Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Christmas Saver - Issue 2|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 9 months based on £1000 deposit in February and one deposit of £95 made each month from March to October inclusive?||
|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.
Christmas Saver (Issue 2) - Specific Terms and Conditions
1 - Investment Limits
The minimum investment is £1. The maximum investment is £1,000 per month.
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.
You must make at least the minimum payment of £1 each month from February each year (or the month of opening for new accounts) up to and including October, in order to qualify for the bonus.
You can make any number of payments, up to an overall total of £1,000, during each month.
3 - Withdrawals
You can make any number of withdrawals without giving notice during November, December and January each year, subject to withdrawal limits. A withdrawal at any other time of year must be to close the account and no bonus will be payable for that year ending 31 October.
A minimum balance of £1 must be maintained; If a withdrawal reduces the balance to less than the minimum balance required 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 and Bonus
Interest is variable and calculated on a daily basis on the balance in the account. Interest will be credited to the account following the close of business on 31 October each year.
You will qualify for a bonus (fixed at 1% AER/Gross per annum) at the year end (31 October) provided you make at least the minimum payment in each of the 9 months from February to October inclusive (or each month up to and including October in the year the account opens) and as long as you meet the withdrawal condition.
5 - Terms and Conditions
These Specific 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 Specific Terms & Conditions, the Specific Terms and Conditions will apply.