Issue 23
Please note this ISA is limited issue and may be withdrawn without notice at any time
What is the interest rate? |
|
Can Monmouthshire Building Society change the interest rate? |
|
What would the estimated balance be after 12 months based on a £1,000 deposit? |
|
How do I open and manage my account? |
|
Can I withdraw money? |
|
Additional Product Information |
|
Terms and Conditions:
It is important that you read the following before deciding to open an account:
Product Terms and Conditions
1 Year Fixed Rate Cash ISA - Issue 23
1 - ISA Regulations
Accounts are issued subject to the detailed rules contained in ‘The Individual Savings Account Regulations 1998’, ‘The Individual Savings Account (Amendment) Regulations 2007’, ‘The Individual Savings Account (Amendment No. 2) Regulations 2010’ and any subsequent amendments thereto. (‘The Regulations’).
You must not have already subscribed to a Cash ISA in the current tax year other than by way of flexible ISA replacement subscriptions. Replacement subscriptions do not count as subscriptions for the purpose of determining whether the investor has subscribed to more than one ISA.
Your ISA investment must be, and remain, in your beneficial ownership and must not be used as security for any loan or any type of borrowing.
We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your ISA has, or will, become void.
The maximum investment you can make to your Cash ISA in any one tax year must not exceed the annual cash limit specified in the ‘Regulations’.
We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.
2 - Account Opening
To open this account, you must be a UK resident (excluding Northern Ireland) aged 16 and over.
You can subscribe to only one Cash ISA in the current tax year and you cannot add subscriptions to this Fixed Rate Cash ISA after the product is withdrawn from sale.
ISA accounts cannot be held jointly.
3 - Investment Limits
The minimum amount required to open this account is £1,000.
The maximum annual subscription must not exceed the annual cash limit as specified in the ISA Regulations.
The maximum balance is £500,000.
4 - Further Investment
Once you have opened your Cash ISA, additional deposits can be made by cash (at a branch or agency), cheque, bank transfer or standing order, while the ISA remains on sale.
Deposits in future tax years are not permitted.
5 - ISA Transfer In
We accept transfers of Cash ISA funds from other ISA providers and/or from an existing Monmouthshire Building Society Cash ISA. ISA transfer requests must be received whilst the product is on sale and can take up to 30 days to complete.
We will accept transfers of previous years’ Cash ISA subscriptions in part or in full. Current year’s Cash ISA subscriptions must be transferred in full.
6 - Cancellation
You should not invest if you think you will need to access your money during the fixed rate period.
Once the account is opened, you have 14 days after the account opening date to notify us in writing that you want to change your mind (the 14 days excludes public holidays). If you notify us within this time, then we will, without notice or penalty, help you switch to another one of our accounts or give you back your money together with any interest it has earned.
7 - Withdrawals
No withdrawals are allowed from this Fixed Rate Cash ISA until after the maturity date.
8 - Closure
Closure of your Fixed Rate Cash ISA will be allowed at any time during the fixed rate period, subject to 90 days’ loss of interest calculated on the balance on the day of closure.
If there is insufficient interest to cover the penalty, then the difference will be taken from the money in the account. This means you may end up with less money than you paid into the account.
9 - ISA Transfer Out
On your instruction, your ISA can be transferred in full to another ISA provider in accordance with the ISA Regulations relating to transfers.
Where you transfer your current year’s subscriptions from one type of ISA to another, the subscriptions are treated as if they were made to the receiving ISA provider. For example, if your current year’s Cash ISA subscriptions are transferred to a stocks and shares ISA, they are treated as if they were made to the stocks and shares ISA so you are able to subscribe to a Cash ISA following the transfer – subject to the annual subscription limit.
You may transfer previous tax years’ subscriptions to a Cash ISA or another type of ISA held with another ISA provider, without it affecting your annual ISA investment allowance for the current tax year.
Cash ISA to Cash ISA transfers must take place within 15 business days of the transfer instruction being received by the new ISA provider unless the investor stipulates the 15 days starts on a later date.
ISA transfers during the fixed term will be subject to 90 days’ loss of interest calculated on the closing balance. If there is insufficient interest to cover the penalty, then the difference will be taken from the money in the account. This means you may end up with less money than you paid into the account.
10 - Interest
Provided the account complies with the ‘Regulations’ all interest arising will be free of UK taxation. The taxation of ISAs can be changed at any time without notice.
The interest rate is fixed from the date of account opening until maturity of the fixed rate term.
Interest is calculated on a daily basis on the balance in the account and paid on maturity.
As this is a one year Fixed Rate Cash ISA, no annual statement will be sent.
11 - Maturity
We will contact you before the fixed term is due to end to let you know the maturity options that are available for you to select. If you have not notified us of your decision before the maturity date, then on maturity, the account will revert to the Society’s Easy ISA or the nearest equivalent available at that time.
12 - Terms and Conditions
These Product Terms and Conditions apply to this account in addition to our General Terms and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the Product Terms and Conditions, the Product Terms and Conditions will apply.