Easy ISA

Issue 1

An easy-to-use ISA with Instant Access

Available in England and Wales Only

Terms and Conditions:

It is important that you read the following before deciding to open an account:

• FSCS Information Sheet
• General Terms and Conditions for Savings Accounts
• Savings Service Tariff
• Important Information About Your Personal Data
• Specific Product Terms and Conditions

Specific Terms and Conditions - Easy ISA (Issue 1)

1 - ISA Regulations

Accounts are issued subject to the detailed rules contained in ‘The Individual Savings Account Regulations 1998’, ‘The Individual Savings Account (Amendment) Regulations 2007’, The Individual Savings Account (Amendment No. 2) Regulations 2010 and any subsequent amendments thereto. (‘The Regulations’).

You must not have already subscribed to a Cash ISA in the current tax year other than by way of flexible ISA replacement subscriptions. Replacement subscriptions do not count as subscriptions for the purpose of determining whether the investor has subscribed to more than one ISA.

Your ISA investment must be and must remain in your beneficial ownership, it must not be used as security for a loan.

We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, your ISA has, or will, become void.

The maximum investment you can make to your Cash ISA in any one tax year must not exceed the annual Cash limit specified in the ‘Regulations’.

We will satisfy ourselves that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.

2 - Account Opening

This Cash ISA is available to new and existing ISA customers.

Transfers-in from Monmouthshire Building Society Cash ISA’s or Cash ISA’s with other ISA providers are permitted.

Current year’s Cash ISA subscriptions, if used as part of the transfer-in amount, must be transferred in full.

You can subscribe to only one Cash ISA in the current tax year unless you are making flexible ISA replacement subscriptions. ISA accounts cannot be held jointly. ISA accounts may be opened with a subscription (for eligible customers aged 16 and over) subject to the investment limits.

3 - Investment Limits

The minimum investment is £1.

The maximum investment is £500,000.

Transfers-in of existing Cash ISA balances are permitted.

The maximum annual subscription must not exceed the annual Cash limit as specified in the ISA regulations.

4 - 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.

We accept transfers of Cash ISA funds from other ISA managers and/or from an existing Monmouthshire Building Society Cash ISA. We will accept deposits from current year’s Cash ISA subscriptions and these can be deposited into this account directly, or by way of transfer-in from an existing Monmouthshire Building Society Cash ISA or a Cash ISA from another ISA manager, and these funds must be transferred in full. We accept previous years ISA subscriptions, from an existing Monmouthshire Building Society Cash ISA or a Cash ISA from another ISA manager, which can be transferred in full or in part.

5 - Cancellation

Once the account is opened, you have 14 days after the account opening date to notify us in writing that you want to change your mind (the 14 days excludes public holidays). If you notify us within this time, we will, without notice or penalty, help you switch to another of our accounts or give you back your money together with any interest it has earned.

6 - Withdrawals

You can withdraw from your account without giving notice subject to the limits of the branch or agency you use. Details of our cash and cheque withdrawal limits are displayed in our branches and agencies, available from our website or our Head Office. 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.

If a withdrawal reduces the balance to less than the minimum balance per account of £1 we may close your account without further notice.

Flexible ISA:

Withdrawals from your account can be re-deposited during the same tax year without counting towards your annual ISA subscription limits. Interest paid out to another account during the tax year is classed as a withdrawal and can be re-deposited during the same tax year without it counting towards the subscription limit. Withdrawals are deemed to be firstly of current years subscriptions, and secondly of previous years funds. Replacement deposits are deemed to be firstly of previous years funds and secondly of current year subscriptions.

Replacement of flexible ISA previous year funds must be made to the account from which the withdrawal was made, and in the same tax year.

Any money withdrawn and not replaced within the same tax year cannot be paid back in without it counting towards your annual ISA allowance.

7 - Closure

Closure of your Easy ISA account is permitted at any time without notice. If you close your Easy ISA, it cannot be reinstated.

8 - Interest

Interest is variable and calculated on a daily basis on the balance in the account. Provided the account complies with the ‘Regulations’ all interest arising will be free of UK taxation. The taxation of ISAs can be changed at any time without notice.

Interest is paid annually and can be added to your account or paid into a nominated bank account (or other suitable Monmouthshire Building Society account) following the close of business on March 31 each year. An annual interest statement will be provided following the close of business on March 31.

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.

9 - ISA Transfers Out

On your instruction your ISA, or part of your ISA, can be transferred to another ISA manager in accordance with the ISA Regulations relating to transfers.

You may transfer your current year’s Cash ISA subscriptions in whole to another Cash ISA with another ISA manager. The transfer must be the whole amount saved in your Cash ISA, in that tax year, up to the day of the transfer.

Where you transfer your current year subscriptions from one type of ISA to another the subscriptions are treated as if they were made to the receiving ISA manager. For example, if your current year’s Cash ISA subscriptions are transferred to a stocks and shares ISA, they are treated as if they were made to the stocks and shares ISA so you are able to subscribe to a Cash ISA following the transfer – subject to the annual subscription limit.

You may transfer any previous tax year’s subscriptions in whole or in part to a Cash ISA or another type of ISA held with another ISA manager, without it affecting your annual ISA investment allowance for the current tax year.

Partial withdrawals from this Cash ISA are permitted.

Cash ISA to Cash ISA transfers must take place within 15 business days of the transfer instruction being received by the new ISA manager unless the investor stipulates the 15 days starts on a later date.

10 - 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 and Conditions, the specific Terms and Conditions will apply.