First Home Bonus Saver (Issue 2) - Terms & Conditions

Specific Terms & Conditions for First Home Bonus Saver Account- Issue 2

1 - Eligibility
The First Home Bonus Saver Account is only available to those people aged 18 or over who are looking to purchase an owner occupied home within five years of opening the account. For joint accounts, the maximum number of account holders is two.  

If you have not completed on a Monmouthshire Building Society (MBS) owner occupied mortgage on or before the fifth anniversary of opening the account, your account will automatically convert to an Escalator Instant account or equivalent instant access account and no bonus will be payable. Upon completion of the MBS mortgage, the account will be closed.

You may only open one First Home Bonus Saver account which can either be in your own name or held jointly with up to one other person.  

All account holders are to attend an advised face to face / telephone interview with a Monmouthshire Building Society mortgage adviser before the account can be opened. The opening of an account does not guarantee a mortgage offer will be made. All Monmouthshire Building Society mortgages are subject to eligibility, underwriting and criteria. 

2 - Investment Limits
The minimum initial investment amount is £20. The maximum investment amount for a sole account holder is £6,000 per annum (ending 31 March) or £12,000 for an account in joint names per annum (ending 31 March).

3 - Further Investment
You or any other person who is authorised may add to your savings at any time, just call into your local branch or agency office with your passbook and deposit. If it is more convenient you can post it or save through a standing order from your bank account. Credits into the account can be made monthly by standing order (minimum £20 per month and maximum £500 per month per account holder) and / or you may deposit monies into the account at any time.

4 - Withdrawals
You can make up to 4 withdrawals each year (ending 31 March) from your account subject to the limits of the branch or agency office you use. If you make a fifth withdrawal in any year (ending 31 March), your account will be closed. Details of our cash and cheque withdrawal limits are displayed in our branch offices, our Head Office or click here.

You can also make withdrawals by electronic transfer using the 'My Accounts' system. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions.

Transfers to another Society account, and withdrawals of interest and bonus added to the account, will be treated as normal withdrawals under the terms and conditions of the account.

5 - Interest
The interest rate is variable. Interest is calculated on a daily basis and can be paid net or gross to non-tax payers. Interest can be credited to the account or paid annually into a bank account (or other suitable Society account) following the close of business on 31 March each year. Details of the current rates can be found here

6 - Bonus
If you complete on an owner occupied Monmouthshire Building Society mortgage within five years of opening the account, a bonus will be paid, calculated on a daily basis, equivalent to 4% Gross / AER of the balances held during the lifetime of the account. This bonus will be credited upon account closure. 

7 - Terms and Conditions
These Specific Terms and Conditions apply to this account in addition to the Monmouthshire Building Society's 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.

 
 


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