Our Affinity Instant account offers you an excellent rate of interest on your savings whilst also financially benefiting an organisation you support – the Affinity Partner*.
Each year, Monmouthshire Building Society will make a donation to the Affinity Partner, equivalent to 1% per annum of the daily balance held in your account. The more you save, the more your organisation will receive.
You can apply to open this account online, by post, or at any of our branch and agency offices.
A list of our current Affinity Partners can be found under helpful links on the right side of the page.
Summary Box - Key Product Information
|Interest rates (AERs)||• The interest rate is variable – please click here to view the current interest rates|
|Tax Status ||• Interest will be paid or credited after deduction of income tax at the appropriate rate, or gross subject to the required certification|
|Conditions for bonus payment||• There is no bonus with this account|
|Withdrawal arrangements||• Withdrawals can be made without notice or loss of interest |
• Up to 150 withdrawals are allowed during each year (ending 31 March)
• More than 150 withdrawals will result in closure of the account
• A minimum balance of £100 (£10 is under 18) must be maintained
|Access||• You can manage your account in branch, by post or online (if registered with our ‘My Accounts’service)|
Additional Product Information
• Minimum opening investment is £100 (£10 if under 18)
• Maximum investment balance is £500,000
• In addition to the interest paid to you, the organisation you support (Affinity Partners) will also receive the equivalent of 1% interest (fixed) per annum of the balance on your account, calculated on a daily basis and payable at the end of each year (31 March)
• You can add to your savings at any time by cash, cheque or direct debit
*Please note that the Affinity Partners are offered through a pre-existing agreement with the Society. Customers cannot nominate their own organisation to support.
Making a Deposit
Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds. Adding to the account is easy because you can save by cash, cheque, standing order or regular credits by direct debit.
The minimum opening investment is £10 for under 18’s and £100 for over 18’s.
Cash or Cheque
- Funds can be added by calling in to any of our branch or agency offices with your passbook and deposit.
Direct Debit or Standing Order
- You can save direct from a suitable account with your bank or another building society. Please refer to our Direct Debit leaflet for more information.
- You can save through a standing order from your bank account.
Making a Withdrawal
- As this is a savings account (and not a bank current account) you are only allowed up to 150 withdrawals during each year (ending 31 March).
- If you make more than 150 withdrawals, we will write to you to close the account.
- You must maintain a minimum balance of £100 (£10 if under 18) in your account, otherwise the account will be closed.
- You will always have instant access to your savings.
- Withdrawals of up to £500 in cash per day and larger amounts by cheque may be made from any of our branches or agents on demand, subject to withdrawal limits.
- You can also make withdrawals via the Faster Payments service - this is free of charge for any UK payment transaction up to £100,000 (with a minimum withdrawal of £500). If we receive your instructions before 2.00pm on a working day (excluding Saturdays) we will send your payment and debit your account on the same day. Requests received after 2.00pm will be processed the following working day. Requests taken on a Saturday will also be processed the following working day.
Payment of Interest
- Interest on the balance will be calculated on a daily basis and can be credited to the account, transferred to another Monmouthshire Building Society account or paid into a bank account annually following the close of business on 31 March.
- The interest rate is variable.
- For details of the current rate, please click here.
Financial Services Compensation SchemeWe are part of the Financial Services Compensation Scheme (FSCS). Details of the scheme, and who is covered by it, are available here.
It is important that you read the 'General Terms & Conditions for Savings Accounts' and the account Specific Terms and Conditions before deciding to open an account.