1 Year Fixed Rate Cash ISA

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1 Year Fixed Rate Cash ISA - Issue 12

This account can only be opened in a branch or agency.

Available in England and Wales.

Please note this ISA is a limited issue and may be withdrawn without notice at any time.

Summary Box - Key Product Information:

Account Name	1 Year Fixed Rate Cash ISA (Issue 12)
What is the interest rate?	0.60% AER/Tax-free Interest is fixed for 1 year. The fixed term will start on the date the account is opened. Interest is calculated on a daily basis on the balance in the account and is paid annually on maturity. Interest is paid tax-free.
Can Monmouthshire Building Society change the interest rate?	No – the interest rate is fixed for 1 year.
What would the estimated balance be after 12 months based on a £3,000 deposit?	£3,018.00 We have worked this out assuming a £3,000 deposit is made, no further deposits or withdrawals are made during a 12-month period and interest is added to your account.
How do I open and manage my account?	You can open a 1 Year Fixed Rate Cash ISA (Issue 12) at any branch or agency office. Existing customers can open an account to transfer funds from a maturing Monmouthshire Building Society Fixed Rate Cash ISA by following the instructions received with the maturity notice. Once the account is open, you can manage your Cash ISA at any branch or agency office, by post or online (if registered with our ‘My Accounts’ service). The account is open to UK residents living in England and Wales, aged 16 or over. Subscriptions and transfers-in will be accepted while the product is on sale. Transfers-in from Monmouthshire Building Society Cash ISA’s or other Cash ISA providers are permitted. A minimum balance of £3,000 must be in the account throughout the fixed term period. The maximum annual ISA subscription is £20,000 for the 2020/21 tax year. The maximum account balance is £500,000.
Can I withdraw money?	No partial withdrawals are allowed during the fixed term period. Full closure of your account or transfer to another ISA provider is permitted subject to 90 days’ loss of interest, calculated on the closing balance. 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, we will, without notice or penalty, help you switch to another of our accounts or give you back your money together with any interest it has earned. We’ll send you a letter before the fixed term is due to end, to remind you of your maturity date and to let you know what options are available to you, when considering what you’d like to do with your money. If we don’t receive your instructions beforehand, on maturity the account will revert to the Society’s variable rate Easy ISA instant access account and will be subject to the interest rate and product terms and conditions of this account. This is not a flexible ISA meaning any amount withdrawn cannot be replaced.
Additional Product Information	This is a limited issue ISA which can be withdrawn by the Society without notice at any time. You can add to your savings whilst the product remains on sale. Deposits can be made 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 tax-free rate is the contractual rate of interest payable where interest is exempt from income tax. The tax treatment depends on your individual circumstances and may change in the future. Interest rate effective from 13/10/20

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 Cash ISA (Issue 12) - Specific Product Terms and Conditions

1 - ISA Regulations

1.1 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’).

1.2 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.

1.3 Your ISA investment must be and must remain in your beneficial ownership, it must not be used as security for a loan.

1.4 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.

1.5 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’.

1.6 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

This account is available to new and existing Monmouthshire Building Society ISA customers. You can open a 1 Year Fixed Rate ISA (Issue 12) at any branch or agency office. Existing customers can open an account to transfer funds from a maturing Monmouthshire Building Society Fixed Rate Cash ISA by following the instructions received with the maturity notice.

Once the account is open, you can manage your 1 Year Fixed Rate ISA (Issue 12) at any branch or agency office, by post or online (if registered with our ‘My Accounts’ service).

Transfers-in from Monmouthshire Building Society Cash ISA’s or Cash ISA’s with other ISA providers are permitted. Current year’s Cash ISA subscriptions, if used as part of the transfer-in amount, must be transferred in full.

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.

You can only open one 1 Year Fixed Rate Cash ISA (Issue 12) with the Society. This is a limited issue product which can be withdrawn without notice, at any time.

3 - Investment Limits

The minimum investment is £3,000. Transfers-in of existing Cash ISA balances are permitted. The maximum annual subscription must not exceed the annual Cash limit as specified in the ISA regulations. The maximum account balance is £500,000.

4 - Further Investment

Once you have opened your 1 Year Fixed Rate Cash ISA (Issue 12) account additional investments can be made while this ISA is available. No further deposits or transfers-in will be accepted after the product is withdrawn from sale (subject to 15 days for previous tax year transfers-in).

We accept transfers of Cash ISA funds from other ISA managers and / or from an existing Monmouthshire Building Society Cash ISA. We will accept deposits from current year’s Cash ISA subscriptions and these can be deposited into this account directly, or by way of transfer-in from an existing Monmouthshire Building Society Cash ISA or a Cash ISA from another ISA manager, and these funds must be transferred in full.

We accept previous years ISA subscriptions, from an existing Monmouthshire Building Society Cash ISA or a Cash ISA from another ISA manager, which can be transferred in full or in part.

5 - 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, we will, without notice or penalty, help you switch to another of our accounts or give you back your money together with any interest it has earned.

6 - Withdrawals

No partial withdrawals are allowed during the fixed rate period.

7 - Closure

Closure of your 1 Year Fixed Rate Cash ISA (Issue 12) is permitted at any time during the fixed rate period, subject to 90 days’ loss of interest calculated on the balance as at the day of closure (or such shorter period to maturity of the ISA). If there is insufficient interest to cover the charge, then the difference will be taken from the money in the account.

When the fixed term ends, the account will be subject to the terms and conditions of the Society’s variable rate Easy ISA Instant Access account.

Flexible ISA: This is not a flexible ISA meaning any amount withdrawn cannot be replaced.

8 - Interest

8.1 Interest is fixed for 1 year and calculated on a daily basis on the balance in the account. 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 at 0.60% AER/Tax-free from the date of account opening until maturity of the fixed rate term.

8.2 Interest is paid annually and can be added to your account or paid into a nominated bank account (or other suitable Monmouthshire Building Society account) on maturity. As this is a one-year fixed rate Cash ISA, no annual statement will be sent.

8.3 We’ll send you a letter before the fixed term period ends, to remind you of your maturity date and to let you know what options are available to you, when considering what you’d like to do with your money. If we don’t receive your instructions beforehand, on maturity the account will revert to the Society’s variable rate Easy ISA instant access account and will be subject to the product terms and conditions of this account.

8.4 There is a 14 day ‘cooling off’ period when the account reverts to the Society’s Easy ISA account if you subsequently feel that the account does not meet with your requirements.

9 - ISA Transfers Out

9.1 On your instruction your ISA, or part of your ISA, can be transferred to another ISA manager in accordance with the ISA Regulations relating to transfers. The transfer will be subject to 90 days’ loss of interest calculated on the amount transferred (or such shorter period to maturity of the ISA). If there is insufficient interest to cover the charge, then the difference will be taken from the money in the account.

9.2 You may transfer your current year’s Cash ISA subscriptions in whole to another Cash ISA with another ISA manager. The transfer must be the whole amount saved in your Cash ISA, in that tax year, up to the day of the transfer.

9.3 Where you transfer your current year subscriptions from one type of ISA to another the subscriptions are treated as if they were made to the receiving ISA manager. For example, if your current years 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.

9.4 You may transfer any previous tax year’s subscriptions, in whole or in part, to a Cash ISA or another type of ISA held with another ISA manager, without it affecting your annual ISA investment allowance for the current tax year.

9.5 Partial withdrawals from this 1 Year Fixed Rate Cash ISA (Issue 12) are not permitted.

9.6 Cash ISA to Cash ISA transfers must take place within 15 business days of the transfer instruction being received by the new ISA manager unless the investor stipulates the 15 days starts on a later date. Transfers out are permitted at any time during the fixed rate period and are subject to 90 days’ loss of interest.

10 - Terms and Conditions

These specific Product Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the specific Product Terms and Conditions, the specific Product Terms and Conditions will apply.

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