Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Community Saver - Issue 1|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 12 months based on a deposit of £1,000?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product 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.
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.