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The Top Regular Savers Discussion Thread
Comments
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Re Monmouthshire Branch Account. If you go to the link on the letter posted out it gives you 3 options. Open one of the new accounts, have a cheque posted to you or alternatively have the money paid into another existing Monmouthshire account. I have chosen the third of these options and will manually transfer the money out on maturity. No option online to pay directly to an external account. I could have taken the form into a branch but I don't think that would have saved me any effort.
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The building society movement has seen some significant consolidation over the last 20+ years and this concentration into fewer and fewer organisations has impacted on the diversity of financial institutions open on the high street. It's worth remembering that many societies are quite specialised and some of the smaller societies are very small operations often with limited resources.
The difference in size between the 3-5 largest and their next "rivals" is an absolute chasm, this can be lost on someone looking at a website and used to instantaneous service say from the large banks who have resources which dwarf even the largest building societies. I'd looked at ESBS previously and mostly their product is aimed (understandably) at people living in their postcode area - nice to see them offering products nationally hopefully it will bring them much-needed resources.2 -
Didn't you get a prepaid envelope to return the form?
I also thought about letting it go into another account and withdrawing that way, I am assuming that will also require some proof of bank account and due to the timing of the maturity for me, it would mean I would not get the funds back until after the bank holiday
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Fair enough. At least you didn't ask how to open a Halifax regular saver without having a current account 😁
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Monmouthshire
When I check online I can confirm that the bank account I use for deposits is shown under the Your Bank Accounts tab has approved for transfers in the Bank Status column. I'm therefore not expecting to need proof of bank account when I withdraw the money. Worth checking if that is already set up for the account you want to send the money to.
I did get a prepaid envelope. Given that I live reasonably close to a branch I could have taken the form with a bank statement from the account which would worked as well.
I appreciate the timing with regard the bank holiday and I don't know how quickly the funds would be available. In that respect the app seems to show the maturity faster than the website. Mine matures on the 26th August as I opened in branch at the first opportunity, so we will what happens at maturity.
Finally with regard to paper statements I always get these sent for my primary bank account for the times when a digital statement isn't accepted. There have been a number of instances where this has proved invaluable.
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Polite note - not a regular saver account.
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So sorry - posted in the wrong thread! Thanks.
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No worries, it's easy done.
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I assume you are allowed to make multiple payments per month up to £500. If so, I think I will set up a standing order for £1 per month just in case I forget to make a payment via FP.
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