FAQs

Where can I open an account?

You can open an account at our Branches, Agencies, or Online.

How can I find your Branches and Agencies?

To find a list of our Branches and Agencies, please visit our website or contact our Customer Services Department on 01633 844340.

What identification do I need to provide?

If you're 18 years old or over, we use an electronic verification system to confirm your identity. This check won't affect your credit rating. In most cases, this verification is enough. However, if we're unable to verify your identity through the system (for example, if you're not on the electoral roll or have recently moved), we may request further proof of your identity. This will require paper documentation.

If we ask for paper documentation, please provide one proof of name and one proof of address from the list provided. If you've lived at your current address for less than 1 month, we'll also need proof of your previous address. Remember, the same document cannot be used for both proof of name and proof of address. You can take these documents to any branch or send them by post to the Savings Contact Centre at Monmouthshire Building Society, John Frost Square, Newport, South Wales, NP20 1PX.

Please provide original documents, as we are unable to accept photocopies. For a comprehensive list of acceptable documents, please refer to the information found here.

We want to make the account opening process as smooth as possible for you. If you have any further questions or need assistance, please don't hesitate to contact our Customer Services Department.

Standing Orders and Electronic Transfer

 To set up a standing order or make a single electronic payment to your savings account, you will need to provide the following details to your bank:

Account Name: Monmouthshire Building Society

Sort Code: 40-05-30

Account Number: 14576608

Reference: XXXXXXXXXX (Please make sure there are no spaces or hyphens - use the Monmouthshire Building Society account number you want to credit).

Cheques

 We aren’t able to accept cheques made payable directly to 'Monmouthshire Building Society'.

If you receive a cheque from someone else, kindly request them to make it payable to you. If the cheque is already made payable to the Society, please ask the issuer to add your name and account number.

Cash

You can deposit cash at any of our Branch or Agency Offices. However, there are maximum investment limits in place.

Please note that coins can only be accepted when they are bagged correctly according to denominations. We can accept a maximum of 5 bags of coins at a time.

Debit Card

You can use your debit card to make deposits over the counter at any of our Branch Offices (please note that this service is not available at Agency offices). However, there are maximum investment limits that apply.

If you have any further questions or need assistance, please visit one of our Branches or Agencies, or contact our Customer Service Department on 01633 844340.

Yes, but you will need to give us authorisation.

Please visit one of our Branches or Agencies or contact our Customer Service Department on 01633 844340 so we can arrange this. 

Cash

 You have the option to withdraw up to £500 in cash per day from any of our Branches or Agencies.

Cheque

You can withdraw any amount by cheque from our Branches or Agencies.

Faster Payment

You can also make withdrawals using the Faster Payments service. This service allows you to make UK payment transactions up to £100,000, free of charge (with a minimum withdrawal of £50).

If you provide us with your instructions before 3pm on a working day (excluding Saturdays), we will send your payment and deduct the amount from your account on the same day.

Requests received after 3pm will be processed on the following working day.

Any requests made on a Saturday will also be processed on the following working day.

Please note that these withdrawal methods are subject to the specific withdrawal restrictions that apply to your account.

If you have any further questions or need assistance, please visit one of our Branches or Agencies, or contact our Customer Service Department on 01633 844340.

If you will be operating a Monmouthshire Building Society savings account on behalf of another adult applicant(s), you must complete an Official Signatory Form.

A copy of the Trust Deed, Power of Attorney, Will, Grant of Probate or Letters of Administration (as applicable) must accompany the form.

Please click here for a copy of the Official Signatory Form, or call us to discuss in more detail.

How can I add or remove someone from my account?

If you need to add or remove someone from your account, the simplest way is for all the individuals involved to visit one of our Branches or Agencies together.

It's important to bring their identification documents with them.

Our helpful staff will guide you through the process and make sure everything is done correctly.

What if I can't go to a branch or agency?

If it's not possible for you to visit a Branch or Agency in person, you can still make the necessary changes.

Just give us a call on 01633 844340, and our Customer Services Department will assist you.

We will arrange to send you the required forms by post. You can fill them out and send them back to us.

If you have any further questions or need assistance, please visit one of our Branches or Agencies, or contact our Customer Service Department on 01633 844340.

Yes, we do accept transfers of cash ISA funds from other ISA providers.

If you would like to know more about transferring your cash ISA funds to us, please contact our Customer Service Department on 01633 844340 or speak to one of our colleagues in our Branches or Agencies. They will provide you with all the information you need and guide you through the process.

As a Building Society, our electronic payments are initially received into our bank account before being uploaded to our customers' accounts. This upload process takes place every day before we open for business at 9am.

If you are a registered My Accounts user, it's possible that the upload was completed after the service was updated during the early hours of the morning.

We want to assure you that even if there is a delay in seeing the payment reflected on your passbook or in your My Accounts, it has been credited to your account as of the date it reached our bank account. Rest assured; any interest will be calculated based on that date.

If you have any further questions or need assistance, please visit one of our Branches or Agencies, or contact our Customer Service Department on 01633 844340.

If you have a My Accounts login

You can easily find your savings account interest rates by logging into My Accounts.

After logging in, select the account you wish to check, and the interest rate will be displayed on the next screen.

If you don't have a My Accounts login

You can visit My Accounts and click on the "register" option.

Complete the registration form to create your account.

By registering, you'll gain access to view your interest rates and much more, including all your savings transactions, at any time that suits you.

My Accounts is a recommended method as it allows you to conveniently see all your savings and mortgage information in one place.

However, if you prefer not to use My Accounts, you can follow these alternative methods to find out your interest rate

For Variable Rate Accounts

Visit our Documents page and select the savings section.

You'll be able to access current and previous interest rates for all our variable rate savings accounts, both past and present.

For Fixed Rate Accounts

Check your original savings account literature and/or terms and conditions.

Your interest rate will be stated there, and as it is a fixed rate account, the rate will not have changed.

If you have misplaced your literature, you can contact our Customer Services Department on 01633 844340 for assistance.

If you have any further questions or need assistance, please visit one of our Branches or Agencies, or contact our Customer Service Department on 01633 844340.

For most of our accounts, the interest is paid at the close of business on the 31st of March each year. After deducting any applicable tax, the interest amount will be added to your account.

Alternatively, if you have provided us with your preferred destination details, it will be sent there.

You will be able to see the interest amount on your passbook or view it online (via My Accounts if you are a registered user) starting from the 1st of April.

However, please note that some of our accounts have different interest periods. For example, our 1-Fixed Rate Range have the interest paid when the bond matures or on the anniversary of the account opening.

If you have any further questions or need assistance, please visit one of our Branches or Agencies, or contact our Customer Service Department on 01633 844340.

When you opened your account, you should have received a copy of the terms and conditions specific to that account. These documents provide important information about how your account works and what you can expect.

If you happen to misplace the terms and conditions or are unable to find them, don't worry. You can request a copy by speaking to one of our colleagues in our Branches or Agencies or contact our Customer Service Department on 01633 844340.

If you have any further questions or need assistance, please visit one of our Branches or Agencies, or contact our Customer Service Department on 01633 844340.

In 2016, HM Revenue and Customs (HMRC) made changes to how savings interest is taxed. These changes affect all Banks and Building societies.

Since that date tax won't be taken from your interest when it is paid into your account. This change is called your "Personal Savings Allowance."

Here's how it works:

• If you're a basic rate taxpayer, you won't have to pay tax on the first £1,000 of savings income you earn.
• For higher rate taxpayers, the first £500 of savings income is tax-free.
• However, additional rate taxpayers have to pay tax on all their savings income.

It's important to remember a few things:

• Your Personal Savings Allowance applies to the total savings income you earn from all Banks and Building societies, not just from Monmouthshire Building Society.
• If you have an ISA account, the interest you earn on it is tax-free and does not count towards your Personal Savings Allowance.
• The new rules about savings income and tax apply to all Banks and Building societies to keep things fair.

Do you need to take any action?

No, you don't need to do anything specific to claim your Personal Savings Allowance. The process happens automatically, so you don't have to worry about it right now.

Here's what you need to know:

• If you're a basic rate taxpayer and earn more than £1,000 in savings income (£500 for higher rate taxpayers), you will have to pay some tax on the amount that goes over your Personal Savings Allowance. But you don't have to do anything right away.
• HM Revenue and Customs (HMRC) will adjust your tax code to collect the tax. Banks and building societies will provide HMRC with the information they need to do this.
• From the 6th of April 2016, any interest you earn on your savings will be paid to you without any tax taken out. This is called receiving interest "gross."
• If you filled out an R85 or R105 form in the past, you won't need to do that anymore after the 6th of April 2016.
• If you currently fill in a Self-Assessment tax return, you should continue doing it as usual.

If you want more information, including an easy-to-read Personal Savings Allowance fact sheet, you can visit the HMRC website.

If you have any specific questions or need more help understanding your Personal Savings Allowance or tax obligations, it's a good idea to check the HMRC website or talk to a tax advisor.

If you have misplaced your passbook and can't find it, there's no need to worry. 

Here's what you should do:

Please speak to one of our colleagues in our Branches or Agencies or contact our Customer Service Department on 01633 844340. We'll guide you through the process and provide the necessary support to help you resolve the situation.

Losing a passbook can happen to anyone, and we understand the importance of ensuring your account information is secure. Reach out to us, and we'll be more than happy to help you with any concerns or questions you may have.

As we are a Building Society not a Bank, we do not offer online ‘banking’ as such, however the My Accounts Online Portal allows our customers to view information about their mortgage and savings accounts online.

Simply go to My Accounts and click Register, then follow the registration process.

Within three to four working days of registering you will receive confirmation of your Web User Identification Number and activation key via post. Please note – this activation key expires 28 days after issue, so you should use it as soon as you receive it.

Once it’s expired, you will need to follow the ‘Forgotten your security details’ option found on the Welcome page.

My Accounts

Every time you want to use our My Accounts system, you will need to enter:

• your User Identification Number
• your full password
• 2 characters from your memorable information (which you selected when you first registered)

These fields are case sensitive.

If you have forgotten any of this information, please select the Forgotten Password option.

If you are still having trouble and you have accessed My Accounts before, try clearing your cache and deleting all cookies. If you’re not sure how to do this, there’s a helpful guide here.

The Child Trust Fund, also known as 'CTF', was a special Government program introduced in January 2005. Its purpose was to help ensure that all children born between 1st September 2001 and 2nd January 2011 had the opportunity to save money without paying any tax. This money would be available to them when they turned 18 years old. The CTF scheme operated until 2011 and provided a minimum of £250 to the Parents or Guardians of each eligible child. This money was used to open a Savings account in the child's name.

A CTF account safeguards the funds within it by not allowing any withdrawals until the child reaches 18 years of age. Once the child reaches this milestone, they become the full owner of the account and can use the funds for any purpose they desire.

The aim of the CTF was to encourage saving for the future and provide young people with financial support as they transition into adulthood.

If you have a Child Trust Fund (CTF) account with us, we'll reach out to you shortly before your 18th birthday. 

Here's what you can expect:

• We'll send you a letter that confirms the exact date when your account will reach maturity. This is when you become eligible to access the funds.
• The letter will also provide you with the total amount of money available in your account. This includes any contributions made over the years, as well as the interest earned on your savings.
• You'll have several options available to you regarding what you can do with your money. We will outline these options in the letter.
• Before you can access your savings or make any additional contributions, you need to let us know which option you would like to take.

If you have any further questions or need assistance, please visit one of our Branches or Agencies, or contact our Customer Service Department on 01633 844340.

No - one of the significant advantages of having a Child Trust Fund (CTF) is that the interest you earn on your savings is tax-free. This means the amount stated on your maturity letter will be the exact amount you receive.

Unlike some other savings accounts, where taxes may be deducted from the interest earned, with a CTF, you won't have to pay any tax on the interest you have accumulated over the years. This ensures that you receive the full amount stated in your maturity letter.

If you have any further questions or need assistance, please visit one of our Branches or Agencies, or contact our Customer Service Department on 01633 844340.

Once you reach adulthood, the choice of how to use your Child Trust Fund (CTF) funds is entirely up to you. You have the freedom to decide how best to use the money based on your personal goals and aspirations.

Here are the two most common options:

• Some people use the funds to contribute towards purchases like a car, holiday, or a new phone.
• Others opt to reinvest the funds to continue building their savings for the future. This allows them to work towards their long-term financial goals.

If you're interested in re-investing, take a look at our full range of savings accounts today and discover the one that aligns with your financial objectives.

An Individual Savings Account (ISA) is a type of savings account available to individuals. It functions similarly to a Child Trust Fund (CTF) by providing tax advantages on the interest you earn. However, eligibility criteria and investment limits apply to benefit from these tax advantages.

Here's what you need to know about ISAs:

• Like the CTF, ISAs allow you to save money each year without having to pay tax on any interest earned. This tax-free feature makes ISAs a popular choice for savers.
• It's important to note that savings interest on non-ISA accounts may also be tax-free up to a certain amount. This is referred to as the Personal Savings Allowance. You will only need to pay tax on any savings income you earn above your Personal Savings Allowance. You can find more information about your Personal Savings Allowance on the government's website.
• The government sets an annual limit called the annual ISA allowance or subscription, which determines how much you can save into an ISA each tax year. Different types of ISA accounts are available, including cash and stocks and shares investments. The total amount you contribute to all types of ISAs should not exceed the overall annual limits.
• Some ISAs allow you to transfer funds from previous ISAs or CTFs without it counting towards the current year's ISA allowance. This means you can still invest up to the maximum annual ISA limits in the same tax year. However, there are specific rules to consider, especially when transferring CTF funds to a Lifetime ISA with another provider.
• Most providers, including Monmouthshire Building Society, offer Cash ISAs. If you choose to open an ISA with another provider, make sure to inform them about your intention to transfer the funds to keep the money tax-free. It's essential not to close the original account and withdraw your savings, as this would result in losing the tax advantages. Opening another ISA would count as a new investment for the current tax year and reduce the amount of tax-free funds you can invest up to the annual ISA allowance.
• You can find more information about ISAs, investment limits, and the specific ISA accounts currently available on our website.

Finally, please note that the tax treatment of ISAs depends on your individual circumstances, and it may change in the future. The contractual rate of interest payable on ISAs is tax-free.