Members Loyalty ISA (2 Year Stepped Fixed Rate ISA Bond - closed account) – Issue 1 - Terms & Condit
Specific Terms and Conditions of the Members Loyalty ISA (2 Year Stepped Fixed Rate ISA Bond – 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 can only subscribe to one Cash ISA in the current tax year.
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'. Please note no further subscriptions will be allowed into this account after September, 30, 2015.
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 only available to existing customers, who were a member (savings and /or mortgage) of the Society as at April 30, 2015. You can subscribe to only one Cash ISA with the Society in the current tax year. Accounts cannot be held jointly. Accounts may be opened with current year’s subscription up to September 30, 2015 and / or by transfer from another Monmouthshire Building Society Cash ISA and are subject to the current investment limits. Transfers in are not permitted unless the transfer-in is from an existing Monmouthshire Building Society Cash ISA account and must be made by September, 30, 2015. Transfers in from another ISA manager will not be accepted. You can only open one 2 year stepped fixed rate ISA bond (issue 1) with the Society.
3 – Investment Limits
The minimum opening investment is £1,000. The maximum annual subscription must not exceed the annual cash limit specified in the ISA regulations for the current tax year. No further subscriptions / transfers in will be accepted after September 30, 2015 for the 15/16 tax years and/or subsequent tax years.
4 – Further Investment
Once you have opened your 2 year stepped fixed rate ISA bond (issue 1), you may make further credits subject to the ISA regulations until September 30, 2015. No further subscriptions / transfers in will be accepted after September 30, 2015 for the 15/16 tax year and/or subsequent tax years. From the second anniversary of the account opening the account will become 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.
5 – Cancellation
There is a 14 day ‘cooling off’ period if you subsequently feel that the account does not meet with your requirements. You should not invest if you think you will need to access your money during the fixed rate period.
6 - Withdrawals
No Partial withdrawals or transfers to other Society accounts are permitted for two years from account opening. Closure of your 2 year stepped fixed rate ISA bond (issue 1) is permitted during the fixed rate period, subject to 180 days loss of interest.
From the second anniversary of the account opening, 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.
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 1.80% AER/Tax-free annual interest until the first anniversary of the account opening and then 2.20%AER/Tax-free annual interest until the second anniversary of the account opening.
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 not on maturity of the fixed rate term).
8 - Maturity
Your bond will mature on the second anniversary of the date of opening. The account will then revert to the interest rate of the Society’s Variable Rate Cash ISA or its nearest equivalent available at that time and will be subject to its terms and conditions. If you subsequently feel that the account does not meet with your requirements there is a 14 day 'cooling off' period. However, we will write to you prior to the second anniversary informing you of your investment options available at that time.
9 - ISA Transfers Out
9.1 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.
9.2 You are also permitted to transfer your current tax year's Cash ISA subscriptions in whole to a Stocks and Shares ISA and it will be treated as if you invested directly into the Stocks and Shares 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.
9.3 You may transfer any previous tax year's subscriptions in whole or in part to another Cash ISA or Stocks and Shares ISA held with another ISA manager, without it affecting your annual ISA investment allowance for the current tax year.
9.4 We will make any transfers to another ISA manager within 15 business days of receipt of your request, unless you indicate otherwise. Transfers are permitted at any time during the fixed rate period but are subject to 180 days loss of interest.
10 - Terms & 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 and Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.
'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. As every advert for a savings product will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
The 'Tax Free' rate is the contractual rate of interest payable where interest is exempt from income tax.