Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||30 Day Notice Cash ISA - Issue 2|
|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 specific Product Terms and Conditions and the General Terms and Conditions for Savings Accounts before deciding to open an account.
30 Day Notice Cash ISA - Issue 2 - 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 Cash ISA is available to new and existing ISA customers.
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 unless you are making flexible ISA replacement subscriptions. ISA accounts cannot be held jointly. ISA accounts may be opened with a subscription (for eligible customers aged 16 and over) subject to the investment limits.
3 - Investment Limits
The minimum investment is £10 and a balance of at least this amount must be maintained. The maximum investment is £500,000.
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.
4 - Further Investment
You may add to your savings at any time, just call into your local branch or agency with your passbook and deposit. If it is more convenient you can post the deposit or save through a standing order from your bank account.
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
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
You can withdraw from your account subject to the limits of the branch or agency you use. Details of our cash and cheque withdrawal limits are displayed in our branches and agencies, available from our website or our Head Office. You can also make withdrawals by electronic transfer using the ‘My Accounts’ service at www.monbs.com. Online withdrawals using the ‘My Accounts’ service are subject to further terms and conditions which are available at www.monbs.com.
All withdrawals are subject to either 30 days’ notice without loss of interest, or on demand subject to 30 days’ loss of interest on the amount withdrawn. If there is insufficient interest to cover the charge, then the difference will be taken from the money in the account.
For the account to remain open, you must maintain a minimum balance of £10. If the balance on the account falls below the minimum required balance, you will have 30 days from the date we issue a notice to bring the balance back to the minimum.
Withdrawals from your account can be re-deposited during the same tax year without counting towards your annual ISA subscription limits. Interest paid out to another account during the tax year is classed as a withdrawal and can be re-deposited during the same tax year without it counting towards the subscription limit. Withdrawals are deemed to be firstly of current years subscriptions, and secondly of previous years funds. Replacement deposits are deemed to be firstly of previous years funds and secondly of current year subscriptions.
Replacement of flexible ISA previous year funds must be made to the account from which the withdrawal was made, and in the same tax year.
Any money withdrawn and not replaced within the same tax year cannot be paid back in without it counting towards your annual ISA allowance.
7 - Closure
Closure of your account is permitted at any time subject to either 30 days’ notice, or on demand subject to 30 days’ loss of interest on the amount withdrawn. If you close your account, it cannot be reinstated.
8 - Interest
8.1 Interest is variable 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.
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 following the close of business on March 31.
8.3 In line with our General Terms and Conditions for Savings Accounts (6.9 -6.11) we may change the interest rate at any time if we reasonably believe the change is needed. If we increase the interest rate, we will display this information in our branch/agency offices and on our website, If we decrease the interest rate we will notify you by sending you a letter, email or other personal notice 30 days in advance of the change.
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 30 days’ loss of interest calculated on the amount transferred. 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 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.
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 30 day notice Cash ISA (issue 2) are permitted subject to either 30 days’ notice without loss of interest, or on demand subject to 30 days’ loss of interest on the amount withdrawn.
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 subject to 30 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 Product Terms and Conditions, the Specific Terms and Conditions will apply.