Available in England and Wales.
Please note this Bond is limited issue and may be withdrawn without notice at any time.
Summary Box - Key Product Information:
|Account Name||2 Year Fixed Rate Bond (Issue 14)|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 24 months based on a £5000 deposit?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
Since 6th April 2016 personal savings account interest is paid gross, which means that interest will be paid without tax being deducted. This will form part of your 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.
2 Year Fixed Rate Bond (Issue 14) - Specific Terms and Conditions
1 - Investment Criteria
The account can be opened by;
● New and existing customers. Only one account per person or one joint account may be opened per couple.
● Existing Monmouthshire Building Society Fixed Rate Bond customers whose bond is reaching maturity.
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 two years at 1.55% AER/Gross for annual interest. Interest is added to the account following close of business on March 31 each year and paid on maturity of the fixed rate term.
7 - Maturity
Your bond will mature on the 2 year 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 two year bond an 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 the 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.