Christmas Saver (Issue 2)

Start saving now for Christmas with a Monmouthshire Building Society CHRISTMAS SAVER account. You can save from as little as £1 up to £1,000 each month to help you spread the cost of the festive season which, as we all know, can be a very expensive time. By saving regularly you will earn an attractive rate of interest, plus a generous bonus each year.

You can apply to open this account online, by post, or at any of our branch and agency offices.

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

 Account Name
 Christmas Saver - Issue 2
What is the interest rate?
  • 0.15% AER/Gross excluding bonus.
  • 1.15% AER/Gross including bonus.
  • Interest is calculated on a daily basis on the balance in the account and paid annually (ending 31 October).
  • Fixed conditional bonus of 1.00% is payable at 31 October if all the required monthly deposits are made.  
  • You will lose the bonus if you close your account.     

    Can Monmouthshire Building Society change the interest rate?
    • Yes - the interest rate is variable, which means the interest rate can go up or down.
    • If we increase the interest rate, we will display this information in our branch/agency offices and on our website.
    • If we decrease the interest rate and you have a balance of £100 or more we will notify you by sending you a letter, email or other personal notice 14 days in advance of the change.
    • In line with our General Terms & Conditions for Savings Accounts (6.12-6.20) we may change interest rates at any time if we reasonably believe the change is needed.
    What would the estimated balance be after 9 months based on £1,000 deposit in February and one deposit of £95 made each month from March to October inclusive?
    • £1,771.90 with bonus and all conditions are met.
    • £1,761.55 without bonus.
    • We have worked this out assuming a £1,000 deposit is made in February and a £95 deposit is made each month from March to October inclusive and no further deposits or withdrawals are made during a 9 month period.
    How do I open and manage my account?
    • You can open and manage your account at any branch or agency office, by post or online (if registered with our 'My Accounts' service).
    • The minimum opening balance and monthly deposit is £1.
    • The maximum monthly deposit is £1,000.
    Can I withdraw money?
    • Withdrawals are only permitted during November, December and January each year (no notice is required). A withdrawal at any other time must be to close the account.
    • A minimum balance of £1 must be maintained.

    Additional Product Information

    • You are required to make at least one deposit per month from February (or the account opening month) up to and including October each year and you must only make withdrawals from the account as set out above. If you miss any payments or make withdrawals other than as set out above, you will not qualify for the bonus.
    • You can add to your savings at any time by cash, cheque or standing order in addition to your minimum montly deposit, provided you do not exceed the £1,000 limit per month.                                
    • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
    • The gross rate is the contractual rate of interest payable before the deduction of tax.                                                                                                                                                                                                     

        Payment of Interest and Bonus

        • 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 31 October each year.
        • The bonus is calculated on a daily basis on the balance held in the account and will be paid with interest earned following the close of business on 31 October provided you have made at least one deposit each month from February (or the account opening month) up to and including October in each year and you have only made withdrawals from the account during November to January.
        • The interest rate is variable, but the bonus is fixed at 1% AER/Gross per annum.
        • For details of our current interest rates, please see our Interest Rates page.

          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.

          Customers can now enjoy the convenience of managing their account(s) online using our 'My Accounts' service. For more information please click here.

          Making a Deposit

          Our General Terms & Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.

          Any number of payments can be made, but at least one payment for the minimum amount of £1 must be received every month from February (or the month in which you open the account) up to and including October, otherwise you will not qualify for the bonus at the year end (31 October).

          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

          • You can make any number of withdrawals without notice, during November, December and January each year. A withdrawal at any other time of the year must be to close the account.
          • A minimum balance of £1 must be maintained; If a withdrawal reduces the balance to less than the minimum balance required 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. Details of our current withdrawal limits are available here.
          • 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.

            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 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 HMRC website for more information.

            Financial Services Compensation Scheme

            We 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' before deciding to open an account.

            >> Christmas Saver Issue 2 Terms & Conditions

            >> General Terms & Conditions for Savings Accounts

            >> View Interest Rates

            >> Taxation

            >> Branch and Agency Withdrawal Limits

            >> Opening an Account

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