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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.
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Limited Access Saver

Issue 2

An easy to use limited access account


Interest Rate AER / Gross - Variable : 4.45%

Minimum - Maximum Balance : £1 to £500,000

Open and manage your account : Online, in Branch or Agency

You must be:

  • At least 16 years old.
  • A UK resident (excluding Northern Ireland).

May be suitable for you if: 

green_tick You would like instant access to your savings up to 3 times within a 12 month period (1st April – 31st March).

 You would like to make additional deposits.

You don’t mind a variable interest rate on your savings.

You would like to open and manage this account online and in person from Monmouthshire Building Society Branches.

Not Suitable for you if:

File:Cross red circle.svg - Wikimedia Commons You would like unlimited penalty – free withdrawals.

File:Cross red circle.svg - Wikimedia Commons  You would like a fixed rate of interest on your savings.

File:Cross red circle.svg - Wikimedia Commons  You would like to open this account over the phone or by post.

Additional Information :

  • If you make more than 3 withdrawals within a 12 month period (from April 1st to March 31st) there will be a penalty of 25 days’ loss of interest on the amount withdrawn.
  • If you choose to close your Limited Access Saver after you have used your 3 penalty free withdrawals, this will also incur the 25 day loss of interest charge.
  • Closure of your Limited Access Saver account is allowed at any time without notice. Once closed, this account cannot be reinstated.

Click below to expand the Limited Access Saver Summary Box and Terms and Conditions.

What is the interest rate?
  • 4.45% AER / Gross 
  • The interest rate is variable, which means the rate can go up or down.
  • Interest is calculated daily and paid once a year, the next working day after 31 March.
Can Monmouthshire Building Society change the interest rate?
  • Yes, the interest rate is variable.
  • We can change the rate at any time if we feel it’s needed, this is in line with our General Terms and Conditions for Savings Accounts.
  • If we put the rate up, this is shown on our website , and information will be available in our branches and agencies.
  • If we put the rate down, we’ll let you know as soon as we can - with at least 14 days' notice.
What would the estimated balance after 12 months based on £1,000 deposit?
  • £1,044.50
  • Based on £1,000 being paid into the account, the interest rate doesn’t change and there is no other money into or out of the account over 12 months.
How do I open and manage my account?

Who can open

  • You must be aged 16 or over.
  • You must be a UK resident (excluding Northern Ireland).

How to open

  • Online, branch or agency.

Minimum

  • The minimum balance is £1 and your account needs to stay above this amount.

Maximum

  • The maximum that a member can invest with Monmouthshire Building Society is £500,000, this could be just in this account or split across other accounts you hold with the Society.

How to manage

  • Online (my accounts), in branch or agency.
  • You can pay money into your account whenever you want, up to the maximum balance.
Can I withdraw money?
  • Yes, you can take out your account, free of charge, up to 3 times in a 12-month period.
  • The 12-month period starts 1 April and ends 31 March each year.
  • If you want to take money out more than 3 times in a 12-month period, you will be charged 25 days loss of interest on the amount you are taking out.
  • If you choose to close your Limited Access Saver after you have used your 3 penalty free withdrawals, this will also incur the 25 day loss of interest charge.
  • You don’t need to give us notice if you want to access your money or close your account.
Additional Information
  • The gross rate means before tax.
  • You only pay tax on savings above your Personal Savings Allowance. Visit www.hmrc.gov.uk for more information.
  • AER is the Annual Equivalent Rate and shows what the rate would be if interest was paid and added on each year.
  • Rates and information correct from the
    30 September 2024.

It is important that you read the following before deciding to open an account:

Limited Access Saver Terms and Conditions

Limited Access Saver Summary Box

Other Important Information:

FSCS Information Sheet

General Terms and Conditions for Savings Accounts

Savings Service Tariff

Important Information About Your Personal Data

My Accounts Terms and Conditions

Savings terms:

AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.

Gross is the rate of interest payable before any tax is taken off.

Fixed interest means the rate stays the same until the account matures.

Variable interest means the rate can go up or down at any time. We will always publish our rate changes and give you with at least 30 days notice if the rate on one of your accounts is due to go down.

Tax-free means you will not pay any tax on your interest.

Tax year runs from 6 April to 5 April.

Business day is Monday to Friday excluding bank holidays.

 

The information provided in the summary box is a summary of the key features of the Limited Access Saver and is not intended to be a substitute for reading the terms and conditions above that apply to the account.


Next Steps

If you have read and understood all the information provided, and you would like to apply for an Limited Access Saver, simply click below.

Alternatively, you can visit one of our branches or agencies in person. 

Apply Online

 

 

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