The Top Regular Savers Discussion Thread

SJMALBA

Bridlington1 said:

I attempted to make a withdrawal of £3450 from my Monmouthshire BS Exclusive RS Issue 2 which would've taken the balance down to £50 and received this message in response:

Dear Bridlington1
Thank you for your on-line transaction request. Unfortunately, this transaction has been declined for the following reason: Under the terms and conditions of the Exclusive Regular Saver Issue 2 no withdrawals are allowed for the 12 month term.
Kind regards

I've sent them a message in response quoting the Ts&Cs in relation to being able to withdraw funds or close the account if they decide to reduce the interest rate so shall see what they say in response. 

As far as I can see, the specific Ts & Cs for this account do not allow withdrawals or early closure:





The general RS Ts & Cs allow such things, but, presumably, the specific Ts & Cs trump those, in respect of the Exclusive RS iss. 2?



EDIT: Addition of opening section from Mon BS general RS Ts & Cs

ForumUser7

SJMALBA said:

Bridlington1 said:

I attempted to make a withdrawal of £3450 from my Monmouthshire BS Exclusive RS Issue 2 which would've taken the balance down to £50 and received this message in response:

Dear Bridlington1
Thank you for your on-line transaction request. Unfortunately, this transaction has been declined for the following reason: Under the terms and conditions of the Exclusive Regular Saver Issue 2 no withdrawals are allowed for the 12 month term.
Kind regards

I've sent them a message in response quoting the Ts&Cs in relation to being able to withdraw funds or close the account if they decide to reduce the interest rate so shall see what they say in response. 

As far as I can see, the specific Ts & Cs for this account do not allow withdrawals or early closure:




The general RS Ts & Cs allow such things, but, presumably, the specific Ts & Cs trump those, in respect of the Exclusive RS iss. 2?

I’m not convinced. I think @bridlington1 is correct in expecting withdrawal (or closure) to be permitted in the case of a rate decrease - curious to see how Mon BS respond.

SJMALBA

ForumUser7 said:

SJMALBA said:

Bridlington1 said:

I attempted to make a withdrawal of £3450 from my Monmouthshire BS Exclusive RS Issue 2 which would've taken the balance down to £50 and received this message in response:

Dear Bridlington1
Thank you for your on-line transaction request. Unfortunately, this transaction has been declined for the following reason: Under the terms and conditions of the Exclusive Regular Saver Issue 2 no withdrawals are allowed for the 12 month term.
Kind regards

I've sent them a message in response quoting the Ts&Cs in relation to being able to withdraw funds or close the account if they decide to reduce the interest rate so shall see what they say in response. 

As far as I can see, the specific Ts & Cs for this account do not allow withdrawals or early closure:




The general RS Ts & Cs allow such things, but, presumably, the specific Ts & Cs trump those, in respect of the Exclusive RS iss. 2?

I’m not convinced. I think @bridlington1 is correct in expecting withdrawal (or closure) to be permitted in the case of a rate decrease - curious to see how Mon BS respond.

The general RS Ts & Cs state:

Closure

Closure of your Regular Saver account is allowed at any time without notice or penalty.

and

If we lower the interest rate, we’ll let you know 30 days before the change happens, using letter, email, or

whichever method you advised is best for you. If you’re not happy about the change, you can close your

account or move the money to another one. If you do this within the 30 days, you won’t have to pay any

charges or lose any interest. We’ll assume you’re happy with the change unless you tell us otherwise.

The product specific Ts & Cs gives neither option (and goes further by stating that it cannot be closed for a 12 month term), and my reading of the opening to the general terms (now quoted as an edit in my original post) is that they trump the general terms?

happybagger

I think you'll be permitted to close the account completely, but not make a partial withdrawal

Stargunner

Bridlington1 said:

I attempted to make a withdrawal of £3450 from my Monmouthshire BS Exclusive RS Issue 2 which would've taken the balance down to £50 and received this message in response:

Dear Bridlington1
Thank you for your on-line transaction request. Unfortunately, this transaction has been declined for the following reason: Under the terms and conditions of the Exclusive Regular Saver Issue 2 no withdrawals are allowed for the 12 month term.
Kind regards

I've sent them a message in response quoting the Ts&Cs in relation to being able to withdraw funds or close the account if they decide to reduce the interest rate so shall see what they say in response. 

I had the same RS. Last Thursday evening I sent them a secure message from their website advising them that due to the interest rate reduction notification, that I would like to close the account. I received my £3500 plus £63.53 interest into my bank the next day.

masonic

SJMALBA said:

The product specific Ts & Cs gives neither option (and goes further by stating that it cannot be closed for a 12 month term), and my reading of the opening to the general terms (now quoted as an edit in my original post) is that they trump the general terms?

They could trump the general terms, but cannot trump the law. Without allowing the consumer to dissolve the contract penalty free, this is a unilateral change, which is not being made as a result of a reason specified in the contract (such as linking to base rate). Such a change would automatically be considered unfair under the Consumer Rights Act 2015 and therefore the rate reduction would be unenforceable.

Section62

SJMALBA said:

ForumUser7 said:

SJMALBA said:

Bridlington1 said:

I attempted to make a withdrawal of £3450 from my Monmouthshire BS Exclusive RS Issue 2 which would've taken the balance down to £50 and received this message in response:

Dear Bridlington1
Thank you for your on-line transaction request. Unfortunately, this transaction has been declined for the following reason: Under the terms and conditions of the Exclusive Regular Saver Issue 2 no withdrawals are allowed for the 12 month term.
Kind regards

I've sent them a message in response quoting the Ts&Cs in relation to being able to withdraw funds or close the account if they decide to reduce the interest rate so shall see what they say in response. 

As far as I can see, the specific Ts & Cs for this account do not allow withdrawals or early closure:




The general RS Ts & Cs allow such things, but, presumably, the specific Ts & Cs trump those, in respect of the Exclusive RS iss. 2?

I’m not convinced. I think @bridlington1 is correct in expecting withdrawal (or closure) to be permitted in the case of a rate decrease - curious to see how Mon BS respond.

The general RS Ts & Cs state:

Closure

Closure of your Regular Saver account is allowed at any time without notice or penalty.

and

If we lower the interest rate, we’ll let you know 30 days before the change happens, using letter, email, or

whichever method you advised is best for you. If you’re not happy about the change, you can close your

account or move the money to another one. If you do this within the 30 days, you won’t have to pay any

charges or lose any interest. We’ll assume you’re happy with the change unless you tell us otherwise.

The product specific Ts & Cs gives neither option (and goes further by stating that it cannot be closed for a 12 month term), and my reading of the opening to the general terms (now quoted as an edit in my original post) is that they trump the general terms?

Monmouth

I'd suggest "...this is in line with our General Terms and Conditions for Savings Accounts." from the product specific T&C's arguably has the effect of invoking (rather than trumping) the relevant clause of the general T&C's.

Either way, it isn't wholly clear, and since the change in interest rates by Monmouth is detrimental to customers I think they should be willing to allow the T&C's to be interpreted in the way Bridlington1 has.

Hopefully they will see sense.  But if not, perhaps a complaint referencing the FCA handbook (Fair, clear and not misleading communications) might be in order, since the fact this conversation is taking place points towards the T&C's failing that test.

alfred64

The West Brom would not allow a 13th payment into the regular saver. But I am looking forward to later this month when I will be able to open another @ 6%..

SJMALBA

Section62 said:

SJMALBA said:

ForumUser7 said:

SJMALBA said:

Bridlington1 said:

I attempted to make a withdrawal of £3450 from my Monmouthshire BS Exclusive RS Issue 2 which would've taken the balance down to £50 and received this message in response:

Dear Bridlington1
Thank you for your on-line transaction request. Unfortunately, this transaction has been declined for the following reason: Under the terms and conditions of the Exclusive Regular Saver Issue 2 no withdrawals are allowed for the 12 month term.
Kind regards

I've sent them a message in response quoting the Ts&Cs in relation to being able to withdraw funds or close the account if they decide to reduce the interest rate so shall see what they say in response. 

As far as I can see, the specific Ts & Cs for this account do not allow withdrawals or early closure:




The general RS Ts & Cs allow such things, but, presumably, the specific Ts & Cs trump those, in respect of the Exclusive RS iss. 2?

I’m not convinced. I think @bridlington1 is correct in expecting withdrawal (or closure) to be permitted in the case of a rate decrease - curious to see how Mon BS respond.

The general RS Ts & Cs state:

Closure

Closure of your Regular Saver account is allowed at any time without notice or penalty.

and

If we lower the interest rate, we’ll let you know 30 days before the change happens, using letter, email, or

whichever method you advised is best for you. If you’re not happy about the change, you can close your

account or move the money to another one. If you do this within the 30 days, you won’t have to pay any

charges or lose any interest. We’ll assume you’re happy with the change unless you tell us otherwise.

The product specific Ts & Cs gives neither option (and goes further by stating that it cannot be closed for a 12 month term), and my reading of the opening to the general terms (now quoted as an edit in my original post) is that they trump the general terms?

Monmouth

I'd suggest "...this is in line with our General Terms and Conditions for Savings Accounts." from the product specific T&C's arguably has the effect of invoking (rather than trumping) the relevant clause of the general T&C's.

Either way, it isn't wholly clear, and since the change in interest rates by Monmouth is detrimental to customers I think they should be willing to allow the T&C's to be interpreted in the way Bridlington1 has.

Hopefully they will see sense.  But if not, perhaps a complaint referencing the FCA handbook (Fair, clear and not misleading communications) might be in order, since the fact this conversation is taking place points towards the T&C's failing that test.

Indeed. Not the first time that a Bank's/Building Society's Ts & Cs are potentially ambiguous...

While I'm not looking to withdraw or close, fingers crossed for a satisfactory outcome for those who are.

PowerSavingMode

Section62 said:

SJMALBA said:

ForumUser7 said:

SJMALBA said:

Bridlington1 said:

I attempted to make a withdrawal of £3450 from my Monmouthshire BS Exclusive RS Issue 2 which would've taken the balance down to £50 and received this message in response:

Dear Bridlington1
Thank you for your on-line transaction request. Unfortunately, this transaction has been declined for the following reason: Under the terms and conditions of the Exclusive Regular Saver Issue 2 no withdrawals are allowed for the 12 month term.
Kind regards

I've sent them a message in response quoting the Ts&Cs in relation to being able to withdraw funds or close the account if they decide to reduce the interest rate so shall see what they say in response. 

As far as I can see, the specific Ts & Cs for this account do not allow withdrawals or early closure:




The general RS Ts & Cs allow such things, but, presumably, the specific Ts & Cs trump those, in respect of the Exclusive RS iss. 2?

I’m not convinced. I think @bridlington1 is correct in expecting withdrawal (or closure) to be permitted in the case of a rate decrease - curious to see how Mon BS respond.

The general RS Ts & Cs state:

Closure

Closure of your Regular Saver account is allowed at any time without notice or penalty.

and

If we lower the interest rate, we’ll let you know 30 days before the change happens, using letter, email, or

whichever method you advised is best for you. If you’re not happy about the change, you can close your

account or move the money to another one. If you do this within the 30 days, you won’t have to pay any

charges or lose any interest. We’ll assume you’re happy with the change unless you tell us otherwise.

The product specific Ts & Cs gives neither option (and goes further by stating that it cannot be closed for a 12 month term), and my reading of the opening to the general terms (now quoted as an edit in my original post) is that they trump the general terms?

Monmouth

I'd suggest "...this is in line with our General Terms and Conditions for Savings Accounts." from the product specific T&C's arguably has the effect of invoking (rather than trumping) the relevant clause of the general T&C's.

Either way, it isn't wholly clear, and since the change in interest rates by Monmouth is detrimental to customers I think they should be willing to allow the T&C's to be interpreted in the way Bridlington1 has.

Hopefully they will see sense.  But if not, perhaps a complaint referencing the FCA handbook (Fair, clear and not misleading communications) might be in order, since the fact this conversation is taking place points towards the T&C's failing that test.

Monmouth

Don't know if this helps in any way, but the MONBS Saving T&Cs state:

"Thank you for choosing Monmouthshire Building Society. This document, along with your product terms and conditions, make up the contract between you and us, so please read them carefully. If this document and the product terms and conditions ever disagree, the product terms will apply." (My emboldening.)