Regular Saver Bond

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Regular Saver Bond (Issue 8)

Please note this Bond is limited issue and may be withdrawn without notice at any time.

You may hold one sole account or two joint accounts with someone else.

You can only open this account at one of our branches and agencies.

Summary Box - Key Product Information:

Account Name	Regular Saver Bond (Issue 8)
What is the interest rate?	3.75% AER/Gross - Annual Interest Interest rate is fixed for 1 year. The fixed term will start on the date the account is opened. Interest is calculated on a daily basis on the balance in the account and paid on maturity.
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?	£3,060.80. 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?	You can open this account at any branch or agency. You must be a UK resident (excluding Northern Ireland) aged 16 and over. The minimum opening balance is £20. The maximum deposit is £250 per calendar month. Additional deposits can be made as often as you like up to £250 per calendar month. Deposits can be made by cash (at a branch or agency), cheque, bank transfer or standing order. The maximum balance allowed is £3,000. 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?	No partial withdrawals from the account are allowed until after the maturity date. If you close your account before maturity, the account will not qualify for the 3.75% AER/Gross interest rate. Any interest you have earned will be calculated at 0.20% AER/Gross. Your bond will mature on the first anniversary from the date of opening. We will contact you before the fixed term is due to end to let you know the maturity options that are available for you to select. If you have not notified us of your decision before the maturity date, then on maturity, the account will revert to the Society’s Easy Saver or its nearest equivalent available at that time.
Additional Product Information	This is a limited issue bond which can be withdrawn by the Society without notice at any time. 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 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 www.hmrc.gov.uk for more information. The tax treatment depends on your individual circumstances and may change in the future. Interest rate effective from 24th November 2022.

Terms and Conditions:

It is important that you read the following before deciding to open an account:

FSCS Information Sheet
General Terms and Conditions for Savings Accounts
Savings Service Tariff
Important Information About Your Personal Data
Specific Product Terms and Conditions

Specific Terms and Conditions- Regular Saver Bond (Issue 8)

1 – Account Opening

To open this account, you must be a UK resident (excluding Northern Ireland) aged 16 and over.
You may hold one sole account or two joint accounts with someone else.

2 – Investment Limits

The minimum opening balance is £20.
The maximum deposit is £250 per calendar month.
The maximum balance allowed is £3,000.

3 - Further Investment

You can make any number of payments up to an overall total of £250 per calendar month.
Deposits can be made by cash (at a branch or agency), cheque, bank transfer or standing order.
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.

4 - Withdrawals

No partial 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 variable interest rate of 0.20% AER/Gross.

5 – Interest

The interest rate is fixed for one year from the date of account opening 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.
As this is a one year regular saver bond, no annual interest statement will be sent.

6 - Maturity

Your bond will mature on the first anniversary of the date of opening.
We will contact you before the fixed term is due to end to let you know the maturity options that are available for you to select. If you have not notified us of your decision before the maturity date, then on maturity, the account will revert to the Society’s Easy Saver or its nearest equivalent available at that time.

7 - 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

Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052. FCA register address www.fca.org.uk/register/. We are members of the Financial Services Compensation Scheme. We are members of the Building Societies Association and Council of Mortgage Lenders. Details of our Customer Satisfaction and Complaints procedures are available and complaints that we cannot resolve may be referred to the Financial Ombudsman Service (http://www.financial-ombudsman.org.uk/). By accessing any part of this website, you shall be deemed to have accepted our Website Terms of Use.

Issue 8

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