FSCS

Corporate Instant - Terms & Conditions (closed account)

Specific Terms and Conditions for Corporate Instant Account

1 - Investment Limits

The minimum investment is £100. The maximum investment is £500,000. A minimum balance of £100 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

As this is a savings account, you are only allowed up to 150 withdrawals during each year (ending 31 March). If you make more than 150 withdrawals we will give you two months' written notice following which we will close the account. If a withdrawal reduces the balance to less than the minimum balance required 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.

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.

You can withdraw from your account without giving notice subject to the limits of the branch or agency you use. Details of our cash and cheque withdrawal limits are displayed in our branch or agency offices, available from our Head Office or here.

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

The interest rate applied to the account varies according to the balance held. Interest rate is variable and calculated on the daily balance in the account. Interest can be credited to the account or paid annually into a suitable bank/building society account or suitable Monmouthshire Building Society corporate account following the close of business on 31 March 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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