Society Re-Launches First Home Bonus Saver Account

17 April 2015

Savings First Time Buyer

The Society is pleased to announce the re-launch of the First Home Bonus Saver – Issue 2 account.

The account is designed specifically for customers who are looking to purchase their first home OR move house in the next few years. The key product features are:

  • Variable interest rate – currently 1.00% AER / Gross, with a conditional bonus of 4.00% AER / Gross, payable upon account closure, provided the account holder completes on a Monmouthshire Building Society owner-occupied mortgage within 5 years of opening the account.
  • Minimum opening balance is £20
  • Maximum investment balance is £6,000 per year, or £12,000 per year if the account is opened in joint names
  • Up to 4 withdrawals are allowed each year (ending 31st March)
  • More than 4 withdrawals will result in closure of the account
  • Withdrawals can be made without notice or loss of interest
  • Additional funds can be added at any time by cash, cheque or standing order (but NOT direct debit)
All applicants are to attend an advised face to face / telephone interview with a Monmouthshire Building Society mortgage adviser before the account can be opened.

Andrew Lewis, Chief Executive Officer, commented: ‘Supporting first time buyers is one of the chief aims of the Society, and the First Home Bonus Saver account provides an ideal saving opportunity for soon-to-be homeowners. The competitive rate of interest makes for an ideal savings incentive, and our friendly staff members look forward to welcoming the next generation of determined savers over the coming weeks.’

Please click here for full details of the account, including full terms and conditions, or to apply online.

Please note, at the current time, our savings accounts can only be opened by individuals and organisations based within the following postcode areas: NP, CF, SA, LD, WR, GL, HR & BS. Existing Society customers however may open this account.

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