Monmouthshire Building Society has introduced a savings account that is exclusively available to its residential mortgage customers.
Monmouthshire Building Society said the account has an interest rate that tracks 0.25% below the base rate, meaning its interest rate stands at 3.5% AER/gross. This will be calculated daily and paid once per year after 31 March.
The account can be opened online, in branch or through an agency and is open to existing residential mortgage account holders.
The minimum balance to open an account is £1,000 and the balance needs to stay above that amount, otherwise no interest will accrue until it returns to that amount.
The maximum amount you can pay into the account is £25,000 for a sole account holder and £50,000 if it’s a joint account.
Eleanor Crees, savings product manager at Monmouthshire Building Society, said: “We are really proud to be able to launch this product exclusively to our mortgage account holders. It’s a way for us to thank our customers for putting their trust in us for their mortgage needs.
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“This is the first time we’ve launched a loyalty product for our mortgage customers, and we’re hoping that it will be popular as it has the ability to support both your savings and mortgage needs all in one place. At Monmouthshire, we pride ourselves in providing customers products that will help them achieve their financial goals, and we believe this product is just that.”