Monmouthshire BS Regular Saver 6%

Afahmaep

For those who opened the Monmouthshire app exclusive RS at £1000 per month at 7% as well as the Regular Saver at 6% last August now is the ideal time to close and reopen the 6% one as it is still available to avoid the problem of £18k maturing at the same time

I requested closure this morning after having zeroed my account and have just received funds into my nominated account and reopened the 6% with a new account number

I received 2 separate payments and interest was £56.65

flaneurs_lobster

Not a bad idea.

Some people may have 2 (or more?) of these 6% RS, a refresh of one of these might be problematic….

Pickledonionlover

Some might also have multiple app exclusive and a branch exclusive 😉 so it's even more of a tangle

Archerychick

Thank you. I need to pull out funds this tax year to replace ISA funds. But I don’t want the interest amounts from Monmouthshire so plan to just withdraw and leave a token amount in. Then in April, if it’s still available refresh it at that point

Pkno

Can you explain what you mean by 'avoid the problem of £18k maturing at the same time'?

When you close a RS that is giving you 6% now, if your money is going to EA at 4.5%, are you not losing out. Or is it all going to RS above 6%?

Pickledonionlover

https://forums.moneysavingexpert.com/discussion/comment/81882330#Comment_81882330

Id guess it's a combination of the worry there is no suitable, decent percentage, home for this large amount (so making it a smaller amount) and concern that interest would be paid in one tax year rather than managing it so it's split over tax years.

nottsphil

This would help me too, because I also have the problem of not enough money maturing around this time of year. If I closed it early tomorrow, would I be able to open and fund the replacement the same day (it needs to be before 2:00 p.m. to count as February's subscription).

I've been on the app but can find no way of closing the account.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/81901161#Comment_81901161

You need to login to the website to close (but if your account isn't already set up to view and needs to be added, it may be too late now to do that and get a closure processed in time.)

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81901182#Comment_81901182

You'd think they would tell you that on the app!

I can still do this today with Lloyds or Bank of Scotland MSs, right?

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/81901789#Comment_81901789

I have done Halifax on the same day before so I would assume so, but I don’t have accounts with the other brands.

It is one of the peculiarities of their system, another one being that you can withdraw an account down to zero in the app and it just sits there empty until you request closure via the website. If you withdraw down to zero on their website, you receive a secure messaging advising that as you have requested the full balance of the account, they have closed it.

PixelPound

https://forums.moneysavingexpert.com/discussion/comment/81882109#Comment_81882109

It's a variable rate account, so unless they pull the availability then any reduction for new accounts will surely apply for existing accounts?

I plan to close the 6% in March so interest is this tax year, then open one in April, that means the 7% interest is next tax year and the new 6% is the following tax year.