Charities and Clubs Direct (Issue 2)

Our Charities and Clubs Direct Account is available to Clubs, Societies and Registered Charities who wish to invest their funds into a savings account without the need for current account services and which offers a competitive rate of interest.

This account can only be opened by new customers who live within the following postcode areas: NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA. Existing Society customers may open this account.

Summary Box - Key Product Information

 Account Name
 Charities and Clubs Direct - Issue 2
What is the interest rate?
  • 0.15% AER/Gross.
  • The interest rates applied to the account may vary according to the balance held.
  • Interest is calculated on a daily basis on the balance in the account and paid annually (ending 31 March).
Can Monmouthshire Building Society change the interest rate?
  • Yes - the interest rate is variable, which means the interest rate can go up or down.
  • If we increase the interest rate, we will display this information in our branch/agency offices and on our website.
  • If we decrease the interest rate and you have a balance of £100 or more we will notify you by sending you a letter, email or other personal notice 14 days in advance of the change.
  • In line with our General Terms & Conditions for Savings Accounts (6.12-6.20) we may change interest rates at any time if we reasonably believe the change is needed.
What would the estimated balance be after 12 months based on £5,000 deposit?
  • £5,007.50
  • We have worked this out assuming a £5,000 deposit is made and no further deposits or withdrawals are made during a 12 month period.







How do I open and manage my account?




  • You can open and manage your account at any branch or agency office or by post or online (if registered with our 'My Accounts'.
  • The minimum amount required to open an account is £5,000.
  • The maximum account balance is £500,000.
  • Additional deposits can be made as often as you like up to the maximum amount, whilst the product is on sale.
Can I withdraw money?
  • Withdrawals can be made without notice or loss of interest.
  • Withdrawals can only be made via the Society's online 'My Accounts' service, using the organisations login details.
  • A maximum of 2 electronic transfer withdrawals are permitted each month free of charge. Any further withdrawals by electronic transfer will be charged at £1 per withdrawal.
  • A minimum balance of £5,000 must be maintained.

Additional Product Information

  • Further deposits are only permitted via cheque, or by direct transfer from a UK bank account.
  • No cash deposits are allowed.
  • 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.

Opening and Managing Your Account

You can apply online or simply complete an application form and take or post it to your nearest branch or agency office.

The minimum opening investment is £5,000. The opening deposit must be drawn by cheque from the account nominated to receive online withdrawls. The opening cheque should be made payable to your organisation.

When you apply to open an account with us, you will need to provide identification of both name and permanent address for all of the signatories authorised to operate the account, and an electronic check of each signatory's identity will also be undertaken. This is required by law to verify the true identity of all new and existing customers.

Also, we require some form of official documentation for the Club or Society such as Constitutional Rules or Memorandum & Articles of Association. For registered Charities please provide confirmation of your Charity Registration Number, this will be checked against the Charities Commission records at the time of opening the account.

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.

You will also need to provide a password and a piece of memorable information to allow your organisation to be registered for online access.

Payment of Interest

  • The interest rate applied to the account may vary according to the balance held. If you make a withdrawal which results in the remaining balance falling into a lower tier of interest, you will receive the interest rate applicable to that lower tier from the date of the withdrawal.
  • The interest rates are variable.
  • Interest on the balance in the account will be calculated on a daily basis and will be credited to the account annually following the close of business on the 31 March.
  • Interest will be paid gross - this means that interest will be paid without tax being deducted.
  • For details of our current interest rates, please see our separate Interest Rates page.

Making a Deposit

  • 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 direct transfer from a UK bank account.
  • You must maintain a minimum balance of £5,000 in your account at all times.

Making a Withdrawal

  • Withdrawals can only be made by electronic transfer using the 'My Accounts' service.
  • Once the account has been set up, the organisation will receive a letter confirming the login details which, together with the password and memorable information, will need to be entered each time a withdrawal is required.
  • Online withdrawals can only be made to a nominated UK bank account in the name of the organisation.
  • Online withdrawals using the 'My Accounts' system are subject to further terms and conditions.
  • A maximum of two electronic transfer withdrawals are permitted each month free of charge. Any further withdrawals by electronic transfer will be charged at £1 per withdrawal, with the fee being debited from your account balance.
  • For Direct accounts, no notice of withdrawal is required.
  • A minimum balance of £5,000 must be retained in the account at all times. If a withdrawal reduces the balance to less than the minimum balance, you will have 30 days from the date we issue you with a notice to bring the balance up to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close your account without further notice.

Financial Services Compensation Scheme

We are part of the Financial Services Compensation Scheme (FSCS). Details of the scheme, and who is covered by it, are available here.

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

>> Charities and Clubs Direct - Issue 2 Terms and Conditions

>> General Terms & Conditions for Savings Accounts

>> View Interest Rates

>> Branch and Agency Withdrawal Limits

>> Opening an Account

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