Available in England and Wales.
Summary Box - Key Product Information
|Account Name||Saver Plus - Issue 3|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 12 months based on £1,000 initial deposit and a deposit of £20 every month in months 2-12 inclusive?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
Cash or Cheque
Standing Order/Electronic Payment
From 6th April 2016 personal savings account interest will be paid gross, which means that interest will be paid without tax being deducted. This will form part of your new 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.
Saver Plus (Issue 3) - Specific Terms and Conditions
1 – Investment Limits
The minimum initial investment amount per account is £20; The maximum investment per month per account is £1,000. 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 £1. If the balance on an account falls below the minimum required balance, the saver will have 30 days from the date we issue a notice to the saver, to bring the balance back to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close the account without further notice. Only one account per person is allowed or two joint accounts may be opened.
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 the deposit. You can also make regular credits by standing order from your bank account.
You must make at least the minimum payment of £20 each month from April each year (or the month of opening for new accounts) up to and including March, to qualify for the bonus.
You can make any number of payments (minimum £20 per month) up to an overall total of £1,000 per month per account. If you miss any payments you will forfeit the bonus.
The maximum investment allowed to be held across all Saver Plus accounts (Issue 3 and subsequent issues) is £500,000.
3 - Withdrawals
You can make one withdrawal each year (ending 31 March), from your account without giving notice. If you make more than one withdrawal you will forfeit the bonus. Up to three withdrawals are allowed during a year. If you make more than three withdrawals, we will give you two months written notice following which we will close the account.
Withdrawals are subject to the limits of the branch or agency you use. Details of our cash and cheque withdrawal limits are displayed in our branches and agencies, available from our website or our Head Office. You can also make withdrawals by electronic transfer using the 'My Accounts' system. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions.
Transfers to another MBS account and withdrawals of interest and bonus added to the account will count towards your withdrawals.
4 - Interest
The Interest rate is variable and calculated on a daily basis on the balance in the account. Interest will be credited to the account or paid annually into a suitable bank/building society account or suitable Monmouthshire Building Society account following the close of business on 31 March each year.
5 – Bonus
You will qualify for a bonus (fixed at 1.00% AER / Gross per annum) at the year-end (31 March) provided your account remains open, a payment has been received in each calendar month and you have made no more than one withdrawal. Once the interest and bonus has been added to the account they form part of the balance and are subject to the withdrawal conditions. Interest and bonus payments are subject to savers taxation rules applicable at the time the payment is made.
6 - Terms and Conditions
These Specific Terms and Conditions apply to this account in addition to the Monmouthshire Building Society's General Terms and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.