Savings
Whether you’re looking for instant access, annual bonuses or tax-free savings, we have an account that will help you achieve your savings goals.
< !--Created with SVG-edit - https://svg-edit.googlecode.com/ --> Find out more
Mortgages
Whether you’re looking to buy your first home, move somewhere bigger, or simply get a better deal, we can offer a mortgage that suits you.
< !--Created with SVG-edit - https://svg-edit.googlecode.com/ --> Find out more
About Us
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.
< !--Created with SVG-edit - https://svg-edit.googlecode.com/ --> Find out more
Get in touch
Telephone
01633 844 330
Bonus 60 (Issue 4)
Our Bonus 60 Account is designed for savers who require a higher return and flexible access to their money. In addition, you will receive an attractive conditional bonus if you make no more than two withdrawals during the year (ending 31 March).

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Bonus 60 (Issue 4)
What is the interest rate?
  • 0.55% AER/Gross excluding bonus.
  • 1.05% AER/Gross including bonus.
  • Interest is calculated on a daily basis on the balance in the account and paid annually (ending 31 March).
  • Fixed conditional bonus of 0.50% is payable if you make no more than two withdrawals during the year (ending 31 March).  
  • You will lose the bonus if you close your account.
Can Monmouthshire Building Society change the interest rate? 
  • Yes - the interest rate is variable, which means the interest rate can go up or down.
  • 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.
  • In line with our General Terms & Conditions for Savings Accounts (6.9-6.11) we may change interest rates at any time if we reasonably believe the change is needed.
What would the estimated balance be after 12 months based on £1,000 deposit?
  • £1,010.50 with bonus and all conditions are met.
  • £1,005.50 without bonus.
  • We have worked this out assuming a £1,000 deposit is made and no further deposits or withdrawals are made during a 12 month period, the interest rate stays the same and interest is paid into the account.
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 minimum amount required to open an account is £1,000.
  • The maximum account balance is £500,000.
  • Additional deposits can be made as often as you like up to the maximum amount, whilst the product is on sale.  
Can I withdraw money?
  • All withdrawals are subject to either 60 days written notice without loss of interest, or on demand subject to 60 days loss of interest on the amount withdrawn. Up to two withdrawals are allowed during the year (ending 31 March) without loss of bonus.
  • If you make more than two withdrawals during the year (ending 31 March), no bonus will be paid for that year.
  • A minimum balance of £1,000 must be maintained
Additional Product Information 
  • You can add to your savings at any time 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 each year.
  • The gross rate is the contractual rate of interest payable before the deduction of tax.

 

Further Details:

Payment of Interest and Bonus
  • The interest rates are variable and calculated on a daily basis on the balance in the account. Interest will 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 31 March each year.
  • Bonus rates are fixed and calculated on a daily basis on the balance in the account.
  • You will receive an annual conditional bonus payment of 0.50% AER/Gross following the close of business on 31 March each year, provided you have met the account withdrawal conditions within that period and the account is open at close of business on 31 March.
  • Interest will be paid gross - this means that interest will be paid without tax being deducted.
  • For details of the current interest rates, please see our Interest Rates poster.
Opening and Managing Your Account
  • You can apply online or simply complete an application form and take or post it to your nearest branch or agency office. If you wish to open an account by post, you need to send us a personal cheque drawn on your personal account, made payable to the applicant(s) name.
  • When you apply to open an account with us, we'll ask you for proof of your name and address, and an electronic check of your identity will be undertaken. This is required by law to verify the true identity of all new and existing customers. For full details please refer to our Proving Your Identity leaflet. Identity checks are an important part in the fight against terrorism and other criminal activities.
  • Customers can now enjoy the convenience of managing their account(s) online using our 'My Accounts' service. For more information please see our FAQ's page.
Making a Deposit

Cash or Cheque

  • Funds can be added by calling in to any of our branch or agency offices with your passbook and deposit.

Standing Order/Electronic Payment

  • You can save through a standing order from your bank account.
  • To arrange a standing order or other one-off electronic payment, you’ll need to give your bank the following details:

    Account Name: Monmouthshire Building Society
    Sort Code: 40-05-30
    Account Number: 14576608
    Reference: XXXXXXXXXX (no spaces or hyphens - this is the Monmouthshire Building Society account number you wish to credit).
Making a Withdrawal
  • All withdrawals are subject to either 60 days written notice without loss of interest, or on demand subject to 60 days loss of interest on the amount withdrawn.
  • Up to two withdrawals are permitted during the year (ending 31 March) without loss of bonus. However, if you make more than two withdrawals during the year or period (ending 31 March), you will lose the bonus.
  • If both the interest and bonus have been added to the account and you subsequently withdraw them, they will be classed as a normal withdrawal and will be subject to the withdrawal conditions.
  • If a withdrawal reduces the balance to less than the minimum balance of £1000, 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.
  • Withdrawals of up to £500 in cash per day and larger amounts by cheque may be made from any of our branches or agencies on demand, subject to withdrawal limits. For more information about withdrawal limits please see our FAQ's page.
  • You can also make withdrawals via the Faster Payments service - this is free of charge for any UK payment transaction up to £100,000 (with a minimum withdrawal of £500). If we receive your instructions before 2.00pm on a working day (excluding Saturdays) we will send your payment and debit your account on the same day. Requests received after 2.00pm will be processed the following working day. Requests taken on a Saturday will also be processed the following working day.
Paying Tax on Your Interest

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:

  • Basic rate tax payers will not pay any tax on the first £1,000 of savings income earned.
  • Higher rate tax payers will not pay any tax on the first £500 of savings income earned.
  • Additional rate tax payers will pay tax on all savings income earned.

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.

Financial Services Compensation Scheme
  • We are part of the Financial Services Compensation Scheme (FSCS). Details of the scheme, and who is covered by it, are available here.

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.

Bonus 60 Issue 4 - Specific Product Terms and Conditions

1 – Investment Limits
The minimum investment is £1,000. 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
All withdrawals are subject to either 60 days written notice without loss of interest, or on demand subject to 60 days loss of interest on the amount withdrawn.

If you make no more than two withdrawals during the year (ending 31 March), an annual bonus of 0.50% will be paid in addition to the variable interest rate. If you make more than two withdrawals during the year (ending 31 March), you will lose your bonus for that year.

Please note that if the interest and bonus have been added to the account and you subsequently withdraw them, this will count towards your two withdrawals. Withdrawals are subject to the limits of the branch or agency you use. Details of our current withdrawal limits are displayed in branches, available from our website or our Head Office.

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.

You can also make withdrawals by electronic transfer using the 'My Accounts' system. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions.

4 - Interest and Bonus
Interest is variable and calculated on a daily basis on the balance in the account. Bonus rates are fixed and calculated on a daily basis on the balance in the account.

If you make no more than two withdrawals during the year (ending 31 March), an annual bonus of 0.50% will be paid in addition to the variable interest rate. If you make more than two withdrawals during the year (ending 31 March), no bonus will be paid for that year.

Bonuses are only paid where the bonus conditions are met and the account is open as at 31 March.

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 31 March each year. 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. Where a bonus amount has been added to the account and you subsequently withdraw the bonus amount credited, this will count towards your two withdrawals. For this reason we recommend that you think carefully about having your interest and bonus paid to another account offering instant access.

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.

FSCS Scheme