Saver Plus (Issue 3)

Saver Plus

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.

This account can only be opened by new customers who live within the following postcode areas: NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA. Existing Society customers may open this account.

Summary Box - Key Product Information

 Account Name
 Saver Plus - Issue 3
What is the interest rate?
  • 0.05% AER/Gross excluding bonus.
  • 1.05% 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 and you have a balance of £100 or more we will notify you by sending you a letter, email or other personal notice 14 days in advance of the change.
    • In line with our General Terms & Conditions for Savings Accounts (6.12-6.20) 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?
    • £1,231.65 with bonus and all conditions are met.
    • £1,220.55 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.
    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.

        Payment of Interest and Bonus

        • Interest on the balance in the account will be calculated on a daily basis and can be credited to the account, transferred to a suitable bank/building society account or suitable Monmouthshire Building Society account annually following the close of business on 31 March.
        • The bonus is calculated on a daily basis on the balance in the account. You will receive an annual bonus payment following the close of business on 31 March each year provided you have made no more than one withdrawal in the year and have made all of the required monthly deposits.
        • Interest will be paid gross - this means that interest will be paid without tax being deducted.
        • The interest rate is variable, but the bonus is fixed at 1.00% AER/Gross per annum.
        • For details of our current interest rates, please see our Interest Rates page.

        Opening and Managing Your Account

        You can apply online or simply complete an application form and take or post it to your nearest branch or agency office. If you wish to open an account by post, you need to send us a personal cheque drawn on your personal account, made payable to the applicant(s) name.

        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 click here.

        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.

        Making a Deposit

        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.

        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).

        Making a Withdrawal

        This account is designed to give you a higher return if you leave your savings untouched.

        • You will qualify for a bonus each year (ending 31 March) if you make all monthly payments and as long as you make no more than one withdrawal.
        • If necessary, you can make more than one withdrawal without giving notice, but you will forfeit the bonus.
        • Up to three withdrawals are allowed during the year ending 31 March.
        • If you make more than three withdrawals, we will give you two months written notice following which we will close the account.
        • 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.
        • Withdrawals of up to £500 in cash per day and larger amounts by cheque may be made from any of our branches or agencies on demand, subject to withdrawal limits.
        • You can also make withdrawals via the Faster Payments service - this is free of charge for any UK payment transaction up to £100,000 (with a minimum withdrawal of £500). If we receive your instructions before 2.00pm on a working day (excluding Saturdays) we will send your payment and debit your account on the same day. Requests received after 2.00pm will be processed the following working day. Requests taken on a Saturday will also be processed the following working day.

        Paying Tax on Your Interest

        • 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:
        • 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.

        It is important that you read the 'General Terms and Conditions for Savings Accounts' before deciding to open an account.

        >> Saver Plus Issue 3 Terms and Conditions

        >> General Terms and Conditions for Savings Accounts

        >> View Interest Rates

        >> Taxation

        >> Branch and Agency Withdrawal Limits

        >> Opening an Account

        Apply online

         
         


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