Our Affinity Instant account allows you to save 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.
This account can only be opened by new customers who live within the following postcode areas: NP, CF, SA, LD, WR, GL, HR & BS. Existing Society customers may open this account.
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 gross - this means that interest will be paid without income tax being deducted|
|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 at any branch or agency office, 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 Partner) 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 standing order.
*Please note that the Affinity Partners are offered through a pre-existing agreement with the Society. Customers cannot nominate their own organisation to support.
Opening and Managing Your Account
You can apply online or simply complete an application form and take or post it to your nearest branch or agency office. If you wish to open an account by post, you need to send us a personal cheque drawn on your personal account, made payable to the applicant(s) name.
When you apply to open an account with us, we'll ask you for proof of your name and address, and an electronic check of your identity will be undertaken. This is required by law to verify the true identity of all new and existing customers. For full details please refer to our Proving Your Identity leaflet. Identity checks are an important part in the fight against terrorism and other criminal activities.
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 or standing order.
Cash or Cheque
- Funds can be added by calling in to any of our branch or agency offices with your passbook and deposit.
Standing Order/Electronic Payment
- You can save through a standing order from your bank account.
To arrange a standing order or other one-off electronic payment, you’ll need to give your bank the following details:
Account Name: Monmouthshire Building Society
Sort Code: 40-34-27
Account Number: 10600717
Reference: XXXXXXXXXX (no spaces or hyphens - this is the Monmouthshire Building Society account number you wish to credit).
Making a Withdrawal
- Withdrawals can be made without notice or loss of interest.
- 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 give you two months' written notice following which we will close the account.
- You must maintain a minimum balance of £100 (£10 if under 18) in your account. If the balance falls below the minimum, 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.
- Withdrawals of up to £500 in cash per day and larger amounts by cheque may be made from any of our branches or agencies 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 in the account will be calculated on a daily basis and 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 the 31 March each year.
- Interest will be paid gross - this means that interest will be paid without income tax being deducted.
- The interest rate is variable. For details of the current interest rate, please see our separate Interest Rates page.
Paying Tax on Your Interest
From 6th April 2016 personal savings account interest will be paid gross, which means that interest will be paid without income tax being deducted.
- This will form part of your new Personal Savings Allowance:
- Basic rate tax payers will not pay any tax on the first £1,000 of savings income earned.
- Higher rate tax payers will not pay any tax on the first £500 of savings income earned.
- Additional rate tax payers will pay tax on all savings income earned.
- You will only need to pay tax on any savings income you earn above your Personal Savings Allowance. The new Personal Savings Allowance applies to the total savings income you earn from all banks/building societies and not just from Monmouthshire Building Society. Visit the HMRC website for more information.
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.