Platinum Account - Terms & Conditions (closed account)

Specific Terms and Conditions for the Platinum Account

1 - Investment Criteria

This account is only available to clients of Monmouthshire Independent Financial Advisers Ltd. To qualify, an account can only be opened if recommended by an Adviser following a full review of your financial circumstances. You will be able to operate your account through Monmouthshire Building Society.

2 - Investment Limits

The minimum investment is £50,000. The maximum investment is £400,000.

3 – Further Investment

You may add to your savings at any time, just call into your local branch or agency office of the Monmouthshire Building Society with your passbook and deposit. If it is more convenient you can post the deposit  or save through a direct debit or standing order from your bank account.

4 – Withdrawals

You can withdraw from your account without giving notice subject to the limits of the branch or agency office you use. Details of the Society’s current withdrawal limits are displayed in branch and agency offices available from its website or Head Office.

If a withdrawal reduces the balance to less than the minimum balance per account of £50,000, 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.   As this is a savings account, you are only allowed up to 150 withdrawals during each year (ending 31 March). If you make more than 150 withdrawals we will give you two month’s written notice following which we will close the account. 

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.  

You can also make withdrawals by electronic transfer using the 'My Accounts' system at www.monbs.com. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions which are available at www.monbs.com. 

5 – Interest

The interest rate applied to this account varies according to the balance held.  Interest is variable and calculated on a daily basis on the balance in the account. 

5.1 Annual Interest Option

Interest can be credited to the account or paid annually into a bank account (or other suitable Monmouthshire Building Society account) following the close of business on 31 March each year. 

5.2 Monthly Interest Option

Interest will be paid following the close of business on the last working day of each calendar month, and must be paid to a suitable bank or building account (or to a suitable Monmouthshire Building Society account).

6 – Terms and Conditions

These Specific Terms and Conditions apply to this account in addition to the Monmouthshire Building Society's General Terms and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.


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