Savings
Whether you’re looking for instant access, annual bonuses or tax-free savings, we have an account that will help you achieve your savings goals.
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Mortgages
Whether you’re looking to buy your first home, move somewhere bigger, or simply get a better deal, we can offer a mortgage that suits you.
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About Us
Established in Newport in 1869 to help local people build homes, we now help people across Wales and England buy properties and save for their future.
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Savings
How do I open my account in branch?
A
Please note that document lists can be found below under "What forms of ID do you accept?"

Opening an account with a personal cheque

If you are opening an account with a cheque drawn on your personal current account, no further documentation is required, as we will undertake an electronic check of your identity.

Opening an account by cash or non-personal cheque

If you are opening an account with cash or a non-personal cheque (e.g. from another organisation), we will require one item from list 1, 2 or 3. We will also undertake an electronic check of your identity.

Opening an account for a child (under 18)

If you are opening an account on behalf of a child, you must prove your identity as above. In addition, one document from list 4 will be required to prove the identity of the child.

If you are a child (under 18) opening an account to operate yourself, we will require one document from list 4 to prove your identity, and one document from list 3 to verify your address or that of your parent / guardian.

If we are unable to prove your identity using our electronic verification system you will need to supply us with 2 documents as follows:

Two documents from either list 1 or 2 

OR

One document from list 1 or 2 and one document from list 3

Regulations require that we see original documents.

If we are unable to prove your identity using our electronic verification system but you are opening an account with a personal cheque, only one item from list 1 is required.

How do I open an account if I can't get into a branch?
A
Please note that document lists can be found below under "What forms of ID do you accept?"

Opening an account by post

Please note that 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 applicants name.

In addition to your payment, we will undertake an electronic check of your identity. If you provide us with a photocopy of your passport and/or driving licence this should speed things up. The photocopy of your passport need only be the page that your photograph appears on. The photocopies of your driving licence required are both the photo licence and counterpart document.

Opening an account for a child

If you are opening an account on behalf of a child, you must prove your identity as above. In addition, one document from list 4 will be required to prove the identity of the child.

If you are a child (under 18) opening an account to operate yourself, we will require one document from list 4 to prove your identity, and one document from list 3 to verify your address or that of your parent / guardian.

If we are unable to prove your identity using our electronic verification system you will need to supply us with 2 documents as follows

Two documents from either list 2

OR

One document from list 2 and one document from list 3

Regulations require that we see original documents. If you are sending original documents by post, please make sure that they are securely packaged and are sent via Recorded or Registered post. Your documents will be returned after inspection.

What forms of ID do you accept?
A

List One : Government Issued Documents (with a photograph)

Valid Passport
Valid Photocard Driving Licence (full or provisional)
National Identity Card (non-UK nationals)
Firearms or Shotgun Certificate

List Two : Government Issued Documents (without a photograph)

Valid Full Driving Licence
Most recent HM Revenue & Customs tax notification such as tax assessment, statement of account, notice of coding. (Note: P45s and P60s are not official HM Revenue documents and are not therefore acceptable)
Recent Evidence of entitlement to a state or local authority-funded benefit scheme (including housing benefit and council tax benefit), tax credit, pension, educational or other grant.

List Three : Other documents

Utility Bill (not mobile phone) - not more than 6 months old
Local Authority tax demand or statement – valid for current year
Bank / Credit Card / Debit Card statement - not more than 3 months old (internet downloaded statements are not acceptable)
Local Council rent agreement
Mortgage statement - not more than 15 months old

List Four : For the identification of children under 18

Birth Certificate
Valid Passport
NHS Medical Card
Child Benefit documentation
Child Tax Credit documentation
National Insurance Card (for those over 16)
Valid Photocard Driving Licence (full or provisional)

How can I pay in to my savings account?
A

Standing Orders and Electronic Transfer - To arrange a standing order or single electronic payment to your savings account, 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).

Cheques - we can no longer accept cheques which are made payable to 'Monmouthshire Building Society'. If you are paying in a cheque given to you by someone else, please ask them to make it payable to you, or if already made payable to the Society, to add your name and account number. For further guidance, please see the leaflet produced by The Building Societies Association, under 'Related Documents'.

Cash - over the counter at any of our Branch or Agency Offices, subject to maximum investment limits. Coins can only be accepted when bagged in the correct denominations.

Debit Card - over the counter at any of our Branch Offices (not Agency offices), subject to maximum investment limits.

Can someone else pay into my account?
A

Yes, but you will need to give us authorisation. Please call us on 01633 844 340 so we can arrange this. 

How do I take money out? How much can I withdraw?
A

Cash - You can withdraw up to £500 in cash per day from one of our branches or agencies.

Cheque - You can withdraw any amount by cheque from one of our branches or agencies.

Faster Payment - 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.

These methods of withdrawing are subject to the withdrawal restrictions on your account.

Can I open an account for someone else?
A

If you will be operating a Monmouthshire Building Society savings account on behalf of another adult applicant(s), you must complete an Official Signatory Form.

A copy of the Trust Deed, Power of Attorney, Will, Grant of Probate or Letters of Administration (as applicable) must accompany the form.

Please click here for a copy of the Official Signatory Form, or call us to discuss in more detail.

How can I remove/add someone to the account?
A

The easiest way is for all parties concerned to visit a branch or agency with their IDs. If you can't get to a branch or agency, call us on 01633 844 340 and we'll send you the forms by post.

Can I transfer my ISA from another provider to Monmouthshire Building Society?
A

Yes, we currently accept transfers of cash ISA funds from other ISA managers.

I sent a payment from my bank to my savings account, why can’t I see it?
A

As we are a building society not a bank, all electronic payments are first received by our bank account. We then have to wait for these to be uploaded to our customers’ accounts, which is done each day before we open for business at 9am. If you are a registered ‘My Accounts’ user, it may be that this upload was done after this service was updated in the early hours of the morning. Please be assured, that although there may be a delay in the payment being available for updating on your passbook, or being viewed via 'My Accounts', it will have been credited to your account as at the date it reached our bank account and that interest will be accrued based on that date.

What is my interest rate?
A

If you have a ‘My Accounts' log in you can view your savings account interest rates by logging in then selecting the account you wish to check. The interest rate will appear on the next screen.

If you do not have a ‘My Accounts’ log in just click here to register and see your interest rates plus much more, including all your savings transactions, at a time to suit you.

Alternatively, take a look at our interest rates for all our current and previously available savings accounts. 

When will my interest be paid?
A

Most of our accounts have interest paid at the close of business on 31st March each year. The interest will be added (after tax has been deducted) to your account, or sent to your preferred destination where these details have been provided, and will be available to print on your passbook or view online (via My Accounts if you are a registered user) from the 1st April.

Some of our accounts have different interest periods e.g. Christmas Saver (issue 1 is 30th November and issue 2 is 31st October). Most of our 1 year fixed rate bonds have interest paid on maturity.

What are the terms and conditions of my savings account?
A

You should have been issued with the terms and conditions of your account when you opened it. 

However, if you have misplaced the terms and conditions you can request a copy by emailing customerservices@monbs.com

How will my savings account be taxed?
A

As a result of changes being introduced by HM Revenue and Customs (HMRC) in how savings interest is taxed, all banks and building societies will be required to pay interest gross from 6th April 2016.


This means that tax will not be deducted when interest is paid to your account. This will form part of your new Personal Savings Allowance:

  • Basic rate tax payers will not pay tax on the first £1,000 of savings income earned.
  • Higher rate tax payers will not pay tax on the first £500 of savings income earned.
  • 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. Please note that ISA accounts will continue to be free from UK tax for eligible customers, which means that any interest earned doesn’t count towards your Personal Savings Allowance.

Will I have to do anything?

No, you don’t need to do anything to claim your Personal Savings Allowance. If you’re a basic rate taxpayer and have savings income of more than £1,000 (£500 for higher rate taxpayers), you’ll have to pay some tax on this. But you don’t need to do anything yet.

HMRC will normally collect the tax by changing your tax code. Banks and building societies will give HMRC the information they need to do this.

From 6th April 2016 onwards, any interest on your savings will be paid gross. If you have previously completed an R85 or R105 form these will no longer be required after 6th April 2016. If you fill in a Self Assessment tax return you should carry on doing this as normal.

Further information can be found on the HMRC website where you can find an easy-to-read Personal Savings Allowance fact sheet.

I’ve lost my passbook, what should I do?
A

Please give us a call on 01633 844 340 and we will assist.

Do you have online banking?
A

As we are a building society not a bank, we do not offer online ‘banking’ as such, however the My Accounts Online Portal allows our customers to view information about their mortgage and savings accounts online.

How can I register for the My Accounts service?
A

Just click here!

Within three to four working days of registering you will receive confirmation of your Web User Identification Number and activation key via post. Please note – this activation key expires 28 days after issue, so you should use it as soon as you receive it.

Once it’s expired, you will need to follow the ‘Forgotten your security details’ option found on the Welcome page.

I’m having trouble logging in to My Accounts – what should I do?
A

Every time you want to use our My Accounts system, you will need to enter:

  • your Web User Identification Number
  • your full password
  • 2 characters from your memorable information (which you selected when you first registered)

These fields are case sensitive.

If you have forgotten any of this information, please select the Forgotten your security details’ option found on the Welcome page.

If you are still having trouble and you have accessed My Accounts before, try clearing your cache and deleting all cookies. If you’re not sure how to do this, there’s a helpful guide here.

Mortgages
How much can I borrow?
A

Our mortgage calculator will give you a rough idea of what you can borrow - for more specific advice you can make an appointment with one of our mortgage advisors.

What fees will I need to pay?
A

This depends on your mortgage product - please see product terms and conditions, or speak to a mortgage adviser for more information. 

How long will it take to get a mortgage?
A

From submitting your mortgage application to completion usually takes between 4 and 8 weeks. 

What information do I need to provide in my mortgage application?
A

In addition to your personal details and proof of identity, you will need to provide details of your employment and salary/earnings - if you're employed, you will need to support these details, usually with your last 3 payslips and your p60. If you're self-employed, we usually request 2 years worth of accounts. You will also have to provide details about your financial commitments and living expenses - this is usually supported by 3 months worth of bank statements and a full credit check.

How do I apply for a mortgage?
A

If you want to apply for one of our mortgages, please submit a decision in principle (residential mortgages only) or contact one of our mortgage advisors.

What happens when I apply?
A

Stage 1: Initial decision
Once we receive your mortgage application, your mortgage adviser will send it to our Underwriting department for processing. Your dedicated case officer will review your application and check all the necessary information is correct to enable your application to proceed.

Stage 2: Valuation and references
Next, your case officer will request a valuation report and will usually obtain an employers reference or accountants reference if self employed. If required, they will also request a mortgage/rent reference. Alternatively, you can supply proof of your last 12 months mortgage or rent payments.

Stage 3: Your mortgage offer
Once we receive a satisfactory valuation report, we will prepare a Mortgage Offer and send it to you. If you are happy with the offer, simply sign and return your acceptance. A duplicate of the offer will be sent to your solicitor, who will contact you to discuss it. At this st age you should arrange buildings insurance for any new property purchase. The Society has introduced a reflection period of 30 days to give customers time, if required, to consider whether they are still happy to go ahead with their mortgage decision.

Stage 4: Issuing your funds - completion
Once your solicitor confirms to us that the necessary legal documents have been completed, we will issue the funds to your solicitor to complete the purchase (or the remortgage). We will send you a letter confirming this, which will also detail the payments due and their collection dates.

What is the minimum/maximum term?
A

Our minimum term is 5 years and our maximum term is 35 years.

What is an early repayment charge?
A

An early repayment charge is made when you change, repay, or significantly overpay your mortgage while you are still in your mortgage product deal period.

Do I need home insurance?
A

Yes, you must have adequate buildings cover in place, ideally from the point of exchange. The Society must be noted as an interested party and a copy of the policy schedule must be provided before completion of the mortgage.

Do I have to use the designated solicitors provided?
A

No, but your solicitor must become a member of our conveyancing panel if you want to avoid paying extra legal fees.

How can I pay my mortgage fees?
A

You can pay your mortgage fees online here, or give us a call on 01633 844 340.

How can I change my rate?
A

If your deal is coming to an end (reaching maturity), we will write to you informing you of this and suggesting suitable rates for you to change to.

I want to move home – what do I do? 
A

You can either take out a new mortgage or port your existing mortgage product - more information can be found on our mortgage page for existing customers, or you can book an appointment with one of our mortgage advisors to discuss your options.

I want to let my home – what do I do? 
A

Under the terms and conditions of your mortgage, you must seek the agreement of the Society if you want to rent out your property.

Please call us on 01633 844 370 to discuss renting your property.

There are certain conditions with which you must comply before the Society will normally consent:

a) The property must only be let on an Assured Shorthold Tenancy basis.
b) The rent you charge your tenants must exceed the monthly mortgage interest charge by at least 30%.
c) The loan must not exceed 70 % of the current property value. If you believe that your property has increased in worth since the last valuation then we could arrange for it to be re-valued. A fee of £77 would be chargeable for this service.
d) Suitable property insurance must be arranged and evidence provided to the Society (your existing household insurance policy may not cover you if the property is let).

Provided you satisfy all of these conditions the Society would normally consent without imposing any further restrictions. However, any owner-occupied mortgage product discount or tracking rate would automatically be removed and if your mortgage was arranged on an owner-occupied fixed rate this will also need to be reviewed. If your mortgage has been in arrears during the last 3 months, we may ask you to provide more information regarding your ability to meet the higher monthly payments, if any.

IMPORTANT – if you let your property without first seeking, and receiving, the Society’s consent, you will be in breach of your mortgage conditions. Making the enquiries above does not automatically imply our consent will be given, but we will provide written consent if it is granted.

Can I increase my payments?
A

You can make overpayments on your mortgage at any time, but you need to check the conditions of your mortgage as some of our mortgages have a charge for doing so. Information about such charges will be clearly shown on your Mortgage Sales Key Facts Illustration or your Mortgage Offer Key Facts Illustration.

If you want to make arrangements to pay a fixed amount each month by direct debit, which exceeds your registered repayment, please call us on 01633 844 340. Please note, you should check any restrictions that may apply to overpayments on your mortgage. Some schemes may include early repayment charges for overpayments.

Can I borrow more?
A

This depends on your circumstances, but our mortgage advisors can help if you want to borrow more on your mortgage.

Can I appeal against your decision?
A

You can appeal against an underwriting decision if new information has become available that will enable us to review our original decline decision.

Your mortgage advisor can submit an appeal request to underwriting@monbs.com where a Senior Underwriter will review the decline decision in the first instance.

Can I use a solicitor that isn’t on your conveyancing panel?
A

When you apply, if your chosen solicitor isn’t on our conveyancing panel we will send them an invitation to join.

If they do not join or do not meet the criteria to join our panel, we advise you choose another conveyancer. If you wish to proceed with the original solicitor, you will need to pay extra fees to cover the cost of us hiring our own solicitor.

Can you find me a solicitor on your conveyancing panel?
A

While we cannot recommend a conveyancer, if you provide your mortgage advisor with a list of preferred conveyancers in your area, we can confirm which (if any) are on our panel.

What is my mortgage balance?
A

You will be able to see your capital balance (the balance on which interest is being charged) in My Accounts.

Once a year we will also send you a mortgage statement with details of your current balance and the amount of interest that has been charged.

What is my current mortgage rate?
A

You will be able to see your current mortgage rate in My Accounts.

Once a year we will also send you a mortgage statement with details of your current and previous rates. If you are on a variable rate, we will also inform you of any changes to your rate following a Bank of England Bank Rate change.

How can I set up a direct debit?
A

To set up a direct debit for your monthly mortgage payments, you will need to complete our direct debit form.

You can fill in the form in branch, or you can print the form here and drop it into a branch or return to our customer services department at the following address:

Customer Services

Monmouthshire Building Society 
Monmouthshire House 
John Frost Square 
Newport 
South Wales 
NP20 1PX

Please make sure you tell us when you want this arrangement to start and what your preferred date for payment is. Please allow 10 days for the arrangement to be set up before the first payment can be requested.

I am changing banks – what happens to my direct debit?
A

If you are changing banks, your current bank should pass details of all direct debits to your new bank and inform us. If, however, the existing arrangement has been cancelled, you will need to complete a new direct debit form as explained above.

Can I change my direct debit payment date?
A

You can change the date on which payments come out of your bank account by calling us on 01633 844 370.

Please note, if you request the 28th or later, the payment will be requested by the Society on the last working day of every month. Your bank account will be debited early the following month.

Can I pay my mortgage in any way other than direct debit?
A

You can visit a local branch or agency and make payment over the counter by debit card or cheque. We also accept payment by way of standing order (please remember to include your 10-digit mortgage account number as a reference when setting up a standing order).

Can I pay off/partially repay my mortgage?
A

If you want to repay your mortgage before the end of the agreed term, you will need to ask us for a redemption statement, which will be calculated for the day you anticipate making the final payment. Interest will be charged to the date the loan is repaid and will be specified in the statement. The statement will also include details of:

  • A discharge and sealing fee, as shown in our Tariff of Mortgage Charges, which is charged to cover the closing administration costs.
  • Any early repayment charge which may be payable, subject to the specific terms of the mortgage product applied to your loan.

To find out how much you will have to pay to redeem your mortgage, please call us on 01633 844 370. We will need your name and mortgaged property address, mortgage account number and the date on which you think you will be repaying your loan.

I can’t afford my mortgage payments – what do I do?
A

Please get in touch by calling 01633 844 333 as soon as possible and we will do all we can to support you.

We know that circumstances can change and that sometimes this can lead to financial struggles. You are not alone. If you’re having trouble paying your mortgage, or you think you may face difficulty in the future, it’s important to let us know as soon as you can - there are things we may be able to do to help. We will be open and honest with you and look for solutions that suit your individual circumstances.

It would be helpful if when you call you have the following information to hand:

  • Details of your income – including any benefits
  • Details of your household spend
  • And any outstanding debts you have and with who

Other things you can do:

  • Check your insurance policies - payment protection, income protection and similar policies may help to cover your payments.
  • Find out if you are entitled to any state benefits – we’ll help point you in the right direction.
Can I change my rate?
A

When you are approaching the end of your initial rate period (ie. a 2-year or 5-year rate) we will send you a letter advising you of suitable products and rates that you can change to.

If you are currently on our Standard Variable Rate (SVR), you may be able to change your rate now – book an appointment with one of our mortgage advisors to discuss.

I want to move home
A

If you want to move home, we can talk you through your options, such as remortgaging or porting your existing mortgage product. Bear in mind that you may have to pay an early repayment charge depending on the terms and conditions of your current mortgage product.

To find out how we can help you, please book an appointment with one of our mortgage advisers.

Can I change who is on the mortgage (transfer of equity)?
A

Yes, but this requires you to submit a Remortgage application which could be rejected subject to our lending requirements.

You will also require a solicitor to register the changes via the Land Registry.

For more information about applying for a transfer of equity, get in touch with our Mortgage Advisers.

Can I borrow more money?
A

If you are an existing Borrower and require an additional loan for home improvements or for a variety of other purposes, we will give you a prompt decision and provide you with a fast flexible service.

Contact our experienced advisers who will be pleased to discuss your requirements and fully explain the various options available. Alternatively, why not complete our Mortgage Decision in Principle online form.

Your home may be repossessed if you do not keep up repayments on your mortgage.
Your Society
Where is my nearest branch or agency?
A

Please use our Contact page to locate a branch or agency.

What time do you close?
A

Our Contact page gives details of our opening times.

What is the difference between a branch and an agency?
A

A branch is our own premises, whereas our agencies are based inside another organisation’s premises. For example, an agency may be based inside a solicitors.

Are your branches accessible?
A

Currently all but two of our branches have wheelchair access. The two that don’t, Risca and Monmouth, will be relocated to accessible premises in 2018/2019.

Our branches are also dementia friendly.

How do I become a member?
A

When you take out a mortgage or a savings account with us, you will become a member of the Society.

What does being a member mean?
A

Take a look at our About Us page for more information about being a member.

Who is on your board?
A

Please visit our Board page.

When is the next AGM? Can I attend?
A

Our AGM is held in August each year. All eligible members are invited to attend, and you can expect to receive your invite during July each year. For more details visit our AGM page.

Support
I have changed my name – what do I do?
A

If you have changed your name, for example by marriage or deed poll, you will need to fill in our change of name form and send it to us (head office address below) together with a certified copy of the official document confirming the change (marriage certificate, deed poll document etc).

You can also pop into branch at any time with your official document to fill in the form and request the change.

Our Head Office address is: 
Monmouthshire Building Society 
Monmouthshire House 
John Frost Square 
Newport 
South Wales 
NP20 1PX

I have changed address – what do I do?
A

To notify us of a change of address, you need to complete a change of address form and send it to our customer services department. If you are a registered My Accounts user, we will accept your request by secure message. 

If you are a mortgage customer and you are leaving the property your mortgage is for, please inform us of your arrangements to care for the property and how long you will be away.

How can I nominate someone to look after my money if ever I can’t?
A

You will need to set up a lasting power of attorney - more information on this can be found here: https://www.moneyadviceservice.org.uk/en/articles/setting-up-a-power-of-attorney

My family member has passed away and was a member of your society – what should I do?
A

Click here for a guide with information about what to do in this difficult situation.

You can register a bereavement with the Society by calling us on 01633 844 340, writing to us at Monmouthshire House, John Frost Square, Newport, NP20 1PX, or in person at any of our branches or agencies.

If you visit a branch or agency, one of our colleagues will guide you through the process. If at all possible, please call in advance so we can do our best to make sure a suitable colleague and a quiet area are available. We will do all we can to help.

My family member has passed away, what happens to their savings?
A

Joint Accounts:

In the case of a joint account, survivorship rules apply. In accordance with our General Terms & Conditions for Savings Accounts, we will transfer the account into the name(s) of the surviving account holder(s). The terms and conditions of the account shall continue unchanged.

Sole Accounts:

Once you’ve informed us of the death of our account holder, the way we administer their account(s) will depend on the amount of savings they held with us in their sole name. You may use the funds to pay any urgent bills, these are limited to funeral costs, inheritance tax or probate court fees. However, all requests to pay these bills must be forwarded to our Head Office and be accompanied by the invoice.

How can I make a complaint?
A

If you wish to make a complaint, please see our official complaints procedure.

I’d like to work for Monmouthshire Building Society – are you hiring?
A

Thank you for your interest, we’d love to hear from you! Please visit our careers page for more information.