Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Smart Tracker 30 Day Notice - Issue 3|
|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 £1000 deposit?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds. Adding to the account is easy because you can save by cash, cheque or standing order.
Cash or Cheque
Standing Order/Electronic Payment
From 6th April 2016 personal savings account interest will be paid gross, which means that interest will be paid without tax being deducted. This will form part of your new 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.
Smart Tracker 30 Day Notice Issue 3 - Specific Terms and Conditions
1 – Investment Limits
The minimum investment to open this account is £1,000 and a balance of at least this amount must be maintained. The maximum investment is £500,000.
2 - 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.
3 – Withdrawals
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to either 30 days notice without loss of interest, or on demand subject to 30 days loss of interest on the amount withdrawn. Limited to a maximum of 2 withdrawals per year, subject to withdrawal limits. Please note that if the interest has been added to the account and you subsequently withdraw it, this will count towards your two withdrawals and will be subject to withdrawal conditions.
If a withdrawal reduces the balance to less than the minimum balance per account of £1,000, you will have 30 days from the date we issue you with a notice to bring the balance up to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close your account without further notice.
4 – Interest
Interest is calculated daily on the balance in the account. Interest is paid gross and tracks the Bank of England Bank Rate plus a fixed margin of 0.30%.
The rate is variable therefore the rate could move up or down dependent on the Bank of England Bank Rate. Interest can be credited to your account or paid annually into a suitable bank / building society account (or suitable Monmouthshire Building Society account) following the close of business on the March 31 each year. An annual statement will be provided. Please note that if the interest has been added to the account and you subsequently withdraw the interest amount credited, this will count towards your two withdrawals.
If the Bank of England Bank Rate changes, the interest rate on your Account will be adjusted accordingly, up or down in line with the change, within 30 days following the Bank of England Bank Rate change. We will notify you by sending you a letter, email or other personal notice 30 days before any reduction in your interest rate.
5 - Terms and Conditions
These Specific Product Terms and Conditions apply to this account in addition to our General Terms and Conditions 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.