Fixed Rate Cash ISA (Issue 3) - Product Details

Summary Box - Key Product Information

 Account Name      
 Fixed Rate Cash ISA - Issue 3

 What is the interest rate? 
  • 1.20% AER/Tax-free Annual Interest - fixed from account opening until 28th February 2019.
  • Interest is fixed and calculated on a daily basis on the balance in the account
  • Interest can be credited to your account or paid annually into a bank account following close of business on 28th February 2019 each year (and on maturity of the fixed rate term).
  • Interest is paid tax-free
Can Monmouthshire Building Society change the interest rate?
  •  No - the interest rate is fixed until 28th February 2019
What would the estimated balance be after 12 months based on £3,000 deposit?
  • £3,036.00.
  • We have worked this out assuming a £3,000 deposit is made and no further deposits or withdrawals are made during a 12 month period
How do I open and manage my account?This account is available to new and existing customers

  • Minimum age of account holder is 16 years.
  • We accept deposits from current years subscriptions and these can be deposited into this account directly.
  • We also accept transfers from other Monmouthshire Building Society Cash ISAs. The transfer must be made by 28th February 2018.
  • No subscriptions or transfers-in will be accepted after 28th February 2018 for the 17/18 tax year and/or subsequent tax years.
  • You can open and manage your account at any branch or agency office, by post or online (if registered with our ‘My Accounts’ service and aged 16 years or over) .
  • A minimum amount of £3,000 must be held in the account.
  • The maximum annual subscription is £20,000.
  • Transfers-in from other ISA providers are not permitted.
Can I withdraw money?
  • No partial withdrawals are allowed.
  • Full closure of your account is permitted at any time during the fixed rate period, subject to 90 days loss of interest, calculated on the closing balance.
  • You must maintain a balance of £3,000 during the fixed rate period or the account will revert to the Society’s currently available cash ISA at that time.
  • From 1st March 2019 withdrawals, closures and transfers are subject to the terms and conditions of the Society’s variable rate Cash ISA or the nearest equivalent account available at that time.
  • This is not a flexible ISA meaning any amount withdrawn cannot be replaced.

Additional Product Information                        

  • This is a limited issue product which may be withdrawn without notice at any time.
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
  • The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.

How can I open a Fixed Rate Cash ISA - Issue 3?

This account is available to new and existing customers. We accept deposits from current years subscriptions and these can be deposited into this account directly. Transfers-in are not permitted unless the transfer-in is from an existing Monmouthshire Building Society Cash ISA Account. All applications must be received by 28th February 2018. No transfers-in from other ISA managers will be accepted. You can only open one Fixed Rate Cash ISA - Issue 3 with the Society. Accounts cannot be held jointly.

You can apply online at www.monbs.com or simply complete an application form and take or post it to your nearest branch or agency office.

When you apply to open an account with us, we’ll ask you for proof of your name and address, and an electronic check of your identity will be undertaken. This is required by law to verify the true identity of all new and existing customers. For full details please refer to our Proving Your Identity leaflet available from any branch and agency office, or our website www.monbs.com. Identity checks are an important part in the fight against terrorism and other criminal activities.

Customers can now enjoy the convenience of managing their account(s) online using our ‘My Accounts’ service. For more information and to register, please log on to www.monbs.com.

This is a limited issue ISA which may be withdrawn at any time

What is the minimum investment balance for this Fixed Rate Cash ISA - Issue 3

  • The minimum opening investment is £3,000


Can I make further deposits?

  • Once you have opened your Fixed Rate Cash ISA - Issue 3, no further transfers in will be accepted after 28th February 2018, for the 17/18 tax years and/or subsequent tax years. From 1st March 2019, deposits are subject to the terms and conditions of the Society’s Variable Rate Cash ISA or its nearest equivalent available at that time
  • We do not accept transfers of Cash ISA funds from other ISA managers. We do accept deposits from current years subscriptions and these can be deposited into this account directly, or by way of transfer-in from an existing Monmouthshire Building Society Cash ISA account which must be in full.

How can I pay money in?

Adding to the account is easy because you can save by cash, cheque or standing order.

Cash or Cheque

  •  Funds can be added by calling in to any of our branch or agency offices with your passbook and deposit.
Standing Order/Electronic Payment

You can save through a standing order from your bank account. To arrange a standing order or other one-off electronic payment, you’ll need to give your bank the following details:

Account Name: Monmouthshire Building Society

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (no spaces or hyphens - this is the Monmouthshire Building Society account number you wish to credit).


Can I make withdrawals?

  • No partial withdrawals are allowed. Full closure of your account is permitted at any time during the fixed rate period, subject to 90 days loss of interest, calculated on the closing balance.
  • You must maintain a balance of £3,000 during the fixed rate period or the account will revert to the Society’s currently available Cash ISA at that time.
  • From 1st March 2019, withdrawals, closures and transfers are subject to the terms and conditions of the Society’s Variable Rate Cash ISA or its nearest equivalent available at that time. Withdrawals are subject to the limits of the branch or agency you use. Details of our cash and cheque withdrawal limits are displayed in our branch offices, available from our website or our Head Office. 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.

What happens at the end of the fixed rate period?

  • At the end of the fixed rate period, the account will revert to the interest rate of the Society’s Variable Rate Cash ISA or its nearest equivalent available at that time.

Can I transfer my Monmouthshire Building Society Fixed Rate Cash ISA - Issue 3 to another ISA provider?

  • You may transfer your current tax year’s Cash ISA subscriptions in whole to another Cash ISA with another ISA manager. The transfer must be the whole amount saved in your Cash ISA, and will be subject to 90 days loss of interest calculated on the closing balance.

Can I transfer-in the balance from another ISA provider to a Monmouthshire Building Society Fixed Rate Cash ISA - Issue 3?

  • No, transfers in are not permitted unless the transfer is from an existing Monmouthshire Building Society Cash ISA account. All transfers must be received by 28th February 2018.

If I transfer funds, does that count against my annual subscription?

  • This is not a flexible ISA meaning the amount withdrawn cannot be replaced.
  • However, Cash ISA transfers from one ISA provider to another are not classed as withdrawals, and must be arranged by your new ISA provider on your behalf.
  • It is important that you do not withdraw funds yourself that you wish to transfer, as they will lose their ‘Tax-Free’ status.

It is important that you read the 'General Terms & Conditions for Savings Accounts' and the account specific Terms and Conditions before deciding to open an account.


>> Fixed Rate Cash ISA - Issue 3 Specific Terms and Conditions  


>> Branch and Agency Withdrawal Limits

 
 


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