FSCS

Fixed Rate Cash ISA - Issue 6 (closed account)

Specific Terms and Conditions for the Fixed Rate Cash ISA (Issue 6)

 

1 - ISA Regulations

1.1 Accounts are issued subject to the detailed rules contained in 'The Individual Savings Account Regulations 1998', 'The Individual Savings Account (Amendment) Regulations 2007', The Individual Savings Account (Amendment No. 2) Regulations 2010 and any subsequent amendments thereto. ('The Regulations').

 

1.2 You must not have already subscribed to a Cash ISA in the current tax year other than by way of flexible ISA replacement subscriptions. Replacement subscriptions do not count as subscriptions for the purpose of determining whether the investor has subscribed to more than one ISA. 

 

1.3 Your ISA investment must be and must remain in your beneficial ownership, it must not be used as security for a loan. We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your ISA has, or will, become void.

 

1.4 The maximum investment you can make to your Cash ISA in any one tax year must not exceed the annual cash limit specified in the 'Regulations'.

 

1.5 We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.

 

2 - Account Opening

 

This account is available to new and existing customers.  You can subscribe to only one Cash ISA with the Society in the current tax year but you cannot add subscriptions to this fixed rate ISA after 30th June, 2018.  Accounts cannot be held jointly.  Transfers-in are not permitted unless the transfer-in is from an existing Monmouthshire Building Society Cash ISA account and must be made by 30th June 2018.  No transfers-in from another ISA manager will be accepted.  You can only open one Fixed Rate Cash ISA - Issue 6 with the Society. This is a limited issue product and may be withdrawn without notice at any time.  Current year’s subscriptions, if used as part of the transfer-in amount, must be transferred in full. 

 

3 - Investment Limits

The minimum opening investment is £3,000. Transfers-in are not permitted unless the transfer-in is from an existing Monmouthshire Building Society Cash ISA account. No further credits will be accepted after 30th June 2018 

 

4 - Further Investment

Once you have opened your Fixed Rate Cash ISA - Issue 6, no further transfers in will be accepted after 30th June 2018. From 1st July 2020, 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 MBS Cash ISA account which must be in full. 

 

5 - Cancellation

You should not invest if you think you will need to access your money during the fixed rate period.

 

6 - Withdrawals

No partial withdrawals are allowed during the fixed rate period.

 

7 – Closure

 

Closure of your Fixed Rate Cash ISA - Issue 6 is permitted at any time during the fixed rate period, subject to 90 days loss of interest calculated on the balance (or such shorter period to maturity of the ISA).   

 

From 1st July 2020, 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.

 

Flexible ISA:

 

This is not a flexible ISA meaning any amount withdrawn cannot be replaced.

 

8 - Interest

Interest is fixed and calculated on a daily basis on the balance in the account. Provided the account complies with the 'Regulations' all interest arising will be free of UK taxation. The taxation of ISAs can be changed at any time without notice.

 

The interest rate is fixed at 1.50% AER/Tax-free annual interest until 30th June 2020. 

 

8.1 Interest can be credited to your account or paid annually into a bank account (or other suitable Society account) following the close of business on March 31 each year (and on maturity of the fixed rate term). An annual interest statement will be provided following the close of business on March 31.

 

On 1st July 2020 the account will revert to the interest rate of the Society’s Variable Rate Cash ISA or its nearest equivalent available at that time unless you have provided us with your maturity instructions. We'll send you a letter before your maturity, to remind you of your maturity date and to let you know what options are available to you, when considering what you'd like to do with your money. There is a 14 day 'cooling off' period when the account reverts to the Society’s Variable Rate Cash ISA or its nearest equivalent available at that time if you subsequently feel that the account does not meet with your requirements.

 

9 - ISA Transfers Out


9.1 You may transfer your 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, in that tax year, up to the day of the transfer and will be subject to 90 days loss of interest calculated on the amount transferred (or such shorter period to maturity of the ISA).


9.2 Where you transfer your current year subscriptions from one type of ISA to another the subscriptions are treated as if they were made to the receiving ISA. For example, if your current years cash ISA subscriptions are transferred to a stocks and shares ISA, they are treated as if they were made to the stocks and shares ISA so you are free to subscribe to a cash ISA following the transfer – subject to the overall subscription limit.



 
 


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