The Top Regular Savers Discussion Thread

friolento

masonic said:

friolento said:

Slinky said:

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.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

I think it is the norm that there are no nickname fields. Only one or two providers have them, the vast majority don't. I would personally also not gain anything if I had a list of several dozens of payees, all with my name, in addition to the nickname which I can give those payees already (in the payee name field).

It would be nice to have but I reckon it would be way down the priority list of systems changes for most providers, and there are many other much more important improvements they can make. Dare I mention the ability to instantly close a current account or easy access savings account as just one example of more important improvements.........

masonic

friolento said:

masonic said:

friolento said:

Slinky said:

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.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

I think it is the norm that there are no nickname fields. Only one or two providers have them, the vast majority don't. I would personally also not gain anything if I had a list of several dozens of payees, all with my name, in addition to the nickname which I can give those payees already (in the payee name field).

It would be nice to have but I reckon it would be way down the priority list of systems changes for most providers, and there are many other much more important improvements they can make. Dare I mention the ability to instantly close a current account or easy access savings account as just one example of more important improvements.........

Banks are starting to refuse to complete transactions where they check the name and it does not match, so I don't think it can be relied on that you'll just be able to ignore and click through warnings indefinitely.

Quite a few banks already allow payees to be saved under a custom name, although only a couple of these are big banks and the rest are new entrants to the market.

I would prioritise this functionality above instant closure, which can be achieved easily enough with a current account providing the bank is a member of CASS, and is a minor inconvenience with a savings account vs the potential for jumping through additional security hoops when you try to push through a non CoP matching payment.

For me it's an absolute red line that would prevent me using a current account as my main account. That and not being able to see a direct debit that's set up on my account until the first payment goes out. But perhaps we should not stray any further off topic...

OrangeBlueGreen

Monmouthshire currently showing us how not to open accounts and Virgin how not to close them!

Slinky

DealSeeker11 said:

brucefan_2 said:

ThePirates said:

brucefan_2 said:

ThePirates said:

DealSeeker11 said:

Is anyone having problems logging on via Monbs app? Mine is stuck on the following screen but it’s not given me the options:

2-factor authentication

Please select an option below, to receive a six-digit verification code.

Yep, same problem.
Reinstall didn't help...

The app froze on me completely yesterday evening. Uninstalled and then re-installed. On Android

On opening the app was presented with the option of continuing as an 'Existing Customer' or 'New Customer'

As I had an account number and had seen the account in-app, 'Existing Customer' seemed the sensible route to take. Doing so brought up a screen with a further two options:

1. I have not registered for the app
2. I have registered for the app

Logic dictated that, having previously got as far as seeing my account (not registering my £5 deposit after several hours) that Option 2 was the path to go down ... at which point Monmouthshire decided it was appropriate on the next screen to tell me:

"We will now register your new phone or new number.
Please Select One of the following

1. I have a new phone
2. I am using a new number.

No, Monmouthshire, no - I don't have a new phone or new number. All I've done is re-install the app.

I don't think I'm missing something blindingly obvious here, but if so, apologies for casting criticism on the app flow, but I really don't see what I could be doing differently.

Yeap, been through the same process but can't get past the 2 factor missing info...

I'll give them a few days to clear the backlog then give them a ring.

Out of interest, have you managed to get this sorted i.e. choosing one of the two not-present options for 2FA (did nobody test the flow of this app before release?

I have reported this to MMS and their developers responded to me saying:

”We’re aware that some users have had issues receiving their 2-factor authentication codes. Our team is investigating this issue in order to release a fix to this - we’re sorry for the inconvenience."

I’ve also spoken to their CS who have confirmed the same but they were very helpful on the phone and gave me the assistance I needed.

Having been able to put the 2FA code in at the 4th attempt earlier, I'm getting nowhere now. I'm seeing a brief screen popping up where I should presumably be putting in the 6 digit pin, but have no access to that before I have the choice of text/email options screen pops us.  Doesn't exactly fill me with confidence. I sent a tenner across earlier but have no way of logging in to see if it arrived. Will have another look tomorrow.

s71hj

masonic said:

friolento said:

Slinky said:

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.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

So are there only 2 bits that are relevant to making the money reach your account? I always assumed you had to do it all identical to instructions which is a pain when it comes to trying to identify what payments relate to

masonic

s71hj said:

masonic said:

friolento said:

Slinky said:

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.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

So are there only 2 bits that are relevant to making the money reach your account? I always assumed you had to do it all identical to instructions which is a pain when it comes to trying to identify what payments relate to

Sort code and account number are all that are needed for a direct transfer. For savings institutions that don't operate on that system, a reference is also required. Account name is only used for verification purposes (in the past this wasn't even checked and anything could be entered, but now the sending bank tends to treat a match as lower risk).

s71hj

masonic said:

s71hj said:

masonic said:

friolento said:

Slinky said:

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.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

So are there only 2 bits that are relevant to making the money reach your account? I always assumed you had to do it all identical to instructions which is a pain when it comes to trying to identify what payments relate to

Sort code and account number are all that are needed for a direct transfer. For savings institutions that don't operate on that system, a reference is also required. Account name is only used for verification purposes (in the past this wasn't even checked and anything could be entered, but now the sending bank tends to treat a match as lower risk).

So account name is the one you can name in way that helps you identify what it is? I have probably 25 to 30 regular savers and am desperate to get into a system where it's easier to know what is what. 

friolento

masonic said:

friolento said:

masonic said:

friolento said:

Slinky said:

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.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

I think it is the norm that there are no nickname fields. Only one or two providers have them, the vast majority don't. I would personally also not gain anything if I had a list of several dozens of payees, all with my name, in addition to the nickname which I can give those payees already (in the payee name field).

It would be nice to have but I reckon it would be way down the priority list of systems changes for most providers, and there are many other much more important improvements they can make. Dare I mention the ability to instantly close a current account or easy access savings account as just one example of more important improvements.........

Banks are starting to refuse to complete transactions where they check the name and it does not match 

Which banks are doing this? I use well over two dozen providers very regularly, and I make nearly a hundred payments to my own accounts every month. None of them has ever refused a transaction. The only one who keeps nagging me for every payment to one of my nicks is Starling but I can simply discard their warning. 


NB.. 44 pages on this forum over the last week or so, plus dozens of comments in this thread, about the closure of the now matured Virgin RS - - - which I found a doddle to do, but which seems a big problem for many other forumites.

On the other hand, I am rather grateful that Cahoot made it so difficult to close their accounts as I am now left with a plethora of Sunny Day savers (not RSs, I know) 

allegro120

s71hj said:

masonic said:

s71hj said:

masonic said:

friolento said:

Slinky said:

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.

I think I'll stick MBS in as the payee, I've got loads of others in my payees with my name on, so at least this will stand out a bit if it works!

I always use - with all providers - a unique "name" in the payee name field of transfers to my own accounts. Format: My initials - bank/BS initials - last 4 digits of account number.

Predictably, this leads to CoP failure, so where I am unsure about my payee details, I first get the CoP check done with my actual name, and once confirmed, I go back and change the account name to my preferred nomencalture.

It is disappointing that in this day and age there are still current account providers that do not have the capacity for you to give a separate nickname to payees in addition to the account name.

So are there only 2 bits that are relevant to making the money reach your account? I always assumed you had to do it all identical to instructions which is a pain when it comes to trying to identify what payments relate to

Sort code and account number are all that are needed for a direct transfer. For savings institutions that don't operate on that system, a reference is also required. Account name is only used for verification purposes (in the past this wasn't even checked and anything could be entered, but now the sending bank tends to treat a match as lower risk).

So account name is the one you can name in way that helps you identify what it is? I have probably 25 to 30 regular savers and am desperate to get into a system where it's easier to know what is what. 

I currently use FD, Chase and Cahoot for RS distribution.  FD allows nicknames, Chase allows changing the name after payee is set up, for Cahoot accounts I’ve made a list of mandate numbers so I know which is which.

cheekyweegit

Check your welcome email, it gives you the instructions for setting up a payee on your other account to the Monmouthshire RS 8