Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Premium Instant Account - 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 a deposit of £25,000?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds. Adding to the account is easy because you can save by cash, cheque or standing order.
Cash or Cheque
Standing Order/Electronic Payment
Since 6th April 2016 personal savings account interest is paid gross, which means that interest will be paid without tax being deducted. This will form part of your Personal Savings Allowance:
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.
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.
Premium Instant Account (Issue 1) - Specific Terms and Conditions
1 - Investment Limits
The minimum investment is £25,000. If your account falls below the minimum balance no interest will be paid during this period until the account balance is returned to the minimum. The maximum investment is £500,000.
2 - 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.
3 – Withdrawals
If a withdrawal reduces the balance to less than the minimum balance of £25,000 you will earn no interest during this period until you bring the balance up to the minimum. 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.
4 – Interest
Interest is variable and calculated on a daily basis on the balance in the account. Interest is paid annually and can be added to the account or paid into a suitable bank/building society account or suitable Monmouthshire Building Society account following the close of business on 31 March each year.
5 - 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.