Escalator Instant
Escalator Instant Account
Our ESCALATOR INSTANT account pays attractive rates of interest and gives you instant penalty free access to your money. The interest rates are tiered, so as your savings rise the whole of your balance will normally earn interest at a higher rate. You can open an account with just £100.
You can apply to open this account online, by post, or at any of our branch and agency offices.
Summary Box - Key Product Information
| Account Name | Escalator Instant |
| Interest rates (AERs) | • The interest rates are tiered • The interest rates are 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 • A minimum balance of £100 must be maintained |
| Access | • You can manage your account in branch, by post or online (if registered with our ‘My Accounts’ service) |
Additional Product Information
- Minimum opening balance is £100
- Maximum investment balance is £500,000
- You can add to your savings at any time by cash, cheque, standing order or direct debit
Payment of 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 the 31 March.
- The interest rates are variable.
- For details of the current rates, please click here.
Making a Deposit
- Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.
- Adding to the account is easy because you can save by cash, cheque, standing order or regular credits by direct debit.
- The minimum opening investment is £100.
Making a Withdrawal
- 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.
- You must maintain a minimum balance of £100 in your account, otherwise the account will be closed.
- You will always have instant access to your savings.
- 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.
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.
>> Escalator Instant Terms and Conditions
>> General Terms and Conditions for Savings Accounts
>> Branch and Agency Withdrawal Limits
