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.
< !--Created with SVG-edit - https://svg-edit.googlecode.com/ --> Find out more
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.
< !--Created with SVG-edit - https://svg-edit.googlecode.com/ --> Find out more
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.
< !--Created with SVG-edit - https://svg-edit.googlecode.com/ --> Find out more
Get in touch
Telephone
01633 844 330
Instant Cash ISA (Issue 1)
Open an Instant Cash ISA and you can enjoy an attractive rate of tax-free interest.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Instant Cash ISA - Issue 1
What is the interest rate?
  • 1.15% AER/Tax-Free – variable interest rate.
  • 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.
  • Interest is paid tax-free.
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.
What would the estimated balance be after 12 months based on £1000 deposit?
  • £1,011.50.
  • 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.
How do I open and manage my account?
  • The account is open to UK residents living in England & Wales aged 16 or over.
  • The account can be opened by individuals.
  • You can open and manage your account at any branch or agency office, by post or online (if registered with our ‘My Accounts’ service and aged 16 years or over).
  • The minimum amount required to open an account is £10.
  • The maximum annual subscription is £20,000.
  • The maximum account balance is £500,000.
Can I withdraw money?
  • A minimum balance of £10 must be maintained.
  • You do not have to give notice to close your account or make a withdrawal.
  • This is a flexible ISA meaning withdrawals from your account can be re-deposited during the same tax year without counting towards your ISA subscriptions.
  • Interest paid out during the tax year is classed as a withdrawal and can be re-deposited during the same tax year.
  • 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 years subscriptions.
Additional Product Information 
  • You can add to your savings at any time by cash, cheque or standing order.
  • Transfers-in from Monmouthshire Building Society Cash ISAs or other ISA providers are permitted.
  • Withdrawals made can be re-deposited in the same tax year without counting towards your ISA subscription.
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
  • The Tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.

 

Further Details:

What is the minimum investment balance for an Instant Cash ISA - Issue 1?

  • You can open an account from as little as £10.

How is the interest calculated and when is it paid?

  • 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 by the Government at any time without notice.
  • The interest rate is variable and therefore the rate could move up or down. 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 March 31 each year.

Can I transfer my Monmouthshire Building Society Instant Cash ISA - Issue 1 to another ISA provider?

  • You may transfer your current tax 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.
  • You are also permitted to transfer your current tax year’s Cash ISA subscriptions in whole to a Stocks and Shares ISA and/or Innovative Finance ISA and it will be treated as if you invested directly into the Stocks and Shares ISA and/or Innovative Finance ISA. This allows you to re-subscribe to a Cash ISA later in the same tax year, provided you have not already used up your annual ISA investment allowance.
  • You may transfer any previous tax year’s subscriptions in whole or in part to another Cash ISA, Stocks and Shares ISA or Innovative Finance ISA held with another ISA manager, without it affecting your annual ISA investment allowance for the current tax year.
  • We will make any transfers to another ISA manager within 15 days of receipt of your request, unless you indicate otherwise.

Can I transfer-in the balance from another ISA provider to a Monmouthshire Building Society Instant Cash ISA - Issue 1?

  • Yes – transfers in from other ISA providers are permitted.

What are the investment periods for a Cash ISA?

  • There are no set maximum or minimum investment periods and an application, once made, remains valid for subscriptions to that ISA in subsequent tax years.

What if I take a break period from saving in a Cash ISA?

  • If you do not make any subscriptions for a whole tax year you will need to re-apply before subscriptions can recommence.
Payment of 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 by the Government at any time without notice.
  • Interest can be credited to your account or paid annually into a suitable bank or building society account (or other suitable Monmouthshire Society account) following the close of business on March 31 each year.
  • For details of our 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.
  • 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 leaflet Proving Your Identity. 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 and to register, please click here.
Making a Deposit
  • Adding to the account is easy because you can save by cash, cheque, standing order or electronic payment.

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).

Transfers-in

  • Transfers-in from existing Monmouthshire Building Society Cash ISAs or other ISA providers are permitted.
Making a Withdrawal
  • If the balance drops below £10, 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 agents 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.

If I withdraw funds, does that count against my annual subscription?

  • Withdrawals made can be re-deposited during the same tax year without counting towards your annual ISA investment allowance.
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.

Instant Cash ISA (Issue 1) - Specific Terms and Conditions

1 - ISA Regulations
1.1 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').

1.2 You must not have already subscribed to a Cash ISA in the current tax year otherwise 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.  

1.3 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.

1.4 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'.

1.5 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 account is available to new and existing ISA customers. Transfers in from Monmouthshire Building Society Cash ISA’s or ISA’s with other providers are permitted.

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

3 - Investment Limits
The minimum investment to open this account is £10 and a balance of at least this amount must be maintained. Transfers-in of existing ISA balances are permitted. The maximum annual subscription must not exceed the annual cash limit 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. 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 an ISA from another ISA manager, which must be in full. We accept previous years ISA subscriptions, from an existing Monmouthshire Building Society Cash ISA or an ISA from another ISA manager, which can be transferred in full or in part.

5 - Withdrawals
You do not have to give notice to make a withdrawal. For the account to remain open, you must maintain a minimum balance of £10. If the balance on the account falls below the minimum required balance, the saver will have 30 days from the date we issue a notice to the saver, to bring the balance back to the minimum.

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.

These terms also apply to closure and transfers out to other ISA providers.

Flexible ISA:
Withdrawals from your account can be re-deposited during the same tax year without counting towards your ISA subscriptions. Interest paid out during the tax year is classed as a withdrawal and can be re-deposited during the same tax year. 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 years subscriptions.

6 - 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.

The interest rate is 1.15% AER/Tax-free annual interest.

6.1 Interest can be credited to your account or paid annually into a bank account (or other suitable 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.

7 - ISA Transfers Out
7.1 You may transfer your 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.

7.2 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. For example, if your current years 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 free to subscribe to a cash ISA following the transfer – subject to the overall subscription limit.

7.3 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.

7.4 Partial withdrawals from this Instant Cash ISA are permitted.

7.5 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.

8 - 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.

FSCS Protected