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The Top Regular Savers Discussion Thread
Comments
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…unless they agree to let you record, but that isn't often successful.
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Beverley
In my understanding based on what I read in t&c, if you want to withdraw without loosing 4.5% bonus you have to do it on 1st Jan. After that there will be no point making deposits until next 1st Jan because your withdrawal has cancelled the bonus for the rest of the calendar year. I could be getting it wrong, but this is certainly not a withdrawal friendly account. You have to commit to it for each calendar year, otherwise you'd be better off keeping this money in well paying EA.
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You can record anyway, but probably would be difficult to prove who you're talking to should there be a disagreement in the future
I consider myself to be a male feminist. Is that allowed?1 -
In writing is always best, but I've had a number of complaints upheld in my favour when the only evidence has been from a telephone call. Though their complaints person then has the hassle of locating the exact call and listening to it all. I don't know how long call records should be retained but there's never been a time when the call in question hasn't been located.
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I had a phone call once for paying in about £100 in cash and then sending it out to a Regular Saver.
Sure, that something isn't cash is less likely to attract suspicion, but then £12,500 is far more likely to attract it than £100. Only the bank accounts directly paid into by Monmouthshire will know (or should if they think it through) that the funds have come from a maturing account. If you normally use several current accounts to feed regular savers as I do, the others would know only that you had suddenly started transferring four figures in and then out again.
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This is how it worked for the Regular Saver Issue 1.
1% Interest is accrued daily and added once a year on 31st December at close of business.
Each month a deposit between £10 - £500 must be received into the
account, the account should see no withdrawals in the year and the account must remain
open at 31st December in order to receive the 4.5% Condition Bonus payment, which is added on 1st January.The date of crediting of the conditional bonus does not seem to be mentioned in their T's&C's.
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My welcome letter received today 16.18hrs differs.
"The running rate is the only rate that our online platform can show you sadly.
Both interest payments will be applied to the account on 31st December. There are no withdrawals allowed from this product without forfeiting the bonus until 31st December.
In January you will be able to make a withdrawal and still be eligible for the bonus at the end of the same year".4 -
"at the end of the next year" and "at the end of the same year" makes a big difference. 😉
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Yeah, with chris_the_bee's letter it would be a slam dunk complaint if a withdrawal was made in January and the bonus not paid in December.
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I don't understand why they've done that other than to confuse tbh, if the rate drops after 1 year, you ditch the account right?, I say confuse because if you scroll down further it mentions reviewing savings options etc.
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