Monument

j_netprofit

As I’ve already got a monument account and reading the troubles some users have had with Gatehouse I’ll just stick to what I know.

Gummomarx

j_netprofit said:

I’m with @refluxer on this one, would rather not use a middle man. 

What specific concerns do you have - aren't all protections there?

j_netprofit

The only benefit I see with raisin is if you want to invest less than 25k, obviously a huge selling point but that is then counterbalanced with the much higher minimum top value. I can’t really see it appealing to savers with less than 5k since any payment after the initial would need to be a minimum of 10% of their investment?

Albermarle

Gummomarx said:

j_netprofit said:

I’m with @refluxer on this one, would rather not use a middle man. 

What specific concerns do you have - aren't all protections there?

One point is that interest reporting to HMRC is a grey area.
It seems not very clear if the middle man or the actual provider should do it. There is a suspicion that at least in some cases, neither are doing it.

refluxer

Gummomarx said:

j_netprofit said:

I’m with @refluxer on this one, would rather not use a middle man. 

What specific concerns do you have - aren't all protections there?

Provided you choose a bank that has it's own FSCS protection then you'll be suitably protected in that respect and IIRC, while funds are held temporarily by Raisin themselves, you're covered under ClearBank's FSCS protection (so you need to be aware of this if you hold accounts with other banks who also use ClearBank).

It's not actually the FSCS protection I would be concerned about when using a marketplace intermediary like Raisin though. Based on comments in the past about Raisin in general, it's the potential delays to both making payments into - and withdrawals from - an easy access account I would be concerned about, when Raisin are sitting in-between you and the bank you're dealing with.

Raisin state that withdrawals from that Monument account will take up to two working days to be processed which means that if you were to request a withdrawal on a Friday night, for example, it might not get processed until Tuesday. This wouldn't be acceptable for an easy access account for me personally and has surely got to be slower than if you were dealing with Monument directly ? I didn't clock the timescales for paying into the account but if they are similar, then that could also lead to a loss of 2-3 day's-worth of interest. 

Gummomarx

While I'm glad that it's easy access, I'm not unhappy with the two day issue as I don't expect any withdrawals - my full state pension will be going in every four weeks and I intend to keep a thousand or two in my Chase savings.

j_netprofit

refluxer said:

Raisin state that withdrawals from that Monument account will take up to two working days to be processed which means that if you were to request a withdrawal on a Friday night, for example, it might not get processed until Tuesday. 

This is one of the biggest kickers for me, since I usually run my spending account so lean I often transfer from (what was) the chase EAS to the chase current account, it was ideal them being the same provider. Same can work with Monument to the linked account so it's not really a problem as withdrawals (and deposits of course) are instant.

Gummomarx

j_netprofit said:

This is one of the biggest kickers for me, since I usually run my spending account so lean I often transfer from (what was) the chase EAS to the chase current account, it was ideal them being the same provider. Same can work with Monument to the linked account so it's not really a problem as withdrawals (and deposits of course) are instant.

My thoughts too - I'm keeping a few bob in my Chase savings also.