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Please note this Bond is limited issue and may be withdrawn without notice at any time.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?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 12 months based on a £5,000 deposit?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.
Standing Order/Electronic Payment
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:
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.
4 – Cancellation
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.