Easy Saver

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01633 844 330

Easy Saver

Issue 1

What is the interest rate?	1.00% AER/Gross. 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 £1,000 deposit?	£1,010.00 We have worked this out assuming a £1,000 deposit is made, no further deposits or withdrawals are made during a 12 month period, the interest rate stays the same and interest is added to the account.
How do I open and manage my account?	This Easy Saver account can be opened by new and existing Monmouthshire Building Society customers. You can open and manage your account at any branch or agency office, 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 £500,000. Additional deposits can be made as often as you like up to the maximum amount, while the product is on sale.
Can I withdraw money?	Yes, you do not have to give notice to close your account or make a withdrawal. Withdrawals can be made without loss of interest. Up to 150 withdrawals are allowed during the year (ending 31 March), more than 150 withdrawals per year will result in closure of the account. 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. You will only need to pay tax on any savings income you earn above your Personal Savings Allowance. The 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 at www.hmrc.gov.uk for more information. The tax treatment depends on your individual circumstances and may change in the future. Interest rate effective from 12th January 2023.

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 Saver (Issue 1)

1 – Account Opening

This account is available to new and existing Monmouthshire Building Society customers.

2 – Investment Limits

The minimum investment is £1. The maximum investment is £500,000.

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 or save through a standing order from your bank account.

4 - Closure

Closure of your Easy Saver account is permitted at any time without notice or penalty.

5 – 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’ service. Online withdrawals using the ‘My Accounts’ system are subject to further terms and conditions.

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.

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

6 - Interest

Interest is variable and calculated on a daily basis on the balance in the account. Interest is paid annually and can be added to the account or paid into a suitable bank/building society account or suitable Monmouthshire Building Society account following the close of business on 31 March each year.

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.

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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FSCS Protected

Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052. FCA register address www.fca.org.uk/register/. We are members of the Financial Services Compensation Scheme. We are members of the Building Societies Association and Council of Mortgage Lenders. Details of our Customer Satisfaction and Complaints procedures are available and complaints that we cannot resolve may be referred to the Financial Ombudsman Service (http://www.financial-ombudsman.org.uk/). By accessing any part of this website, you shall be deemed to have accepted our Website Terms of Use.

An easy-to-use Instant Access Account

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