Savings

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 are permitted at any time with no loss of interest • If a withdrawal reduces your balance to less than the minimum, the account must be closed.
Access	• You can open an account via post or in person at any of our branch or agency offices • 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.

No notice is required for withdrawals. 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

>> View Interest Rates

>> Taxation

>> Branch and Agency Withdrawal Limits

>> Opening an account

>> Apply online – Affinity Account

« Back