Affinity Account
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 related links on the right side of the page.
Summary Box - Key Product Information
Account Name | Affinity Instant Account |
| 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 • If a withdrawal reduces your balance to less than the minimum, the account must be closed. |
| 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 Partner) will also receive the equivalent of 1% interest (fixed) 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
Investment and Withdrawal
The minimum opening investment balance is £10 for under 18’s and £100 for over 18’s. You must maintain the appropriate minimum balance in your account at all times. If your balance drops below the minimum, the account must be closed. You may make further deposits at any time after opening your account up to maximum balance of £500,000.
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. Withdrawals can be made without giving notice and without penalty. If a withdrawal reduces your balance to less than the minimum, the account must be closed. Withdrawals of up to £350 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.
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.
Taxation of Interest
Interest will be paid or credited after deduction of income tax at the appropriate rate, or gross subject to the required certification. To receive gross interest you need to complete an R85 Registration Form available from any of our branches, or your local tax office. You should also indicate your preference on the application form. Further details about taxation of interest are available on request.
It is important that you read the 'General Terms and Conditions for Savings Accounts' and the account Specific Terms and Conditions before deciding to open an account.
>> Affinity Instant Account Specific Terms and Conditions
>> General Terms and Conditions for Savings Accounts
>> Branch and Agency Withdrawal Limits
