Limited Access Cash ISA
A flexible ISA with Limited Access
|What is the interest rate?
- 3.30% AER / Tax-free* - Annual Interest.
- 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 a £1,000 deposit?
- We have worked this out assuming a £1,000 deposit is made, no further deposits or withdrawals are made during a 12 month period, the interest rate stays the same and interest is added to the account.
|How do I open and manage my account?
Ways to open
Who can open
- You must be aged 16 or over.
- You must be a UK resident (excluding Northern Ireland)
- The minimum amount to open this account is £1.
- The maximum balance is £500,000.
- You can make additional deposits, up to the annual ISA subscription limit
(£20,000 for the 2023/24 tax year), whilst the product is on sale.
- Transfers-in from Monmouthshire Building Society Cash ISA or other Cash ISA providers are permitted.
Manage your account
- You can manage your account at any branch or agency, by post or online (if registered with our ‘My Accounts’ service).
|Can I withdraw money?
- Yes, you can withdraw from your account without giving notice subject to the limits of the branch or agency you use.
- Up to 3 withdrawals are permitted penalty free within a 12-month period.
- On the 4th and subsequent withdrawals, you will be charged an amount equivalent to 25 days interest on the amount withdrawn.
- The 12-month period for withdrawals starts from the date you open your account.
- A minimum balance of £1 must be maintained.
- This is a flexible ISA meaning withdrawals from your account can be re-deposited during the same tax year without counting towards your annual ISA subscription limit.
- Interest paid out during the tax year is classed as a withdrawal and can be re-deposited during the same tax year.
- Closure of your Limited Access ISA account is permitted at any time without notice. Once closed, this account cannot be reinstated.
|Additional Information *
- The account is to be held by individuals only.
- You will only need to pay tax on any savings income you earn above your Personal Savings Allowance.
- The 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 at www.hmrc.gov.uk for more information.
- 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 rate of interest payable where interest is exempt from income tax.
- Rates and information correct as of 6th June 2023.
Terms and Conditions:
It is important that you read the following before deciding to open an account: