Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||3 Year Fixed Rate Cash ISA - Issue 3|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
What would the estimated balance be after 36 months based on a £3,000 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 Product Terms and Conditions and the General Terms and Conditions for Savings Accounts before deciding to open an account.
3 Year Fixed Rate Cash ISA Issue 3 - Specific 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 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one Cash ISA in the current tax year and you cannot add subscriptions to this Fixed Rate Cash ISA after the product is withdrawn from sale.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.
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 only open one 3 Year Fixed Rate Cash ISA (Issue 3) with the Society. This is a limited issue product which can be withdrawn without notice, at any time.
3 - Investment Limits
The minimum opening 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 speci ed in the ISA regulations. The maximum account balance is £500,000.
4 - Further Investment
Once you have opened your 3 Year Fixed Rate Cash ISA (Issue 3) 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 3 Year Fixed Rate Cash ISA (Issue 3) 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.
This is not a flexible ISA meaning any amount withdrawn cannot be replaced.
8 - Interest
8.1 Interest is fixed for 3 years 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 1.50% 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) following the close of business on March 31 each year. An annual interest statement will be provided.
8.3 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.
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 3 Year Fixed Rate Cash ISA (Issue 3) 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 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 Specific Terms and Conditions will apply.
Please note, if you are applying by post or bringing forms into branch and are transferring in from another ISA provider, you will also need to complete an ISA transfers in form.