Escalator Bonus - Terms & Conditions (closed account)
Specific Terms & Conditions for the Escalator Bonus and Bonus 90 Accounts
1 – Investment Limits
The minimum investment is £1,000 for annual interest and £5,000 for monthly interest. The maximum investment is £500,000.
2 - Further Investment
You may add to your savings at any time, just call into your local branch or agency with your passbook and deposit. If it is more convenient you can post your deposit or save through a standing order from your bank account. You can also make regular credits by direct debit.
3 - Withdrawals
You can make two withdrawals of up to £10,000 each during the year (ending 31 March) without notice or loss of interest or bonus subject to maintaining the minimum balance.
You may also withdraw any further amount or close your account by giving 7 days written notice without loss of interest (however you will lose your bonus). Alternatively you can withdraw any amount or close your account instantly with 7 days loss of interest (and bonus where applicable).. You can also make withdrawals by electronic transfer using the 'My Accounts' system at www.monbs.com. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions which are available at www.monbs.com.
If a withdrawal reduces the balance to less than the minimum balance per account of £1000 for annual interest and £5,000 for monthly interest, 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.
4 - Interest and Bonus
The Interest rate applied to this account varies according to the balance held. Interest is variable and calculated on a daily basis on the balance in the account. Bonuses are fixed and calculated on a daily basis on the balance in the account. The interest rates are tiered, so the more you save, the higher the rate of interest you receive. You will qualify for a bonus if you make no more than 2 penalty free withdrawals each year (paid with March interest each year).
If annual interest and bonus have been added to the account and you subsequently withdraw them, they will count towards your two withdrawals.
4.1 Annual Interest
Option Interest, including any bonus earned, can be credited to your 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. It should be noted that if interest is added to your account it becomes part of the ‘capital balance’. Once added, both annual interest and bonus are subject to the accounts withdrawal conditions that is they count towards your two withdrawals. For this reason we recommend that you think carefully about having your interest and bonus paid to another account offering instant access.
4.2 Monthly Interest
Option Interest (excluding bonus) will be paid following the close of business on the last working day of each calendar month, and must be paid to a suitable bank / building society account (or suitable Monmouthshire Building Society account). If you have qualified for a bonus, it will be included with your March interest each year.
5 - Terms and Conditions
These Specific Terms and Conditions apply to this account in addition to our General Terms and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.