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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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01633 844 330
Community Saver
Our Community Saver Account is available to UK clubs and societies who wish to invest their funds into a savings account without the need for current account services and which offers a competitive rate of interest.
Please note this account can only be opened in person at one of our branch or agency offices.

Available in England and Wales.

Please note this account is limited issue and may be withdrawn without notice at any time.

Summary Box - Key Product Information:

Account Name Community Saver - Issue 1
What is the interest rate?
  • 0.80% AER/Gross - variable interest rate.
  • Interest is variable and calculated on a daily basis on the balance in the account and paid annually following close of business on March 31 each year.
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 deposit of £1,000?
  • £1,008.00
  • We have worked this out assuming a £1,000 deposit is made, no further deposits or withdrawals are made during a 12 month period and the interest rate stays the same and interest is paid into the account. 
How do I open and manage my account?
  • The account is open to UK based clubs and societies investing non personal funds with a maximum of 4 signatories aged 18 or over.
  • You can open your account at any branch or agency office.
  • You can manage your account at any branch or agency office or by post or online (if registered with our ‘My Accounts’ service).
  • The minimum amount required to open an account is £1.
  • The maximum account balance is £100,000.
  • Additional deposits can be made as often as you like up to the maximum amount.
Can I withdraw money?
  • You can withdraw money from this account in any branch, agency office, by post or online via our ‘My Accounts’ service using the organisation’s login details.
  • Withdrawals can be made without penalty or loss of interest and no notice is required.
  • A minimum balance of £1 must be maintained.
Additional Product Information 
  • 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.
  • The tax treatment depends on the circumstances of each organisation 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.

Community Saver (Issue 1) - Specific Product Terms and Conditions

1 - Account Opening

The account is open to UK based clubs and societies investing non personal funds with a maximum of 4 signatories aged 18 or over. You can open your account at any branch or agency office. To open an account, we will require a copy of the constitution of the club or society. All funds in this account are held for the sole benefit of the club or society, regardless of the source of the initial opening deposit, or subsequent deposits. We reserve the right to request evidence of the source of deposit.

2 - Investment Limits

The minimum investment is £1.

The maximum investment is £100,000.

Initial deposits into the account can be made in cash or by debit card (subject to branch/agency limits and availability), a cheque made payable to the organisation or transfer from a UK bank account belonging to the club or society, or from a third party by exception.

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. Supporters/members of the club or society are able to deposit into the account through a standing order. Monthly standing orders are limited to £150 per individual, subject to the maximum overall account balance limits.

4 - Withdrawals

Withdrawals can be made in a branch or agency, by post or online via our ‘My Accounts’ service and can be made without penalty or loss of interest and no notice is required. A minimum of two signatures are required to make withdrawals. Online withdrawals using the ‘My Accounts’ service are subject to further terms and conditions which are available at www.monbs.com.

You can withdraw from your account without giving notice subject to the limits of the branch or agency you use. Withdrawals by cash and cheque are allowed, subject to our cash and cheque withdrawal limits which are displayed in our branches and agencies, available from our website or our Head Office. We reserve the right to request confirmation of the relationship between the club/society and third party cheque payees.

The minimum balance of £1 must be retained in the account at all times. If a withdrawal reduces the balance to less than the minimum balance, 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.

As this is a savings account, you are only allowed up to 150 withdrawals during each year ending 31 March. If you make more than 150 withdrawals we will give you two months’ written notice following which we will close the account.

5 - Interest

Interest is variable and calculated on a daily basis on the balance in the account. Interest is paid annually and added to the account following the close of business on 31 March each year.

6 - Membership Rights

This account is not a share account and therefore you will have no Society membership rights in Monmouthshire Building Society (e.g. the right to vote)..

7 - Terms and Conditions

These specific Product 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 Product Terms and Conditions, the specific Product Terms and Conditions will apply.

 

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