FSCS

Corporate Bonus 90 - Terms & Conditions (closed account)

Specific Terms & Conditions for the Corporate Bonus 90 Account

1 - Investment Limits

The minimum investment is £2,500 for annual interest and £5,000 for monthly interest. The maximum investment is £500,000. A minimum balance of £2,500 (for annual interest) or £5,000 (for monthly interest) 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.

2 - Further Investment

You may add to your savings at any time, just call into your local branch or agency with your passbook and deposit. If it is more convenient you can post the deposit or save through a standing order from your bank account.

3 - Withdrawals

You will qualify for a bonus if you make no withdrawals each year (ending 31 March). If annual interest and bonus have been added to the account and you subsequently withdraw them, they will be classed as a normal withdrawal and you will forfeit the bonus for that year.

You can make two withdrawals of up to £10,000 each during the year (ending 31 March) without notice or loss of interest (however you will lose the bonus for that year) subject to maintaining the minimum balance. You may also withdraw any amount or close your account by giving 90 days written notice without loss of interest (you will lose your bonus for that year).

If annual interest and bonus have been added to the account and you subsequently withdraw them, this will count towards your two withdrawals.

Alternatively you can withdraw any amount or close your account instantly with loss of interest (and bonus) equivalent to 90 days on the amount drawn.

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.

You can also make withdrawals by electronic transfer using the 'My Accounts' system. Online withdrawals using the 'My Accounts' system are subject to further terms and conditions. Please note that ‘My Accounts’ is only available for accounts that do not require multiple signatories.

4 - Interest and Bonus

The interest rate applied to this account varies according to the balance held. Interest is variable and calculated on a daily basis on the balance in the account. Bonuses are fixed and calculated on a daily basis on the balance in the account. You will qualify for a fixed bonus of 0.5% payable on 31 March if you do not make a withdrawal. If annual interest and bonus have been added to the account and you subsequently withdraw them, they will count as a withdrawal.

4.1 Annual Interest Option

Interest, including any bonus earned, can be credited to the account or paid annually into a bank account (or suitable Society corporate account), following the close of business on 31 March each year. It should be noted that if interest is added to your account it becomes part of the "capital balance". Once added, both annual interest and bonus are subject to the account's withdrawal conditions described here and our General Terms and Conditions for Savings Accounts leaflet. For this reason we recommend that you think carefully about having your interest and bonus paid to another account offering instant access.

4.2 Monthly Interest Option

Interest (excluding bonus) will be paid following the close of business on the last working day of each calendar month, and must be paid into a suitable bank/building society account (or suitable Monmouthshire Building Society account) These payments do not count towards your two withdrawals. If you have qualified for a bonus, it will be included with your March interest each year.

5 - Membership Rights

Where this account is opened by a limited company or a limited liability partnership, it is not a share account and has no Society membership rights.

6 - Terms and Conditions

These Specific 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 Terms and Conditions, the Specific Terms and Conditions will apply.

 
 


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