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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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Telephone
01633 844 330
Regular Saver Bond (Issue 2)
Please note this account can only be opened in person at one of our branch or agency offices.

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Please note this Bond is limited issue and may be withdrawn without notice at any time.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?
  • 2.50% AER/Gross - Annual Interest
  • Interest rate is fixed for 1 year.
  • Interest is calculated on a daily basis on the balance in the account.
  • Interest is paid annually at the end of the fixed rate term. 
Can Monmouthshire Building Society change the interest rate? 
  • No - the interest rate is fixed for 1 year (the account will mature 1 year from the date of opening).
What would the estimated balance be after 12 months based on a deposit of £250 every month for 12 months?
  • £3,040.53
  • We have worked this out assuming a £250 deposit is made on the 1st of every month (from 1st April for a 12 month period and no withdrawals are made).
How do I open and manage my account?
  • This account can only be opened in person at any of our branch or agency offices.
  • Once the account is open you can manage your account at any branch or agency office, by post or online (if registered with our 'My Accounts' service).
  • The minimum opening balance is £20.
  • The maximum monthly deposit is £250.
  • Additional deposits can be made into your account as often as you like up to £250 per month. 
  • The maximum investment allowed is £3000.
Can I withdraw money?
  • No withdrawals from the account are allowed until after the maturity date.
  • The account may be closed without penalty or notice should the investor die before maturity. 
  • If you close your account before maturity, the account will not qualify for the 2.50% AER/ Gross interest rate.  Any interest you have earned will be calculated at the lower tier rate of our Escalator Instant account or its nearest equivalent at the time.
  • The bond will mature 1 year from account opening. 
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.

 

Further Details:

Opening and Managing Your Account
  • 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.

  • The bond can be opened by new and existing customers.
  • No partial withdrawals of the account is allowed until after the maturity date. The account may be closed without penalty or notice should the investor die before maturity.
  • If you close your account before maturity, any interest you have earned will be calculated at the lower rate of our Escalator Instant account or its nearest equivalent at that time.
  • You can make any number of payments (£20 minimum) up to an overall total of £250 per month per account to a maximum of £3000 over the 12 month period

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 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.

FSCS Protected