Saver Plus - Issue 2 Terms & Conditions (Closed Account)
Specific Terms and Conditions for Saver Plus - Issue 2 Account
1 - Investment Limits
The minimum investment is £20 and the maximum investment is £1,000 per month. Where funds are received in excess of the above limits, they will be returned either by cheque to the account address or Faster Payment to the account from which the payment was received. The minimum balance is £1 per account. If the balance on an account falls below the minimum required balance, the saver will have 30 days from the date we issue a notice to the saver, to bring the balance back to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close the account without further notice.
2 - Further Investment
Monthly payments of a fixed amount between £20 and £1,000 are made automatically by direct debit on a day of your choice up to the 24th of each month. You can change your monthly subscription at any time by giving us written notice of the new amount. It is not possible to make any payments in addition to your regular monthly amount. More than three missed monthly payments in a year (ending 31 March) will result in closure of the account. If you miss any payments you will forfeit the bonus.
3 - Withdrawals
You can make one withdrawal each year (ending 31 March), from your account without giving notice, if you make more than one withdrawal you will forfeit the bonus. Up to three withdrawals are allowed during a year; more than three withdrawals will result in closure of the account. If you make more than three withdrawals, we will give you two months written notice following which we will close the account.
4 - Interest and Bonus
Interest is variable and calculated on a daily basis on the balance in the account. Interest can be credited to the account or paid annually into a suitable bank / building society account (or suitable Monmouthshire Building Society account) following the close of business on 31 March each year.
5 – Bonus
You will qualify for a generous bonus (fixed at 1.00% gross/AER per annum) at the year end (31 March) provided your account remains open, you have made all the monthly payments and have made no more than one withdrawal. Once interest and bonus have been added to the account they form part of the balance and are subject to the withdrawal condition. That is if withdrawn, they count towards your withdrawals.
6 - Terms and Conditions
These Specific Terms and Conditions apply to this account in addition to our 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.