Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Bonus 60 (Issue 4)|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 12 months based on £1,000 deposit?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
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.
Bonus 60 Issue 4 - Specific 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either 60 days written notice without loss of interest, or on demand subject to 60 days loss of interest on the amount withdrawn.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. If you make a withdrawal which results in the remaining balance falling into a lower tier of interest, you will receive the interest rate applicable to that lower tier from the date of withdrawal. 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
The interest rate applied to the account varies according to the balance held. One interest rate is applied to the whole of the balance of the account. 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 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 Terms and Conditions, the Specific Terms and Conditions will apply.