Corporate Direct 30 (Issue 2) Terms and Conditions

Specific Terms and Conditions for the Corporate Direct 30 - Issue 2 Account

1 - Restricted Availability

These accounts are only available to small businesses and corporate entities investing non personal funds. We will require sight of official documentation bearing the name of the organisation. For limited companies, the original Certificate of Incorporation and a copy of the limited companies latest annual return to Companies House will also be required.

2 - Investment Limits

The minimum investment is £5,000. The maximum investment is £500,000. The opening investment must be by cheque from a UK bank in the name of the organisation. Client monies from professional bodies are not allowed into this account. A minimum balance of £5000 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.

3 - Further Investment

You may add to your savings at any time, but any further deposits are only permitted via cheque, standing order or by direct transfer from a UK bank account.

4 - Withdrawals

Withdrawals can only be made to a nominated UK bank account in the name of the organisation by electronic transfer using the 'My Accounts' system.

Online withdrawals using the 'My Accounts' system are subject to further terms and conditions.

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 withdrawal. 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 and the fee will be debited from your account balance.

For Direct 30 accounts, all withdrawals are subject to either 30 days notice, or on demand subject to 30 days loss of interest on the amount withdrawn.

5 - Interest

The interest rate applied to the account varies according to the balance held. One interest rate is applied to the whole of the balance of the account. Interest is variable and calculated on a daily basis on the balance in the account. Interest will be credited to the account following the close of business on 31 March each year.

6 - Membership Rights

Where this account is opened by a limited company or a limited liability partnership, it is not a share account and therefore has no Society membership rights in Monmouthshire Building Society (eg the right to vote).

7 - 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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