Cash ISA 9 - Product Details

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Open a cash ISA and you can enjoy an attractive rate of tax-free interest.

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
 Cash ISA 9
What is the interest rate?
  • 0.40% AER/Tax-Free
  • Interest is calculated on a daily basis on the balance in the account and paid annually (ending 31 March).
  • Interest is paid tax-free.
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 £1000 deposit?
  • £1004.00.
  • 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?
  • Minimum age of account holder is 16 years and a UK resident.
  • You can open and manage your account at any branch or agency office, by post or online (if registered with our 'My Accounts' service and aged 16 years or over).
  • The minimum amount required to open an account is £10.
  • The maximum annual subscription is £20,000.
Can I withdraw money?
    • Withdrawals can be made subject to 30 days notice or 30 days loss of interest on the amount withdrawn. 
    • A minimum balance of £10 must be maintained.

    Additional Product Information

    • You can add to your savings at any time by cash, cheque or standing order.
    • Transfers-in from Monmouthshire Building Society Cash ISAs or other ISA providers are not permitted.
    • No minimum investment period.
    • Withdrawals made can be re-deposited in the same tax year without counting towards your ISA subscription.
    • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
    • The Tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.                    

        How can I open a Cash ISA 9?

        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 leaflet Proving Your Identity. 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 and to register, please click here.

        How can I pay money in?

        • Adding to the account is easy because you can save by cash, cheque, standing order or electronic payment.

        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).

        Transfers-in

        Transfers-in from existing Monmouthshire Building Society Cash ISAs or other ISA providers are not permitted.

        What is the minimum investment balance for a Cash ISA 9?

        • You can open an account from as little as £10.

        What are the maximum subscription limits?

        • The maximum annual subscription limit for the 2016/17 tax year is £20,000.

        Can I make withdrawals?

        • All withdrawals are subject to 30 days notice or 30 days loss of interest on the amount withdrawn.
        • If the balance drops below £10, 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 agents 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.

        If I withdraw funds, does that count against my annual subscription?

        • Withdrawals made can be re-deposited during the same tax year without counting towards your annual ISA investment allowance.

        What is the interest rate?

        How is the interest calculated and when is it paid?

        • Interest is variable and calculated on a daily basis on the balance in the account. Provided the account complies with the 'Regulations' all interest arising will be free of UK taxation. The taxation of ISAs can be changed by the Government at any time without notice.
        • Interest can be credited to your account or paid annually into a suitable bank or building society account (or other suitable Monmouthshire Society account) following the close of business on March 31 each year.

        Can I transfer my Monmouthshire Building Society Cash ISA 9 to another ISA provider?

        • You may transfer your current tax year's Cash ISA subscriptions in whole to another Cash ISA with another ISA manager. The transfer must be the whole amount saved in your Cash ISA, in that tax year, up to the day of the transfer.
        • You are also permitted to transfer your current tax year's Cash ISA subscriptions in whole to a Stocks and Shares ISA and/or Innovative Finance ISA and it will be treated as if you invested directly into the Stocks and Shares ISA and/or Innovative Finance ISA. This allows you to re-subscribe to a Cash ISA later in the same tax year, provided you have not already used up your annual ISA investment allowance.
        • You may transfer any previous tax year's subscriptions in whole or in part to another Cash ISA, Stocks and Shares ISA or Innovative Finance ISA held with another ISA manager, without it affecting your annual ISA investment allowance for the current tax year.
        • We will make any transfers to another ISA manager within 15 days of receipt of your request, unless you indicate otherwise.

        Can I transfer-in the balance from another ISA provider to a Monmouthshire Building Society Cash ISA 9?

        • No, transfers in are not permitted.

        What are the investment periods for a Cash ISA?

        • There are no set maximum or minimum investment periods and an application, once made, remains valid for subscriptions to that ISA in subsequent tax years.

        What if I take a break period from saving in a Cash ISA?

        • If you do not make any subscriptions for a whole tax year you will need to re-apply before subscriptions can recommence.

        How can I cancel my application?

        • You may cancel your application by giving written notice to the Society up to the 14th calendar day (excluding public holidays) following the day the account was opened and we will, without notice or penalty, transfer the balance on the account to another account or refund your money plus interest.
        • In this case, the account will be closed and the subscription will not count towards your ISA subscription limits.
        • Written notice to the Society should be sent to Monmouthshire Building Society, John Frost Square, Newport, NP20 1PX.

        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.

        >> Cash ISA 9 Specific Terms and Conditions   

        >> General Terms & Conditions for Savings Accounts

        >> View Interest Rates

        >> ISA Subscription Limits

        >> Branch and Agency Withdrawal Limits

        >> Opening an Account

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