Flexible Saver - Issue 1 Terms and Conditions

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). The minimum balance per account is £1.

2 - 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. 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 £12,000 per year (ending 31 March) applicable across all Flexible Saver accounts held per customer.  

3 - 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

4 - Interest and Bonus
The interest rate is variable. Interest is calculated on a daily basis 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 bank account (or other suitable Society account) following the close of business on 31 March each year.

On the first anniversary of the account being opened, a bonus of 2.00% AER/Gross, which is calculated on a daily basis, will be added to the individual Flexible Saver account. The bonus 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.