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About Us
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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Get in touch
Telephone
01633 844 330
Escalator Instant
Our Escalator Instant Account pays attractive rates of interest and gives you penalty free access to your money. The interest rates applied to the account may vary according to the balance held.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Escalator Instant
What is the interest rate?
  • £100 - £4,999 - 0.75% AER/Gross.
  • £5,000 - £24,999 -  0.85% AER/Gross.
  • £25,000 - 0.95% AER/Gross.
  • Interest is calculated on a daily basis on the balance in the account and paid annually (ending 31 March).
Can Monmouthshire Building Society change the interest rate? 
  • Yes - the interest rate is variable, which means the interest rate can go up or down.
  • 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.
  • In line with our General Terms & Conditions for Savings Accounts (6.9-6.11) we may change interest rates at any time if we reasonably believe the change is needed.
What would the estimated balance be after 12 months based on a £1,000, £5,000 and £25,000 deposit?
  • £1,000 - £1,007.00.
  • £5,000 - £5,042.50.
  • £25,000 - £25,237.50.
  • We have worked this out assuming no further deposits or withdrawals are made during the 12 month period, the interest rate stays the same and interest is paid into the account.
How do I open and manage my account?
  • 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 £100.
  • The maximum account balance is £500,000.
  • Additional deposits can be made as often as you like up to the maximum amount, whilst the product is on sale.
Can I withdraw money?
  • Withdrawals can be made without notice or 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 £100 must be maintained.
Additional Product Information 
  • You can add to your savings at any time by cash, cheque or standing order.
  • 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.   

 

Further Details:

Payment of Interest and Bonus
  • The interest rate applied to the account may vary according to the balance held. If you make a withdrawal which results in the remaining balance falling into a lower tier of interest, you will receive the interest rate applicable to that lower tier from the date of the withdrawal.
  • Interest will be paid gross - this means that interest will be paid without tax being deducted.
  • The interest rate is variable.
  • Interest on the balance in the account will be calculated on a daily basis and can be credited to the account, or paid annually into a suitable bank/building society account or suitable Monmouthshire Building Society account following the close of business on the 31 March each year.
Opening and Managing Your Account
  • You can apply online or simply complete an application form and take or post it to your nearest branch or agency office. If you wish to open an account by post, you need to send us a personal cheque drawn on your personal account, made payable to the applicant(s) name.
  • When you apply to open an account with us, we'll ask you for proof of your name and address, and an electronic check of your identity will be undertaken. This is required by law to verify the true identity of all new and existing customers. For full details please refer to our Proving Your Identity leaflet. Identity checks are an important part in the fight against terrorism and other criminal activities.
  • Customers can now enjoy the convenience of managing their account(s) online using our 'My Accounts' service. For more information please see our FAQ's page.
Making a Deposit
  • Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds. Adding to the account is easy because you can save by cash, cheque or standing order.
  • The minimum opening investment is £100

Cash or Cheque

  • Funds can be added by calling in to any of our branch or agency offices with your passbook and deposit.

Standing Order/Electronic Payment

  • You can save through a standing order from your bank account.
  • To arrange a standing order or other one-off electronic payment, you’ll need to give your bank the following details:

    Account Name: Monmouthshire Building Society
    Sort Code: 40-05-30
    Account Number: 14576608
    Reference: XXXXXXXXXX (no spaces or hyphens - this is the Monmouthshire Building Society account number you wish to credit).
Making a Withdrawal
  • Withdrawals can be made without notice or loss of interest.
  • As this is a savings account (and not a bank current 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.
  • You must maintain a minimum balance of £100 in your account. If the balance falls below the minimum, 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.
  • Withdrawals of up to £500 in cash per day and larger amounts by cheque may be made from any of our branches or agencies on demand, subject to withdrawal limits. For more information on withdrawal limits please see our FAQ's.
  • You can also make withdrawals via the Faster Payments service - this is free of charge for any UK payment transaction up to £100,000 (with a minimum withdrawal of £500). If we receive your instructions before 2.00pm on a working day (excluding Saturdays) we will send your payment and debit your account on the same day. Requests received after 2.00pm will be processed the following working day. Requests taken on a Saturday will also be processed the following working day.
Paying Tax on Your Interest

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:

  • Basic rate tax payers will not pay any tax on the first £1,000 of savings income earned.
  • Higher rate tax payers will not pay any tax on the first £500 of savings income earned.
  • Additional rate tax payers will pay tax on all savings income earned.

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.

Financial Services Compensation Scheme
  • We are part of the Financial Services Compensation Scheme (FSCS). Details of the scheme, and who is covered by it, are available here.

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.

Escalator Instant - Specific Product Terms and Conditions

1 - Investment Limits

The minimum investment is £100. The maximum investment is £500,000.

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 or save through a standing order from your bank account.

3 - Withdrawals

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 £100 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.

If you make a withdrawal which results in the remaining balance falling into a lower tier of interest, you will receive the interest rate applicable to that lower tier from the date of the withdrawal.

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.

4 - Interest

The interest rate applied to the account varies according to the balance held. One interest rate is applied to the whole of the balance of the account.

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

5 - 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.

FSCS Scheme