Saver Plus (Issue 3) 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.


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