Bonus 60 - Issue 4

Our BONUS 60 account is designed for savers who require a higher return and flexible access to money. In addition, you will receive an attractive conditional bonus if you make no more than two withdrawals during the year (ending 31 March).

This account can only be opened by new customers who live within the following postcode areas: NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA. Existing Society customers may open this account.

Summary Box - Key Product Information

 Account Name
 Bonus 60 - Issue 4
What is the interest rate?
  • 0.05% AER/Gross excluding bonus.
  • 0.55% AER/Gross including bonus.
  • Interest is calculated on a daily basis on the balance in the account and paid annually (ending 31 March).
  • Fixed conditional bonus of 0.50% is payable if you make no more than two withdrawals during the year (ending 31 March).  
  • You will lose the bonus if you close your account.
Can Monmouthshire Building Society change the interest rate?
  • Yes - the interest rate is variable, which means the interest rate can go up or down.
  • If we increase the interest rate, we will display this information in our branch/agency offices and on our website.
  • If we decrease the interest rate and you have a balance of £100 or more we will notify you by sending you a letter, email or other personal notice 14 days in advance of the change.
  • In line with our General Terms & Conditions for Savings Accounts (6.12-6.20) we may change interest rates at any time if we reasonably believe the change is needed.
What would the estimated balance be after 12 months based on £1,000 deposit?
  • £1,005.50 with bonus and all conditions are met.
  • £1,000.50 without bonus.
  • We have worked this out assuming a £1,000 deposit is made and no further deposits or withdrawals are made during a 12 month period.
How do I open and manage my account?
  • You can open and manage your account at any branch or agency office, by post or online (if registered with our 'My Accounts' service).
  • The minimum amount required to open an account is £1,000.
  • The maximum account balance is £500,000.
  • Additional deposits can be made as often as you like up to the maximum amount, whilst the product is on sale.  
Can I withdraw money?
  • All withdrawals are subject to either 60 days written notice without loss of interest, or on demand subject to 60 days loss of interest on the amount withdrawn. Up to two withdrawals are allowed during the year (ending 31 March) without loss of bonus.
  • If you make more than two withdrawals during the year (ending 31 March), no bonus will be paid for that year.
  • A minimum balance of £1,000 must be maintained


Additional Product Information

  • You can add to your savings at any time by cash, cheque or standing order.                                                                                                                                            
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
  • The gross rate is the contractual rate of interest payable before the deduction of tax.

    Opening and Managing Your Account

    You can apply online or simply complete an application form and take or post it to your nearest branch or agency office. If you wish to open an account by post, you need to send us a personal cheque drawn on your personal account, made payable to the applicant(s) name.

    When you apply to open an account with us, we'll ask you for proof of your name and address, and an electronic check of your identity will be undertaken. This is required by law to verify the true identity of all new and existing customers. For full details please refer to our Proving Your Identity leaflet. Identity checks are an important part in the fight against terrorism and other criminal activities.

    Customers can now enjoy the convenience of managing their account(s) online using our 'My Accounts' service. For more information please click here.

    Making a Deposit

    Our General Terms & 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 or standing order.

    Cash or Cheque

    • Funds can be added by calling in to any of our branch or agency offices with your passbook and deposit.

    Standing Order/Electronic Payment

    • You can save through a standing order from your bank account.

    To arrange a standing order or other one-off electronic payment, you’ll need to give your bank the following details:

    Account Name: Monmouthshire Building Society

    Sort Code: 40-05-30

    Account Number: 14576608

    Reference: XXXXXXXXXX (no spaces or hyphens - this is the Monmouthshire Building Society account number you wish to credit).

      Making a Withdrawal

      • All withdrawals are subject to either 60 days written notice without loss of interest, or on demand subject to 60 days loss of interest on the amount withdrawn.
      • Up to two withdrawals are permitted during the year (ending 31 March) without loss of bonus. However, if you make more than two withdrawals during the year or period (ending 31 March), you will lose the bonus.
      • If both the interest and bonus have been added to the account and you subsequently withdraw them, they will be classed as a normal withdrawal and will be subject to the withdrawal conditions.
      • If a withdrawal reduces the balance to less than the minimum balance of £1000, 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.
      • Withdrawals of up to £500 in cash per day and larger amounts by cheque may be made from any of our branches or agencies on demand, subject to withdrawal limits.
      • You can also make withdrawals via the Faster Payments service - this is free of charge for any UK payment transaction up to £100,000 (with a minimum withdrawal of £500). If we receive your instructions before 2.00pm on a working day (excluding Saturdays) we will send your payment and debit your account on the same day. Requests received after 2.00pm will be processed the following working day. Requests taken on a Saturday will also be processed the following working day.

      Payment of Interest and Bonus

      • The interest rate applied to the account varies according to the balance held. 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.
      • The interest rates are variable and calculated on a daily basis on the balance in the account. Interest will be credited to your 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.
      • Bonus rates are fixed and calculated on a daily basis on the balance in the account.
      • You will receive an annual conditional bonus payment of 0.50% AER/Gross following the close of business on 31 March each year, provided you have met the account withdrawal conditions within that period and the account is open at close of business on 31 March.
      • Interest will be paid gross - this means that interest will be paid without tax being deducted.
      • For details of the current interest rates, please see our Interest Rates page.

      Paying Tax on Your Interest

      From 6th April 2016 personal savings account interest will be paid gross, which means that interest will be paid without tax being deducted. This will form part of your new Personal Savings Allowance:

      • Basic rate tax payers will not pay any tax on the first £1,000 of savings income.
      • Higher rate tax payers will not pay any tax on the first £500 of savings income.
      • Additional rate tax payers will pay tax on all savings income earned.

      You will only need to pay tax on any savings income you earn above your Personal Savings Allowance. The new Personal Savings Allowance applies to the total savings income you earn from all banks/building societies and not just from Monmouthshire Building Society. Visit HMRC website for more information.

      Financial Services Compensation Scheme

      We are part of the Financial Services Compensation Scheme (FSCS). Details of the scheme, and who is covered by it, are available here.

      It is important that you read the 'General Terms & Conditions for Savings Accounts' and the account specific Terms and Conditions before deciding to open an account.

      >> Bonus 60 - Issue 4 Terms and Conditions

      >> General Terms & Conditions for Savings Accounts

      >> View Interest Rates

      >> Taxation

      >> Branch and Agency Withdrawal Limits

      >> Opening an Account

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