Corporate Bonus 90
A deposit account paying a higher rate of interest, plus a bonus, which gives you flexible access to your capital with the added benefit of a monthly income option. The minimum deposit required to open an account is £2,500 or £5,000 if you choose the monthly income option.
Summary Box - Key Product Information
| Account Name | Corporate Bonus 90 |
| Interest rates (AERs) | • The interest rates are tiered • The interest rate is variable – please click here to view the current interest rates |
| Tax Status | • Interest will be paid or credited after deduction of income tax at the appropriate rate, or gross subject to the required certification |
| Conditions for bonus payment | • Fixed bonus of 0.5% payable on 31 March each year if no withdrawals are made |
| Withdrawal arrangements | • Two withdrawals are permitted of up to £10,000 each during the year, (ending 31 March) without notice or loss of interest but with loss of bonus • Further withdrawals are subject to either 90 days notice, or on demand subject to 90 days loss of interest and with loss of bonus • Any withdrawals must maintain the minimum balance required for the account |
| Access | • You can manage your account in branch, by post or online (if registered with our ‘My Accounts’ service) |
Additional Product Information
• Minimum balance for annual interest is £2,500
• Minimum balance for monthly interest is £5,000
• You can add to your savings at any time by cash, cheque or direct debit
MONTHLY INCOME
Corporate Bonus 90 gives you the option to have your interest paid as a regular monthly income, subject to a minimum balance of £5,000 being maintained in the account. Interest will be applied at the end of each month and must be transferred to a Corporate Instant or a bank account.
The monthly payments will not include the bonus which will be calculated on a daily basis and paid annually on 31 March provided that no capital withdrawals have been made in the year (or initial period) ending 31 March. The bonus will be included with the interest payment made on 31 March.
INVESTMENT AND WITHDRAWAL
The account is designed to give you a higher return if you leave the capital invested. Your account will earn a bonus of 0.5% gross per annum if you make no capital withdrawals during the initial period or year ending 31 March. You can make two withdrawals of up to £10,000 each during a year without notice or loss of interest - but with loss of bonus.
You may also withdraw any amount on 90 days written notice without loss of interest but with loss of bonus. Alternatively instant withdrawals are permitted but will result in a loss of interest equivalent to the notice period on the amount withdrawn. A minimum balance of £2500 (or £5000 for monthly interest) must be maintained at all times.
Adding to your account is simple, just call into your local branch with your passbook and deposit. Withdrawals of up to £350 in cash per day and larger amounts by cheque may be made from any of our branches. Withdrawals from our agencies have lower limits. You can make deposits or withdrawals through the post. Simply send your passbook together with your deposit or withdrawal instructions to your nearest branch.
INTEREST AND BONUS
Interest on the balance and bonus (where applicable) will be calculated on a daily basis and can be credited to the account or transferred to another suitable corporate Monmouthshire Building Society or paid in to a bank account annually following the close of business on the 31 March. The interest rate is variable. For details of the current rates, please click here.
The bonus will be included with the interest payment made on 31 March.
TAXATION OF INTEREST
Interest will be paid net after the deduction of basic rate tax; or Gross without the deduction of tax for qualifying organisations who have submitted the appropriate identification.
It is important that you read the 'General Terms and Conditions for Savings Accounts' before deciding to open an account.
>> Corporate Bonus 90 Terms and Conditions
>> General Terms and Conditions for Savings Accounts
