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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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Instant ISA

Issue 2


Interest Rate AER / Tax Free - Variable : 3.35% - 3.60%

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

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

You must be:

  • At least 18 years old.
  • A UK resident (excluding Northern Ireland).
  • A Crown servant (for example diplomatic or overseas civil service) or their spouse or civil partner if you do not live in the UK.

May be suitable for you if: 

green_tick You would like instant, penalty free access to your ISA funds.

You would like to benefit from tax-free savings.

You would like to make additional deposits whilst the product is on sale.

You would like to open and manage this account online and/or in person

        from Monmouthshire Building Society Branches.

Not Suitable for you if:

 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 :

  • Accounts can be held in sole name only.
  • You can pay into multiple cash ISAs within the same tax year, up to the overall ISA allowance of £20,000.
  • Closure of your Instant ISA account is allowed at any time without notice. Once closed, this account cannot be reinstated.

Click below to expand the Instant ISA Summary Box and Terms and Conditions.

What is the interest rate?
  • The interest rate depends on the balance in the account as set below:
  • 3.60% AER/Gross on balances £15,000 +
    3.35% AER/Gross on balances £1 - £14,999
  • The interest rate is variable, which means the rate can go up or down.
  • Interest is calculated daily and paid once a year after 5pm on 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 a £1,000 and a £15,000 deposit?
  • £15,000 at 3.60% = £15,540.00
    £1,000 at 3.35% = £1,033.50
  • Based on £1,000 or £15,000 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 18 or over.
  • You must be a UK resident (excluding Northern Ireland).
  • You could be a Crown servant, their spouse or civil partner if you are not a UK resident.

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 overall ISA allowance.
  • You can transfer into this ISA from another Cash ISA.
Can I withdraw money?
  • Yes, you can take out your money immediately or close your account without giving notice
  • This is a flexible ISA which means you can take money out and put it back in without counting towards your annual ISA limit.
Additional Information
  • Accounts can be opened for individuals only.
  • You can pay into multiple cash ISAs within the same tax year, up to the overall ISA allowance.
  • The overall ISA allowance for the tax year 2024/25 is £20,000.
  • The tax-free rate means that interest is exempt from income tax.
  • The gross rate means before tax. The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in the future.
  • 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 14 November 2024.

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

Instant ISA Terms and Conditions

Instant ISA Summary Box

Other Important Information:

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 Easy ISA 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 a Easy ISA simply click below.

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

Apply Online

 

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