Income Generator - Issue 1 - Terms & Conditions (closed account)
1) The minimum investment amount is £5,000; the maximum investment amount is £500,000.
2) The interest rate is variable.
3) 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 must be paid to a suitable bank / building society account (or suitable Monmouthshire Building Society account) following the end of each calendar month. Interest cannot be added to the account.
4) Details of the current rates can be found in our interest rate leaflet.
5) You may add to your savings at any time, just call into your local branch of the Monmouthshire Building Society with your passbook and deposit. If it is more convenient you can post your depositor save through a Direct Debit or standing order from your bank account.
6) Withdrawals can be made with 120 days notice or 120 days loss of interest, subject to our current withdrawal limits which are displayed in branches, available from our website or our Head Office. If you make a withdrawal, you will receive less interest each month after the withdrawal if no further funds are added. 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 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.
7) These Specific Terms and Conditions apply to this account in addition to the Monmouthshire Building Society’s General Investment Terms and Conditions. Where there is any inconsistency between the General Investment Terms and Conditions and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.