Income Generator
Our Income Generator account has been designed so that you can use your savings to generate a regular monthly income.
You can apply to open this account online, by post, or at any of our branch and agency offices.
Summary Box - Key Product Information
| Account Name | Income Generator |
| Interest rates (AERs) | • The interest rate is variable – please click here to view the current interest rate |
| Tax Status | • Interest will be paid or credited after deduction of income tax at the appropriate rate, or gross subject to the required certification |
| Conditions for bonus payment | • There is no bonus with this account |
| Withdrawal arrangements | • Withdrawals are subject to either 90 days notice, or on demand subject to 90 days loss of interest on the amount withdrawn |
| Access | • You can manage your account in branch, by post or online (if registered with our ‘My Accounts’ service) |
Additional Product Information
- Minimum opening balance is £5,000
- Maximum investment balance is £500,000
- Interest is paid on a monthly basis
- You can add to your savings at any time by cash, cheque, standing order or direct debit
Payment of Interest
- Interest on the balance is calculated on a daily basis and will be paid monthly following the end of each calendar month.
- The interest must be transferred to another Monmouthshire Building Society account or paid into a bank account.
- Interest cannot be added to the account.
- The interest rate is variable.
- For details of the current rate, please click here.
Making a Deposit
- Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.
- Adding to the account is easy because you can save by cash, cheque, standing order or regular credits by direct debit.
- The minimum opening investment is £5,000.
Making a Withdrawal
- Withdrawals are subject to either 90 days notice, or on demand subject to 90 days loss of interest on the amount withdrawn.
- As interest is paid monthly, if you make a withdrawal, you will receive less interest each month thereafter.
- You must maintain a minimum balance of £5,000 in your account, otherwise the account will be closed.
- Withdrawals of up to £350 in cash per day and larger amounts by cheque may be made from any of our branches or agents on demand, subject to withdrawal limits.
It is important that you read the 'General Terms and Conditions for Savings Accounts' and the account specific Terms and Conditions before deciding to open an account.
>> Income Generator Terms and Conditions
>> General Terms and Conditions for Savings Accounts
