Insurance & Planning
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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
Premium Instant Account
An instant access account for larger savings pots, with an attractive rate of 1.00% AER/Gross.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Premium Instant Account - Issue 1
What is the interest rate?
  • 1.00% AER/Gross
  • Interest is paid annually following close of business on March 31 each year.
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 and Conditions for savings accounts (6.9 -6.11) we may change the interest rate at any time if we reasonably believe the change is needed. 
What would the estimated balance be after 12 months based on a deposit of £25,000?
  • £25,250.00
  • We have worked this out assuming a £25,000 deposit is made, no further deposits or withdrawals are made during a 12 month period, the interest rate stays the same and is paid into the account.

How do I open and manage my account?
  • You can open and manage your account at any branch or agency office, by post or online (if registered with our 'My Accounts' service).
  • The minimum amount required to open an account is £25,000.
  • A minimum balance of £25,000 must be maintained. If your account falls below the minimum balance no interest will be paid until the account balance is returned to the minimum of £25,000.
  • The maximum account balance is £500,000.
  • Additional deposits can be made as often as you like up to the maximum amount.
Can I withdraw money?
  • You do not have to give notice to close your account or make a withdrawal.

  • Withdrawals can be made without loss of interest.

  • Up to 150 withdrawals are allowed during the year (ending 31 March).

  • More than 150 withdrawals per year will result in closure of the account.

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.
  • 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 hmrc.gov.uk for more information.

 

Further Details:

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 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 page and to register, please click here.
Making Deposits and Withdrawals

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.

  • This account can be opened by new and existing customers.
  • The minimum amount required to open an account is £25,000.
  • A minimum balance of £25,000 must be maintained. If your account falls below the minimum balance no interest will be paid until the account balance is returned to the minimum of £25,000.
  • The maximum account balance is £500,000.
  • Additional deposits can be made as often as you like up to the maximum amount.
  • You do not have to give notice to close your account or make a withdrawal. Withdrawals can be made without loss of interest.
  • Up to 150 withdrawals are allowed during the year (ending 31 March).
  • More than 150 withdrawals per year will result in closure of the account.

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).
Paying Tax on Your Interest

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:

  • 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.

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.

 

FSCS Protected