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
Young Savers
You're never too young to open a Young Savers Account. Our Account is for young people who wish to start a savings scheme of their own.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Young Savers
What is the interest rate?
  • 1.75% AER/Gross.
  • 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 deposit?
  • £1,017.50.
  • We have worked this out assuming a £1,000 deposit is made and no further deposits or withdrawals are made during a 12 month period and the interest rate stays the same.
How do I open and manage my account?
  • You must be under 18 years old and a UK resident.
  • You can open and manage your account at any branch or agency office, by post or online (if registered with our 'My Accounts' service and aged 16 years or over).
  • The minimum amount required to open an account is £10.
  • The maximum account balance is £500,000.
  • Additional deposits can be made as often as you like up to the maximum amount, whilst the product is on sale.  
Can I withdraw money?
  • Withdrawals can be made without notice or loss of interest.                                          
  • Up to 150 withdrawals a year are allowed during the year (ending 31 March).
  • More than 150 withdrawals a year will result in closure of the account.
  • A minimum balance of £10 must be maintained.
Additional Product Information 
  • You can add to your savings at any time by cash, cheque or standing order. 
  • Available to children under 18 years old.
  • When the account holder reaches the age of 21, the account balance will be transferred to a suitable Monmouthshire Building Society account unless otherwise instructed. We will write to the account holder before this time explaining the options available which include closing the account and withdrawing the funds.
  • 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.

Young Savers - Specific Product Terms and Conditions

1 - Account Opening & Account Holder

This account can only be opened by, or on behalf of, persons under the age of 18. When the account holder reaches the age of 21, the account balance will be transferred to a suitable Monmouthshire Building Society account unless otherwise instructed. We will write to the account holder before this time explaining the options available which include closing the account and withdrawing the funds.

2 - Investment Limits

The minimum investment is £10. The maximum investment is £500,000.

3 - Further Investment

You may add to your savings at any time, just call into your local branch or agency with your passbook and deposit. If it is more convenient you can post the deposit or save through a standing order from your bank account.

4 - Withdrawals

As this is a savings account, you are only allowed up to 150 withdrawals during each year (ending 31 March). If you make more than 150 withdrawals we will give you two months' written notice following which we will close the account.

If a withdrawal reduces the balance to less than the minimum balance required of £10, you will have 30 days from the date we issue you with a notice to bring the balance up to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close your account without further notice.

You can withdraw from your account without giving notice 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 Head Office or on our FAQ's page.

You can also make withdrawals by electronic transfer using the 'My Accounts' system at www.monbs.com. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions. Only individual account signatories aged 16 years and over can operate their account online.

5 - Interest

Interest is variable and calculated on a daily basis on the balance in the account. Interest will be credited to the account following the close of business on 31 March each year.

6 - Terms and Conditions

These Specific 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 Specific Product Terms and Conditions, the Specific Product Terms and Conditions will apply.

FSCS Scheme