FSCS

Flexible Saver - Issue 1

Specific Terms & Conditions for Flexible Saver Account - Issue 1 

1 – Investment Limits

The minimum initial investment amount per account is £20; the maximum investment amount across all Flexible Saver accounts combined per customer is £12,000 per year (ending 31 March). Where funds are received in excess of the above limits, they will be returned either by cheque to the account address or by a Faster Payment to the account where the payment was received from.The minimum balance per account is £1.  If a withdrawal reduces the balance to less than the minimum balance,  you will have 30 days from the date we issue you with a notice to bring the balance up to the minimum.  If after the notice period has lapsed the balance remains below the minimum, we may close your account without further notice.


2 – Further Investment

You may add to your savings at any time, just call into your local branch or agency office of the Monmouthshire Building Society with your passbook and deposit. If it is more convenient you can post it or save through a Direct Debit or standing order from your bank account. Credits into the Flexible Saver accounts held  can be made monthly to each individual Flexible Saver account(s) held by direct debit up to £1,000 per month (minimum £20 per month) and / or deposit monies at any time subject  to a maximum investment of £12k per year (ending March 31) applicable across all Flexible Saver accounts held per customer.  Where funds are received in excess of the above limits, they will be returned either by cheque to the account address or by a Faster Payment to the account where the payment was received from.

3 – Withdrawals

You can make up to 4 withdrawals each year (ending March 31) from your account subject to the limits of the branch or agency office you use.    If you make a fifth withdrawal, we will give you two months written notice following which we close the account.  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 MBS account and withdrawals of interest and bonus added to the account will count towards your four withdrawals.


4 – Interest and Bonus

The interest rate is variable. Interest is calculated on a daily basis on the balance in the account and can be paid net or gross to non-tax payers.
Interest can be credited to the individual Flexible Saver account or paid annually into a suitable bank / building society account (or suitable Monmouthshire Building Society account)  following the close of business on 31 March each year.  Details of the current rates can be found in our interest rate leaflet. 

On the first anniversary of the account being opened, you will receive a bonus of 2.00% AER/Gross calculated daily in addition to the variable interest rate which is payable to the individual Flexible Saver account.  This is only payable where the individual Flexible Saver account is still open 12 months after that individual Flexible Saver account was opened.  If the individual Flexible Saver account is closed before this date, no bonus is payable to that account.
We will write to you at least 28 days before the anniversary date to confirm the date of the bonus payment and that thereafter the bonus payment will end.

5 – 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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