Cash ISA 9 - Key Features

  The Financial Conduct Authority and the Prudential Regulation Authority are the independent financial services regulators. Monmouthshire Building Society is required to give you this important information to help you decide whether our Cash ISA 9 is right for you. You should read this page carefully so that you understand what you are buying.

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.

What is the purpose of this page?

The purpose of this Key Features page is to describe the key features of our Cash ISA 9 product and provide a balanced summary, so that you can make an informed decision.

Our Cash ISA 9 is an ideal way to make the most of your tax-free allowance, plus it is simple to open and allows you to earn an attractive rate of interest.

The Aims

  • To help you save up to the annual maximum tax-free allowance for a Cash ISA. The amount is governed by HM Revenue & Customs.
  • To receive an attractive rate of tax-free interest.

Your Commitment

  • To maintain a minimum balance in accordance with the Terms & Conditions of the account.
  • To invest a lump sum(s) and/or regular amounts (dependent upon the Terms and Conditions) of no more than the annual cash limit specified in the ISA regulation.

Risk Factors

  • The interest rate payable could go down as well as up, depending on general market interest rates and the Bank of England Base Rate.
  • The taxation of ISAs can be changed at any time by the Government without notice.

Your Questions Answered

What is an ISA?

ISA stands for Individual Savings Account. It allows your savings to grow tax-efficiently. There are four types of ISA available:

  • Cash ISA
  • Stocks & Shares ISA
  • Innovative Finance ISA
  • Lifetime ISA

Monmouthshire Building Society only offers Cash ISAs.

Can I open a Cash ISA?

You can open a Cash ISA if you are:

  • aged 16 or over and
  • resident in the United Kingdom, or perform duties as a crown employee overseas or are in a marriage or civil partnership with such a person.

Accounts can only be opened in a sole name. Joint accounts are not permitted for ISAs.

What are the tax advantages?

  • Any interest on your Cash ISA will be free of personal UK Income Tax and Capital Gains Tax.
  • You are not required to declare any interest on your Cash ISA on your Tax Return.

What types of Cash ISA do Monmouthshire Building Society offer?

The Society offers a Cash ISA 9 account – a variable rate ISA with annual interest. Please note that Special Issue Cash ISA's may be available from time to time and that details are available on request from the Society's Head Office branch.

We also offer a Help to Buy: ISA account - a variable rate ISA designed to encourage first time buyers to save for a deposit to put towards their first home. Once you have deposited into a Cash ISA you cannot deposit into a Help to Buy: ISA in the same tax year. Furthermore, if you have deposited into your Help to Buy: ISA account in the current tax year, you cannot deposit into a Cash ISA in that tax year.

Please note that products can be withdrawn or replaced at any time and without notice.

How much can I save?

The annual subscription limits to ISAs for the tax year 2018/19 are:

  • Overall maximum investment is £20,000.
  • Investors may subscribe to ONE Cash ISA, ONE Stocks and Shares ISA, ONE Innovative Finance ISA and ONE Lifetime ISA in each tax year.

Investors have additional flexibility in deciding the balance of their investments provided they keep within the £20,000 annual subscription limit. ISA savings can be held in cash, stocks and shares, innovative finance ISA or a lifetime ISA in any combination that the investor wishes.

For example — an investor could subscribe:
  • £20,000 in a Cash ISA, £0 to a Stocks and Shares ISA and £0 to an Innovative Finance ISA and £0 to a Lifetime ISA.
  • £6,000 in a Cash ISA, £5,000 to a Stocks and Shares ISA, £5,000 to an Innovative Finance ISA and £4,000 to a Lifetime ISA.
  • £10,000 in a Cash ISA, £0 in a Innovative Finance ISA, £10,000 to a Stocks and Shares ISA and £0 to a Lifetime ISA.
  • £10,000 in a Cash ISA, £0 to a Stocks and Shares ISA, £10,000 to an Innovative Finance ISA and £0 to a Lifetime ISA.

Lifetime ISA's can be held alongside Cash, Stocks and Shares or Innovative ISA's and contributions will form part of your annual ISA allowance. Lifetime ISA's are subject to certain conditions and are not available through Monmouthshire Building Society. You can put up to £4,000 in a Lifetime ISA each tax year.

    Please Note:

    • The above explanation is intended as a brief overview of ISAs. More detailed information is contained in the ISA Factsheet available from any tax office or online at

    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.

    >> Cash ISA 9 - Summary Box & Product Details


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