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1 Year Fixed Rate Cash ISA - Issue 16

Summary Box - Key Product Information:

Account Name 1 Year Fixed Rate Cash ISA - Issue 16
What is the interest rate?
  • 0.60% AER/Tax-free - Annual interest
  • Interest is fixed for 1 year and paid tax-free. The term will start on the day the account is opened.
  • Interest is calculated on a daily basis on the balance in the account and paid annually on maturity.
Can Monmouthshire Building Society change the interest rate? 
  • No – the interest rate is fixed for 1 year (the account will mature 1 year from the date of opening).
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 this account at any branch or agency, by post or online.
  • You must be a UK resident aged 16 and over.
  • A minimum balance of £3,000 must be deposited.
  • You can make additional deposits up to the annual ISA subscription limit (£20,000 for the 2021/22 tax year), whilst the product is on sale.
  • Deposits can be made by cash, cheque, bank transfer or standing order.
  • You can transfer-in from an existing Monmouthshire Building Society Cash ISA, this request must be received whilst the product is on sale.
  • Transfers-in from other ISA providers are not permitted.
  • The maximum balance is £500,000.
  • You can manage your cash ISA at any branch or agency, by post or online (if registered with our ‘My Accounts’ service).
Can I withdraw money?
  • No withdrawals are allowed during the fixed term period.
  • Full closure, including transfer to another ISA provider, will be allowed subject to 90 days’ loss of interest, calculated on the closing balance.
  • Your ISA will mature one year from the date of opening.
  • We will write to 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.
Additional Product Information 
  • This is a limited issue ISA which can be withdrawn by the Society without notice at any time. Once this ISA has been withdrawn, no further deposits will be accepted.
  • This is not a flexible ISA meaning any amount withdrawn cannot be replaced.
  • 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 rate of interest payable where interest is exempt from income tax.
  • The tax treatment depends on your individual circumstances and tax rules may change in the future.
  • Interest rate effective from 15th November 2021.

 

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.

Product Terms and Conditions

1 Year Fixed Rate Cash ISA - Issue 16

 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 remain, in your beneficial ownership and must not be used as security for any loan or any type of borrowing.

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

2.1 To open this cash ISA, you must be a UK resident aged 16 and over.

2.2 You can open this account at any branch or agency, by post or online.

2.3 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.

2.4 ISA accounts cannot be held jointly.

3 - Investment Limits

3.1 The minimum balance is £3,000.

3.2 The maximum annual subscription must not exceed the annual cash limit as specified in the ISA regulations.

3.3 The maximum balance is £500,000.

4 - Further Investment

4.1 Once you have opened your ISA, additional deposits can be made while the ISA remains on sale.

4.2 We will accept deposits from current year’s cash ISA subscriptions up to the annual ISA subscription limit. Deposits can be made by cash, cheque, bank transfer or standing order.

4.3 You can transfer-in from an existing Monmouthshire Building Society Cash ISA. Transfers of current year’s subscriptions must be in full. ISA transfer requests must be received whilst the product is on sale.

4.4 Transfers-in from other ISA providers are not permitted.

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, 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.

6 - Withdrawals

No withdrawals are allowed from this fixed rate cash ISA until after the maturity date.

7 - ISA Transfers Out

7.1 On your instruction, your ISA can be transferred in full to another ISA provider in accordance with the ISA Regulations relating to transfers.

7.2 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.

7.3 You may transfer previous tax year’s 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.

7.4 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.

7.5 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 charge, then the difference will be taken from the money in the account.

8 - Interest

8.1 Interest is 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 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.

8.3 As this is a one year fixed rate cash ISA, no annual statement will be sent.

9 - Maturity

We will write to 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.

10 - 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 charge the difference will be taken from the money in the account.

11 - Terms and Conditions

These 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 Product Terms and Conditions, the Product Terms and Conditions will apply.

 

FSCS Protected