Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||1 Year Fixed Rate Bond - Issue 35|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 12 months based on £5,000 deposit?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
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:
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.
Terms and Conditions:
It is important that you read the Product Terms and Conditions and the General Terms and Conditions for Savings Accounts before deciding to open an account.
1 Year Fixed Rate Bond Issue 35 - Specific Terms and Conditions
1 - Investment Criteria
The bond can be opened by new and existing customers. Only one account per person or one joint account may be opened per couple.
2 - Investment Limits
The minimum investment amount is £5,000 for annual interest. The maximum investment amount is £500,000.
3 - Further Investment
Once you have opened your bond it is not possible for you to add any further funds.
4 - Cancellation
You do not have the right to cancel this fixed rate bond once you have opened it. You should not invest if you think you will need to access your money during the term of your bond.
5 - Withdrawals
No withdrawals or closure of the account allowed until after the maturity date. The Account may be closed without penalty or notice should the investor die before maturity.
6 - Interest
Interest is calculated on a daily basis on the balance in the account, paid gross and is fixed for one year at 1.55% AER/Gross for annual interest. Annual interest is paid on maturity.
7 - Maturity
Your bond will mature on the anniversary of the date of opening. We will write to you prior to maturity informing you of current investment options available at that time. As this is a 1 year bond, no annual interest statement will be sent. On maturity, the bond will be closed. If your instructions have not been received before the bond maturity date, the proceeds of your matured bond will be transferred into a new Fixed Rate Bond of equal or shorter term with no access rights.
A 30-day cooling off period will be applied when the investment matures and is reinvested into another bond. If there is no such bond available at the time the proceeds will be transferred into an Escalator Instant account or its nearest equivalent available at that time.
8 - Terms and Conditions
These specific Product Terms and Conditions apply to this bond in addition to our General Terms for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the specific Product Terms and Conditions, the specific Product Terms and Conditions will apply.