Cash ISA 3 - Summary Box & Product Details
Open a cash ISA and you can enjoy an attractive rate of tax-free interest.
You can apply to open this ISA online, by post, or at any of our branch and agency offices. Transfers-in from other providers are restricted.
Summary Box - Key Product Information
| Account Name | Cash ISA 3 |
| Interest rates (AERs) | • The interest rates are variable – please click here to view the current interest rates |
| Tax Status | • Interest is paid tax-free |
| Conditions for bonus payment | • There is no bonus with this account |
| Withdrawal arrangements | • Withdrawals permitted with 30 days written notice with no loss of interest, or instantly by incurring a loss of interest equivalent to 30 days on the amount withdrawn |
| Access | • You can manage your account in branch, by post or online (if registered with our ‘My Accounts’ service) |
Additional Product Information
- Minimum age of account holder is 16 years
- Minimum opening balance is £10 for annual interest
- Minimum opening balance is £5,000 for monthly interest (this can be achieved by transferring previous tax year's subscriptions from another Cash ISA, subject to restrictions - see below)
- Invest up to the maximum annual cash subscription limit, in addition to any transfers made
- Transfers-in from other providers are restricted - see below
- No minimum investment period
How can I open a Cash ISA 3?
You can apply online or simply complete an application form on the right hand side of the page 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. Please note that opening an account via transfer is restricted as per the account terms and conditions.
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 leaflet Proving Your Identity available from any branch and agency office, or click here. Identity checks are an important part in the fight against terrorism and other criminal activities.
Customers can now enjoy the convenience of managing their account(s) online using our 'My Accounts' service. For more information and to register, please click here.
How can I pay money in?
- Adding to the account is easy because you can save by cash, cheque, standing order or regular credits by direct debit.
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.
What is the minimum investment balance for this Cash ISA 3?
- For annual interest, you can open an account from as little as £10.
- For monthly interest, you must deposit a minimum of £5,000, which can include an element of previous tax year's subsciptions transferred from another Cash ISA, subject to the account terms and conditions, whereby transfers are restricted.
- Invest up to the maximum annual cash subscription limit, in addition to any transfers made.
Can I make withdrawals?
- You can withdraw from your account provided you give 30 days written notice without loss of interest, or on demand subject to 30 days loss of interest on the amount withdrawn.
- There is no minimum investment period.
- If the balance drops below £10 for annual interest or £5,000 for monthly interest, 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.
What is the interest rate?
- The interest rates are variable and are dependent upon whether you elect to receive annual or monthly interest.
- For details of the current rates, please click here.
How is the interest calculated and when is it paid?
- Interest on the balance is calculated on a daily basis and will be paid to you following the close of business on 31 March if you have opted for annual interest or following the close of business on the last working day of each calendar month if you have opted for monthly income.
- Annual Interest can be credited to the account, transferred to another Monmouthshire Building Society account or paid into a bank account.
- Monthly interest must be paid to a bank account or to another suitable Society account.
How can I cancel my application?
- You may cancel your application by giving written notice to the Society up to the 14th calendar day (excluding public holidays) following the day the account was opened and we will, without notice or penalty, transfer to another account or refund your money plus interest.
- In this case, the account will be closed and the subscription will not count towards your ISA subscription limits.
Can I transfer my Monmouthshire Building Society Cash ISA 3 to another ISA provider?
- 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.
- 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 re-subscribe to a Cash ISA later in the same tax year, provided you have not already used up your annual ISA investment allowance.
- 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.
Can I transfer-in the balance from another ISA provider to a Monmouthshire Building Society Cash ISA 3?
- Transfers in are only permitted for customers who live in the following postcode areas: NP, CF, SA, LD, WR, GL, HR & BS unless the transfer is from an existing Monmouthshire Building Society Cash ISA account.
- If you live in one of these postcodes, simply visit or contact one of our branches and we will provide you with the appropriate transfer form to allow you to transfer your funds into a Cash ISA 3 account.
- Alternatively click here to print off a Transfer Form.
If I withdraw funds, does that count against my annual subscription?
- Subscription limits are unaffected by withdrawals; therefore you cannot re-invest amounts withdrawn.
- However, Cash ISA transfers from one ISA provider to another are not classed as withdrawals, and must be arranged by your new ISA provider on your behalf.
- It is important that you do not withdraw funds yourself that you wish to transfer, as they will lose their ‘Tax Free’ status.
What are the investment periods for a Cash ISA?
- There are no set maximum or minimum investment periods and an application once made, remains valid for subscriptions to that ISA in subsequent tax years.
What if I take a break period from saving in a Cash ISA?
- If you do not make any subscriptions for a whole tax year you will need to re-apply before subscriptions can recommence.
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.
>> Cash ISA 3 specific Terms and Conditions
>> General Terms and Conditions for Savings Accounts
>> Branch and Agency Withdrawal Limits
