Available in England and Wales.
Please note this Bond is limited issue and may be withdrawn without notice at any time.
Only one account per person is allowed or two joint accounts may be opened, per couple.
Summary Box - Key Product Information:
|Account Name||Regular Saver Bond (Issue 2)|
|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 £250 every month for 12 months?||
|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 Product Terms and Conditions and the General Terms and Conditions for Savings Accounts before deciding to open an account.
Regular Saver Bond - Specific Terms and Conditions
1 – Investment Limits
The minimum initial investment amount per account is £20; the maximum investment per month per account is £250. Where funds are received in excess of the above limit, they will be returned either by cheque to the account address or by a faster payment to the account where the payment was received from. The minimum balance per account is £20. The maximum investment allowed within your Regular Saver Bond is £3,000. Only one account per person is allowed or two joint accounts may be opened, per couple.
2 – Further Investment
You may add to your savings at any time, just call into your local branch or agency office with your passbook and deposit. If it is more convenient you can post it. You can also make regular credits by standing order from your bank account. You can make any number of payments up to an overall total of £250 per month per account. Where funds are received in excess of the above limits, they will be returned either by cheque to the account address or by a faster payment to the account where the payment was received from.
3 - Withdrawals
No withdrawals are allowed during the fixed rate period. If you close your account before maturity, any interest you have earned will be calculated at the lower tier rate of our Escalator Instant account. Following maturity, withdrawals are subject to the terms and conditions of the Society’s Escalator Instant account or its nearest equivalent available at that time.
4 - Interest
Interest rate is fixed and will be added to your bond on maturity. It will be calculated on a daily basis so that interest on each cash deposit will be calculated over the period for which it is actually invested and not the entire period of your bond.
5 – Maturity
Your bond will mature on the anniversary of the date of opening. We will write to you prior to maturity informing you of current investment options available at that time. As this is a one-year regular saver bond, no annual interest statement will be sent. On maturity, the bond will be closed and funds transferred into an Escalator Instant account or its equivalent.
6 - Terms and Conditions
These 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 Product Terms and Conditions, the Specific Terms and Conditions will apply.