Income Generator - Issue 2 - Terms & Conditions (closed account)
Specific Terms and Conditions for the Income Generator - Issue 2 Account
1 – Investment Limits
The minimum investment is £5,000. The maximum investment is £500,000.
2 - Further Investment
You may add to your savings at any time, just call into your local branch or agency with your passbook and deposit. If it is more convenient you can post it or save through a standing order from your bank account. You can also make regular credits by direct debit.
3 - Withdrawals
All withdrawals are subject to either 90 days written notice without loss of interest, or on demand subject to 90 days loss of interest on the amount withdrawn. If you make a withdrawal, you will receive less interest each month after the withdrawal if no further funds are added.
Withdrawals are subject to the limits of the branch or agency you use. Details of our current withdrawal limits are displayed in branches, available from our website or our Head Office. If you make a withdrawal which results in the remaining balance falling into a lower tier of interest, you will receive the interest rate applicable to that lower tier from the date of the withdrawal.
If a withdrawal reduces the balance to less than the minimum balance required of £5,000, 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. 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.
4 - Interest
The Interest rate applied to the account varies according to the balance held. One interest rate is applied to the whole of the balance of the account. Interest is variable and calculated on a daily basis on the balance in the account. Interest will be paid following the close of business on the last working day of each calendar month; and must be paid to a suitable bank / building society account (or suitable Monmouthshire Building Society account). Interest cannot be added to the account.
5 - Terms and Conditions
These Specific Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.