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Established in Newport in 1869 to help local people build homes, we now help people across Wales and England buy properties and save for their future.
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60 Day Notice Account
If you are looking for a variable savings account that allows some access then the 60 Day Notice Account may be for you.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name 60 Day Notice Account - Issue 2
What is the interest rate?
  • Interest is variable and calculated on a daily basis on the balance in the account at the end of each day.
  • You can choose to have your interest paid annually or monthly.
  • Annual interest - 1.30% AER/1.30% Gross
    – variable interest rate paid annually following close of business on March 31 each year.

Or

  • Monthly interest - 1.30% AER/1.29% Gross – variable interest rate paid monthly following close of business on the last working day
    of each calendar month. Monthly interest cannot be added to the account. To allow sufficient time for the interest payment to arrive in the receiving account, the payment is usually processed one working day before the month end.
Can Monmouthshire Building Society change the interest rate? 
  • Yes - the interest rate is variable, which means the interest rate can go up or down.
  • 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.

What would the estimated balance be after 12 months based on a £1,000 deposit?

  • £1,013.00.
  • We have worked this out assuming that the account is opened with a £1,000 deposit, and that during a 12 month period no further deposits or withdrawals are made, the interest rate remains the same and the interest is added to the account. This projection is for illustrative purposes based on the annual interest option being selected and will depend on the individual circumstances of each customer.
How do I open and manage my account?
  • You can open and manage your account at any branch or agency office, by post or online (if registered with our ‘My Accounts’ service).
  • The account is open to UK residents living in England & Wales aged 16 or over.
  • The minimum amount required to open an account is £1,000.
  • The maximum balance is £500,000 for a sole account (£1,000,000 for joint accounts). You can only have one sole account or one joint account.
Can I withdraw money?
  • Yes, you are limited to a maximum of 2 withdrawals per year between 1st April to 31st March.
  • All withdrawals are subject to either 60 days’ notice without loss of interest, or on demand subject to 60 days’ loss of interest on the amount withdrawn.
  • The minimum balance must be maintained. If a withdrawal reduces the balance to less than the minimum balance per account, you will not earn any interest during this period until you bring your account balance up to the minimum.
Additional Product Information 
  • Deposits can be made by cash, cheque or standing order.
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
  • The gross rate is the contractual rate of interest payable before the deduction of tax.
  • You will only need to pay tax on any savings income you earn above your Personal Savings Allowance. The 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 at www.hmrc.gov.uk for more information.
  • The tax treatment depends on your individual circumstances and may change in the future.

 

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.

60 Day Notice Account (Issue 2) - Specific Terms and Conditions

1 - Account Opening

The account is open to new and existing customers who are UK residents aged 16 or over living in England & Wales. Only one account per person or one joint account may be opened per couple.


2 - Investment Limits

The minimum amount required to open this account is £1,000.

The maximum balance is £500,000 for a sole account (£1,000,000 for joint accounts). You can only have one sole account or one joint account.

3 - 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.

4 - Closure

Closure of your account is permitted at any time subject to either 60 days’ notice, or on demand subject to 60 days’ loss of interest on the amount withdrawn.

5 - Withdrawals

Withdrawals are subject to either 60 days’ notice, or on demand subject to 60 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.

Withdrawals are limited to a maximum of 2 per year between 1st April to 31st March.

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. Subject to withdrawal limits, you can also make withdrawals by electronic transfer using the ‘My Accounts’ system at www.monbs.com. Online withdrawals using the ‘My Accounts’ system are subject to further terms and conditions which are available at www.monbs.com.

If a withdrawal reduces the balance to less than the minimum balance per account, you will not earn any interest during this period until you bring your account balance up to the minimum.

6 - Interest

The interest rate is variable and is calculated on a daily basis on the balance in the account.

You can choose to have your interest paid annually or monthly.

Annual Interest can be added to your account or paid annually into another UK bank / building society account in the name of the account holder following the close of business on the 31st March each year.

If the annual interest option is selected, the interest is paid into the account and if you subsequently withdraw this interest, this withdrawal of interest will count towards the maximum withdrawals permitted and will be subject to the withdrawal conditions of this account.

Monthly Interest is paid following the close of business on the last working day of each calendar month. To allow sufficient time for the interest payment to arrive in the receiving account, the payment is usually processed on the last but one working day of the month and must be paid into another UK bank/building society account in the name of the account holder. Monthly interest cannot be added to the account. Interest for accounts opened on the last two working days of the month will carry forward to the last working day of the following month.

Interest cannot be paid into another Monmouthshire Building Society account.

7 - 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.

 

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