First Home Bonus Saver
Our FIRST HOME BONUS SAVER account is designed specifically for customers who are looking to purchase their first home in the next few years. The account can help you save towards a deposit, and offers a competitive rate of interest and flexible access to your savings, plus a fixed conditional bonus if a Monmouthshire Building Society mortgage is taken out within five years of the account being opened.
Summary Box - Key Product Information
| Account Name | First Home Bonus Saver |
| Interest rates (AERs) | • The interest rate is variable - please click here to view the current interest rate |
| 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 | • Fixed conditional bonus of 3.00% AER/Gross payable upon account closure, if you take out a Monmouthshire Building Society Mortgage within five years of opening the account |
| Withdrawal arrangements | • Up to 4 withdrawals are allowed each year (ending March 31) • More than four withdrawals will result in closure of the account • Withdrawals can be made without notice or loss of interest |
| 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 £20
- Maximum investment amount is £6,000 per year, or £12,000 per year if the account is opened in joint names
- 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
- You can add to your savings at any time by cash, cheque, standing order or direct debit
Payment of Interest and Bonus
- The interest rate is variable and calculated on a daily basis. Interest will be credited to your account or paid annually into a bank account or other suitable Society account following the close of business on 31 March each year.
- The conditional bonus rate is fixed and calculated on a daily basis on the balances held during the lifetime of the account.
- The conditional bonus of 3.00% AER/Gross will be paid to you upon account closure, provided you complete on a Monmouthshire Building Society Mortgage within five years of opening the account.
- For details of the current rate, 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.
Cash or Cheque
- Funds can be added by calling in to any of our branch or agency offices with your passbook and deposit.
Direct Debit or Standing Order
- You can save direct from a suitable account with your bank or another building society. Please refer to our Direct Debit leaflet for more information. The minimum Direct Debit amount is £20 per month, up to a maximum of £1,000 per month.
- You can save through a standing order from your bank account.
Making a Withdrawal
- Up to four withdrawals are allowed during the year ending 31 March.
- Any transfers to other Monmouthshire Building Society savings accounts are classed as withdrawals.
- More than four withdrawals in each year (ending 31 March) will result in closure of the account.
- Withdrawals can be made without notice or loss of interest.
- You must maintain a minimum balance of £20 in your account, otherwise the account will 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.
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.
>> First Home Bonus Saver Terms and Conditions
>> General Terms and Conditions for Savings Accounts
>> Branch and Agency Withdrawal Limits
