Other Services
We offer Funeral Plans and Home Insurance through our partners
< !--Created with SVG-edit - https://svg-edit.googlecode.com/ --> Find out more
About
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.
< !--Created with SVG-edit - https://svg-edit.googlecode.com/ --> Find out more
Get in touch
Telephone
01633 844 330
Saver Plus (Issue 3)
With our Saver Plus account you can save from as little as £20 each month. Save regularly and you will earn an attractive rate of interest, with an added bonus.

Available in England and Wales.

Summary Box - Key Product Information

Account Name  Saver Plus - Issue 3
What is the interest rate?
  • 0.55% AER/Gross excluding bonus.
  • 1.55% AER/Gross including 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 is calculated on a daily basis on the balance in the account and paid annually (ending 31 March).
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 & Conditions for Savings Accounts (6.9-6.11) we may change interest rates at any time if we reasonably believe the change is needed.
 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?
  • £1,237.20 with bonus and all conditions are met.
  • £1,226.10 without bonus.
  • We have worked this out assuming a £1,000 deposit is made in month 1 and a £20 deposit is made in months 2-12 inclusive and no withdrawals are made during a 12 month period, the interest rate stays the same and interest 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 £20.
  • Save any amount each month between £20 and £1,000.
  • Additional deposits can be made as often as you like up to £1,000 per month, whilst the product is on sale.
  • You will qualify for a bonus each year (ending 31 March) if you make all monthly payments and you make no more than one withdrawal.  
 Can I withdraw money?
  • Up to three withdrawals are allowed without notice during each year (ending 31 March), but more than three withdrawals will result in closure of the account.
  • If you make more than one withdrawal you will forfeit the bonus.
 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.

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.

Saver Plus (Issue 3) - Specific Product 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 Product 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 Product Terms and Conditions, the Specific Product Terms and Conditions will apply.

FSCS Protected