Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Instant Cash ISA - Issue 1|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 12 months based on £1000 deposit?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
What is the minimum investment balance for an Instant Cash ISA - Issue 1?
How is the interest calculated and when is it paid?
Can I transfer my Monmouthshire Building Society Instant Cash ISA - Issue 1 to another ISA provider?
Can I transfer-in the balance from another ISA provider to a Monmouthshire Building Society Instant Cash ISA - Issue 1?
What are the investment periods for a Cash ISA?
What if I take a break period from saving in a Cash ISA?
Cash or Cheque
Standing Order/Electronic Payment
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).
If I withdraw funds, does that count against my annual subscription?
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.
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.
Please note, if you are applying by post or bringing forms into branch and are transferring in from another ISA provider, you will also need to complete an ISA transfers in form.