FSCS

1 Year Fixed Rate ISA - Issue 1 - Terms & Conditions (closed account)

Specific Terms and Conditions for the Fixed Rate Cash ISA - Issue 1

1 - ISA Regulations

1.1 Accounts are issued subject to the detailed rules contained in ‘The Individual Savings Account Regulations 1998’, ‘The Individual Savings Account (Amendment) Regulations 2007’, The Individual Savings Account (Amendment No. 2) Regulations 2010 and any subsequent amendments thereto. (‘The Regulations’).

1.2 You must not have already subscribed to a Cash ISA in the current tax year otherwise than by way of flexible ISA replacement subscriptions. Replacement subscriptions do not count as subscriptions for the purpose of determining whether the investor has subscribed to more than one ISA.

1.3 Your ISA investment must be and must remain in your beneficial ownership, it must not be used as security for a loan. We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your ISA has, or will, become void.

1.4 The maximum investment you can make to your Cash ISA in any one tax year must not exceed the annual cash limit specified in the ‘Regulations’.

1.5 We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.

2 - Account Opening
This account is available to new and existing customers. You can subscribe to only one Cash ISA with the Society in the current tax year but you cannot add subscriptions to this fixed rate ISA after July 31, 2017. Accounts cannot be held jointly. Transfers-in are not permitted unless the transfer-in is from an existing Monmouthshire Building Society Cash ISA account and must be made by July 31, 2017. No transfers-in from another ISA manager will be accepted. You can only open one Fixed Rate Cash ISA - Issue 1 with the Society. This is a limited issue product and may be withdrawn without notice at any time. Current year’s subscriptions if used as part of the transfer-in amount must be transferred in full. No further credits will be accepted after July 31, 2017 for the 17/18 tax years and/or subsequent tax years.

3 - Investment Limits

The minimum opening investment is £3,000. Transfers-in are not permitted unless the transfer-in is from an existing Monmouthshire Building Society Cash ISA account. No further credits will be accepted after July 31, 2017 for the 17/18 tax years and/or subsequent tax years.

4 - Further Investment

Once you have opened your Fixed Rate Cash ISA - Issue 1, no further transfers-in will be accepted after July 31, 2017 for the 17/18 tax years and/or subsequent tax years. From 1 December, 2018, deposits are subject to the terms and conditions of the Society’s Variable Rate Cash ISA or its nearest equivalent available at that time.
We do not accept transfers of Cash ISA funds from other ISA managers. We do accept deposits from current years subscriptions and these can be deposited into this account directly, or by way of transfer-in from an existing MBS Cash ISA account which must be in full.

5 - Cancellation

You should not invest if you think you will need to access your money during the fixed rate period.

6 - Withdrawals

No partial withdrawals are allowed. Full closure of your account is permitted at any time during the fixed rate period, subject to 90 days loss of interest, calculated on the closing balance (or such shorter period to maturity of the ISA).

You must maintain a balance of £3,000 during the fixed rate period or the account will revert to the Society’s currently available Cash ISA at that time.

From 1 December, 2018, withdrawals, closures and transfers are subject to the terms and conditions of the Society’s Variable Rate Cash ISA or its nearest equivalent available at that time.

Withdrawals are subject to the limits of the branch or agency you use. Details of our cash and cheque withdrawal limits are displayed in our branch offices, available from our website or our Head Office.

You can also make withdrawals by electronic transfer using the ‘My Accounts’ system at www.monbs.com. Online withdrawals using the ‘My Accounts’ system are subject to further terms and conditions which are available at www.monbs.com.

Flexible ISA:

This is not a flexible ISA meaning any amount withdrawn cannot be replaced.

7 - Interest

Interest is fixed and calculated on a daily basis on the balance in the account. Provided the account complies with the ‘Regulations’ all interest arising will be free of UK taxation. The taxation of ISAs can be changed at any time without notice.

The interest rate is fixed at 1.05% AER/Tax-free annual interest until 30 November, 2018.

7.1 Interest can be credited to your account or paid annually into a bank account (or other suitable Society account) following the close of business on March 31 each year (and on
maturity of the fixed rate term). An annual interest statement will be provided following the close of business on March 31.

On 1 December, 2018 the account will revert to the interest rate of the Society’s Variable Rate Cash ISA or its nearest equivalent available at that time unless you have provided us with your maturity instructions. We’ll send you a letter before your maturity, to remind you of your maturity date and to let you know what options are available to you, when considering what you’d like to do with your money. There is a 14 day ‘cooling off’ period when the account reverts to the Society’s Variable Rate Cash ISA or its nearest equivalent available at that time if you subsequently feel that the account does not meet with your requirements.

8 - ISA Transfers Out

8.1 You may transfer your current tax year’s Cash ISA subscriptions in whole to another Cash ISA with another ISA manager. The transfer must be the whole amount saved in your Cash ISA, in that tax year, up to the day of the transfer and will be subject to 90 days loss of interest calculated on the closing balance (or such shorter period to maturity of the ISA).

8.2 You are also permitted to transfer your current tax year’s Cash ISA subscriptions in whole to a Stocks and Shares ISA and/or Innovative ISA and it will be treated as if you invested directly into the Stocks and Shares ISA and/or Innovative ISA. This allows you to subscribe to a Cash ISA later in the same tax year, provided you have not already used up your annual ISA investment allowance.

8.3 You may transfer any previous tax year’s subscriptions in whole or in part to another Cash ISA, Stocks and Shares ISA or Innovative ISA held with another ISA manager, without it affecting your annual ISA investment allowance for the current tax year.

8.4 Cash ISA to Cash ISA transfers must take place within 15 business days of the transfer instruction being received by the new ISA manager unless the investor stipulates the 15 days starts on a later date. Transfers out are permitted at any time during the fixed rate period and are subject to 90 days loss of interest.

9 - Terms and Conditions

These Specific Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.

 
 


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