Savings
Whether you’re looking for instant access, annual bonuses or tax-free savings, we have an account that will help you achieve your savings goals.
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Mortgages
Whether you’re looking to buy your first home, move somewhere bigger, or simply get a better deal, we can offer a mortgage that suits you.
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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
First Home Bonus Saver (Issue 2)
Our First Home Bonus Saver account is designed specifically for people who are looking to purchase their first home or move home in the next few years.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name First Home Bonus Saver - Issue 2
What is the interest rate?
  • 1.00% AER/Gross excluding bonus.
  • 5.00% AER/Gross including bonus.
  • Interest is calculated on a daily basis and paid annually on the balance in the account.
  • Fixed conditional bonus of 4.00% AER/Gross is calculated on a daily basis on the balances held during the lifetime of the account.
  • The bonus will be paid upon account closure, provided you enter into an owner occupied Monmouthshire Building Society mortgage within five years of opening the account.
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 that the change is needed.
What would the estimated balance be after 12 months based on £1,000 deposit?
  • £1,050.00 with bonus and all conditions are met.
  • £1,010.00 without bonus.
  • We have worked this out assuming a £1,000 deposit is made and no further deposits or withdrawals are made during a 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 must be aged 18 and over and a UK resident.
  • You can open and manage your account at any branch or agency office, by post or online (if registered with our 'My Accounts' service).
  • You will be required to have a face to face or telephone interview with a Society mortgage adviser before the account can be opened.
  • The minimum amount required to open an account is £20.
  • The maximum account balance is £6,000 per year (£12,000 if in joint names).
  • The maximum amount per month is £500 per account holder if paying by standing order.
  • 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?
  • Up to four withdrawals are allowed during the year (ending 31 March).
  • If you make more than four withdrawals during the year (ending 31 March), the account will be closed.
  • Withdrawals can be made without notice or loss of interest.
  • A minimum balance of £20 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 is variable and calculated on a daily basis on the balance in the account. Interest can be credited to your 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.
  • The conditional bonus rate is calculated on a daily basis on the balances held during the lifetime of the account.
  • The conditional bonus of 4.00% AER/Gross will be paid to you upon account closure, provided you enter into an owner occupied Monmouthshire Building Society mortgage within five years of opening the account.
  • For details of the current interest rates, please see our Interest Rates poster.
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.
  • All applicants are to attend a face to face/telephone interview with a Monmouthshire Building Society mortgage adviser before the account can be opened.
  • 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, and to register, please click here.
Making a Deposit

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.
  • Up to four withdrawals are allowed during the year ending 31 March. Any transfers to other Monmouthshire Building Society savings accounts are classed as withdrawals.
  • If you make a fifth withdrawal in any year (ending 31 March) 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 required of £20, 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 about withdrawal limits please see out FAQ's page. 
  • 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 Specific Product Terms and Conditions and the General Terms and Conditions for Savings Accounts before deciding to open an account.

First Home Bonus Saver (Issue 2) - Specific Product Terms and Conditions

1 - Eligibility
The First Home Bonus Saver Account is only available to those people aged 18 or over who are looking to purchase an owner occupied home within five years of opening the account. For joint accounts, the maximum number of account holders is two.  

If you have not completed on a Monmouthshire Building Society (MBS) owner occupied mortgage on or before the fifth anniversary of opening the account, your account will automatically convert to an Escalator Instant account or equivalent instant access account and no bonus will be payable. Upon completion of the MBS mortgage, the account will be closed.

You may only open one First Home Bonus Saver account which can either be in your own name or held jointly with up to one other person.  

All account holders are to attend an advised face to face / telephone interview with a Monmouthshire Building Society mortgage adviser before the account can be opened. The opening of an account does not guarantee a mortgage offer will be made. All Monmouthshire Building Society mortgages are subject to eligibility, underwriting and criteria. 

2 - Investment Limits
The minimum initial investment amount is £20. The maximum investment amount for a sole account holder is £6,000 per annum (ending 31 March) or £12,000 for an account in joint names per annum (ending 31 March).

3 - Further Investment
You or any other person who is authorised may add to your savings at any time, just call into your local branch or agency office with your passbook and deposit. If it is more convenient you can post it or save through a standing order from your bank account. Credits into the account can be made monthly by standing order (minimum £20 per month and maximum £500 per month per account holder) and / or you may deposit monies into the account at any time.

4 - Withdrawals
You can make up to 4 withdrawals each year (ending 31 March) from your account subject to the limits of the branch or agency office you use. If you make a fifth withdrawal in any year (ending 31 March), your account will be closed. Details of our cash and cheque withdrawal limits are displayed in our branch offices, our Head Office or click here to see our FAQ's.

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.

Transfers to another Society account, and withdrawals of interest and bonus added to the account, will be treated as normal withdrawals under the terms and conditions of the account.

5 - Interest
The interest rate is variable. Interest is calculated on a daily basis and can be paid net or gross to non-tax payers. Interest can be credited to the account or paid annually into a bank account (or other suitable Society account) following the close of business on 31 March each year. Details of the current rates can be found here

6 - Bonus
If you complete on an owner occupied Monmouthshire Building Society mortgage within five years of opening the account, a bonus will be paid, calculated on a daily basis, equivalent to 4% Gross / AER of the balances held during the lifetime of the account. This bonus will be credited upon account closure. 

7 - Terms and Conditions
These Specific Product Terms and Conditions apply to this account in addition to the Monmouthshire Building Society's General Terms and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the Specific Product Terms and Conditions, the Specific Product Terms and Conditions will apply.

FSCS Scheme