at this point, it will be a new level of stinginess. The accounts begin maturing in little more than three weeks and it was on sale for less than a month. So very little gain for them when factoring in the notice period and the admin taken to communicate a rate drop.

Another Coventry account to watch for cuts, which would be very miserly, is the Loyalty Seasonal Saver which was on the market before Christmas and which many savers would have signed up to in order to build a Christmas pot with a bit extra.  The earliest anyone cam make a withdrawal without penalty according to the terms is the 1st November 2025.  

If Coventry Building Society do implement  a rate cut on this and not remove the 1st November restriction it will feel like Ebeneezer Scrooge has come early to Coventry this year.

Aidanmc

If Coventry BS reduce the interest rate of the Loyalty RS (currently 5%) will i be able to close it penalty free?

masonic

clairec666 said:

mon3ysav3r said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Good timing I just received a letter from them with this info, their instructions say:

Select Business account - even though you're paying into your account, you're paying it to MBS first

Account Name use "Monmouthshire Building Society"

Sort code 40 05 30 - will show as HSBC

Account Number 14576608

Payment Reference - your MBS savings account number

flaneurs_lobster said:

Slinky said:

Sorry to ask, I'm a bit late to set up a new Monmouth account. I'm about to try to fund it, do I set it up as a Personal or Business account from my funding account please?

Personal.   

Standing Orders and Electronic Transfer
 
To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Your full name (the account holder)

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

Contradictory advice here - not just whether to use "Business" or "Personal", but also whether to us your own name or "Monmouthshire Building Society" as the account name.

The letter obviously hasn't caught up with the PSR's mandatory rollout of Confirmation of Payee to savings accounts identified by roll number. I doubt a match would now be obtained following the letter's advice.