Savings
Whether you’re looking for instant access, annual bonuses or tax-free savings, we have an account that will help you achieve your savings goals.
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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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01633 844 330
1 Year Fixed Rate Business Bond - Issue 1
If your business is looking for a short-term home for savings, then the 1 Year Fixed Rate Business Bond may be the account for you.

Available in England and Wales.

Please note this Bond is limited issue and may be withdrawn without notice at any time.

Summary Box - Key Product Information:

Account Name 1 Year Fixed Rate Business Bond - Issue 1
What is the interest rate?
  • 1.10% AER/Gross - Annual Interest
  • Interest is fixed for 1 year and calculated on a daily basis on the balance in the account.
  • Interest is paid on maturity of the fixed rate term. 
Can Monmouthshire Building Society change the interest rate? 
  • No - the interest rate is fixed for 1 year (the account will mature 1 year from the date of opening).
What would the estimated balance be after 12 months based on a £5,000 deposit?
  • £5,055.00
  • We have worked this out assuming a £5,000 deposit is made, no further deposits or withdrawals are made during a 12 month period, and the interest is paid into the account.
How do I open and manage my account?
  • You can open your account by post and online.
  • Once the account is open you can manage your account via the Society’s online service ‘My Accounts’. We will contact you via telephone to complete the registration process.
  • The account is open to small businesses and corporate entities in the UK with a maximum of 4 signatories aged 18 or over.
  • The minimum amount required to open an account is £5,000.
  • The maximum account balance is £5,000,000.
  • You can make additional deposits up to the maximum amount while the product remains on sale.
  • Further deposits are permitted by standing order or direct transfer from a UK bank account, cheques can be posted to our Head Office.
  • No branch transactions will be accepted.
Can I withdraw money?
  • No withdrawals or closure of the account allowed during the fixed term period.
  • The bond will mature 12 months from account opening. Before maturity, we will write to you outlining your options. If your instructions are not received before the maturity date, the proceeds of your bond will mature into the Society’s Business instant access account, or its nearest equivalent.
Additional Product Information 
  • This is a limited issue bond which can be withdrawn by the Society without notice at any time.
  • 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.
  • The tax treatment depends on the circumstances of each business and may change in the future

 

Further Details:

Opening and Managing Your Account
  • You can apply online or simply complete an application form and post it to our Head Office address. 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 see our FAQ's page and to register, please click here.
Making Deposits and Withdrawals

Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.

  • Our General Terms & Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.
  • The minimum opening investment is £5,000.
  • You may add to your savings at any time, but any further deposits are only permitted via cheque or by direct transfer from a UK bank account.
  • You must maintain a minimum balance of £5,000 in your account at all times.

Cheque

  • Funds can be added by posting a cheque to our Head Office.

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).
Paying Tax on Your Interest

Since 6th April 2016 personal savings account interest is paid gross, which means that interest will be paid without tax being deducted. This will form part of your 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.

Terms and Conditions:

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

1 Year Fixed Rate Business Bond - Specific Terms and Conditions

1 - Account opening:

This account is available to UK based Corporate entities investing non-personal funds. A maximum of 4 signatories aged 18 or over are permitted.

2 - Investment Limits

 The minimum investment is £5,000.

The maximum investment is £5,000,000.

The opening investment must be made by cheque or direct transfer from a UK bank account in the name of the organisation. No cash deposits are allowed.

3 - Further Investment

You can make additional further deposits up to the maximum amount whilst the bond remains on sale. Further deposits are permitted by standing order or direct transfer from a UK bank account, cheques can be posted to our Head Office.

4Cancellation

You do not have the right to cancel this fixed rate bond once you have opened it. You should not invest if you think you will need to access your money during the term of your bond.

5 - Closure

You may close the account in exceptional circumstances at our discretion. 

6 - Withdrawals

No withdrawals allowed until after the maturity date.

7 – Interest

Interest is calculated on a daily basis on the balance in the account, paid gross and is fixed for one year. Annual interest is paid on maturity of the fixed term. As this is a one-year bond, no annual interest statement will be sent.

8 – Maturity 

Your bond will mature on the anniversary of the date of opening. We will write to you prior to maturity informing you of the investment options available at that time. If your instructions have not been received before the bond maturity date, on maturity, the proceeds of your bond will mature into the Society’s variable rate Business instant access account or its nearest equivalent at that time, and will be subject to the product terms and conditions of this account.

9 - Membership Rights

This account is not a share account and therefore you will have no Society membership rights in Monmouthshire Building Society (e.g. the right to vote).

10 - 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.