First Home Bonus Saver Terms and Conditions

Specific Terms & Conditions for First Home Bonus Saver Account

1 - Eligibility
The account is only available to those people aged 18 or over who are looking to purchase a home within five years of opening the account. For joint accounts, the maximum number of account holders is two.

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 will be invited to attend an advised face to face interview with a Monmouthshire Building Society mortgage adviser within six months of account opening. The opening of an account does not guarantee a mortgage offer will be made.

2 - Investment Limits
The minimum initial investment 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). The minimum balance is £20.

3 - Further Investment
You 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. You can also make regular credits by direct debit (minimum £20 per month and maximum £500 per month per account holder).

4 - Withdrawals
You can make up to 4 withdrawals each year (ending 31 March) from your account without giving notice subject to the limits of the branch or agency office you use. If you make a fifth withdrawal, your account will be closed.

Details of our cash and cheque withdrawal limits are displayed in our branch offices, available from our website or 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 and Bonus
Interest is variable and calculated on a daily basis. 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.

If you complete on a Monmouthshire Building Society Mortgage within five years of opening the account, a fixed bonus of 3.00% AER/Gross will be paid to you upon account closure. The bonus rate is fixed and calculated on a daily basis on the balances held during the lifetime of the account.

6 - Account Closure
If you have not completed on a Monmouthshire Building Society mortgage on or before the fifth anniversary of opening the account, your account will automatically convert to a Escalator Instant account or equivalent instant access account and no bonus will be payable. Upon completion of the Monmouthshire Building Society mortgage, the account will be closed.

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.