Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Escalator Instant - Issue 2|
|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 £1,000, £5,000 and £25,000 deposit?||
|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.
Escalator Instant Issue 2 - Specific Product Terms and Conditions
1 - Account Opening
The account is open to new and existing customers who are UK residents aged 16 or over living in England & Wales. Only one account per person or one joint account may be opened per couple.
2 - Investment Limits
The minimum investment is £100. 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 account is permitted at any time without notice or penalty.
5 - 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 at www.monbs.com. Online withdrawals using the ‘My Accounts’ system are subject to further terms and conditions which are available at www.monbs.com.
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.
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.