First Home Bonus Saver (Issue 2)

Our FIRST HOME BONUS SAVER account is designed specifically for customers who are looking to purchase their first home or move home in the next few years. The account can help you save towards a deposit, and offers a competitive rate of interest and flexible access to your savings, plus a fixed conditional bonus if a Monmouthshire Building Society owner-occupied mortgage is taken out within five years of the account being opened.

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
 First Home Bonus Saver - Issue 2
What is the interest rate?
  • 0.50% AER/Gross excluding bonus.
  • 4.50% AER/Gross including bonus.
  • Interest is calculated on a daily basis and paid annually on the balance in the account.
  • Fixed conditional bonus of 4.00% AER/Gross is calculated on a daily basis on the balances held during the lifetime of the account.
  • The bonus will be paid upon account closure, provided you enter into an owner occupied Monmouthshire Building Society mortgage within five years of opening the 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 that the change is needed.



    What would the estimated balance be after 12 months based on £1,000 deposit?


    • £1,045.00 with bonus and all conditions are met.
    • £1,005.00 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).
    • You will be required to have a face to face interview with a Society mortgage adviser before the account can be opened.
    • The minimum amount required to open an account is £20.
    • The maximum account balance is £6,000 per year (£12,000 if in joint names).
    • The maximum amount per month is £500 per account holder if paying by standing order.
    • 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?
      • Up to four withdrawals are allowed during the year (ending 31 March).
      • If you make more than four withdrawals during the year (ending 31 March), the account will be closed.
      • Withdrawals can be made without notice or loss of interest.
      • A minimum balance of £20 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.

          All applicants are to attend a face to face/telephone interview with a Monmouthshire Building Society mortgage adviser before the account can be opened.

          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 as 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

          • Withdrawals can be made without notice or loss of interest.
          • Up to four withdrawals are allowed during the year ending 31 March. Any transfers to other Monmouthshire Building Society savings accounts are classed as withdrawals.
          • If you make a fifth withdrawal in any year (ending 31 March) we will give you two months written notice following which we will close the account.
          • If a withdrawal reduces the balance to less than the minimum balance required of £20, 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 is variable and calculated on a daily basis on the balance in the account. Interest can 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.
          • The conditional bonus rate is calculated on a daily basis on the balances held during the lifetime of the account.
          • The conditional bonus of 4.00% AER/Gross will be paid to you upon account closure, provided you enter into an owner occupied Monmouthshire Building Society mortgage within five years of opening the account.
          • 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 earned.
          • Higher rate tax payers will not pay any 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. 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.

          >> First Home Bonus Saver (Issue 2) Terms and Conditions

          >> General Terms and Conditions for Savings Accounts

          >> View Interest Rates

          >> Taxation

          >> Branch and Agency Withdrawal Limits

          >> Opening an Account

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