First Home Bonus Saver (Issue 1) - Terms & Conditions (closed account)
Specific Terms & Conditions for First Home Bonus Saver Account1 - Eligibility:
The First Home Bonus Saver Account is only available to those people aged 18 or over who are looking to purchase a home within five years of opening the account. For joint accounts, the maximum number of account holders is two.
If you have not completed on a Monmouthshire Mortgage on or before the fifth anniversary of opening the account, your account will automatically convert to a Escalator Instant account or equivalent instant access account and no bonus will be payable. Upon completion of the MBS mortgage, the account will be closed.
You may only open one First Home Bonus Saver account which can either be in your own name or held jointly with up to one other person.
All account holders are to attend a face to face interview with a Monmouthshire Building Society mortgage adviser within six months of account opening. The opening of an account does not guarantee a mortgage offer will be made. All Monmouthshire Building Society mortgages are subject to eligibility, underwriting and criteria.
2 - Investment Limits
The minimum initial investment amount is £20; the maximum investment amount for a sole account holder is £6,000 per annum (ending March 31st) or £12,000 for an account in joint names per annum (ending 31 March).
3 - Further Investment
You may add to your savings at any time, just call into your local branch or agency office of the Monmouthshire Building Society with your passbook and deposit. If it is more convenient you can post your deposit or save through a Direct Debit or standing order from your bank account. Credits into the account can be made monthly by direct debit (minimum £20 per month and maximum £500 per month per account holder) and / or deposit monies into the account at any time.
4 – Withdrawals
You can make up to 4 withdrawals each year (ending March 31) from your account subject to the limits of the branch or agency office you use. If you make a fifth withdrawal in any year (ending March 31), we will give you two month’s written notice following which we will close the account.
If a withdrawal reduces the balance to less than the minimum balance required of £20, you will have 30 days from the date we issue you with a notice to bring the balance up to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close your account without further notice.
You can also make withdrawals by electronic transfer using the 'My Accounts' system. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions.
Transfers to another MBS account and withdrawals of interest and bonus added to the account will count towards the number of withdrawals each year.
5 – Interest
The interest rate is variable. Interest is calculated on a daily basis on the balance in the account and can be paid net or gross to non-tax payers.
Interest can be credited to the account or paid annually into a suitable bank / building society account (or suitable Monmouthshire Building Society account) following the close of business on 31 March each year. Details of the current rates can be found in our interest rate leaflet.
6 – Bonus
If you enter into a Monmouthshire Building Society Mortgage within five years of opening the account, a bonus will be paid calculated on a daily basis, equivalent to 3% Gross/AER of the balances held during the lifetime of the account. The bonus will be credited to your account upon account closure which will be when the Monmouthshire Building Society Mortgage is completed.
7– Account Closure
If you have not entered into a Monmouthshire Building Society Mortgage on or before the fifth anniversary of opening the account, your account will automatically convert to an Escalator Instant account or equivalent easy access account and no bonus will be payable.
8 – Terms and Conditions
These Specific Terms and Conditions apply to this account in addition to the Monmouthshire Building Society’s General Terms and 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.