Corporate Instant

This account pays an attractive rate of interest and gives you instant penalty-free access to your money. You can open an account with just £100 and enjoy the flexibility to invest and withdraw at any time.

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

Summary Box - Key Product Information

 Account Name
 Corporate Instant
What is the interest rate?
  • 0.25% 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 £1,000 deposit?
  • £1,002.50.
  • We have worked this out assuming a £1,000 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 manage your account at any branch or agency office, by post or online (if registered with our 'My Accounts' service). Please note that 'My Accounts' is only available for accounts that do not require multiple signatories.
  • The minimum amount required to open an account is £100.
  • 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.
  • Up to 150 withdrawals are allowed during the year (ending 31 March).
  • More than 150 withdrawals per year will result in closure of the account.
  • A minimum balance of £100 must be maintained.

Additional Product Information

  • You can add to your savings at any time by cash, cheque or standing order.
  • 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 simply complete an application form and take or post it to your nearest branch or agency office. If you wish to open an account by post, you need to send us a cheque drawn on your personal/organisations account, made payable to the organisation's name.

      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.

      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. For Clubs and Societies, the Constitutional Rules or Memorandum & Articles of Association are also required. For registered Charities please provide the 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 available. Identity checks are an important part in the fight against terrorism and other criminal activities.

      If you would like to operate your account using the Society’s ‘My Accounts’ service, you will also need to provide a password and a piece of memorable information to allow your organisation to be registered for online access. Please note that ‘My Accounts’ is only available for accounts that do not require multiple signatories.

      Payment of Interest and Bonus

      • 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. For details of current interest rates, please see our separate Interest Rates page.
      • Interest on the balance in the account will be calculated on a daily basis and can be credited to the account, transferred to another Monmouthshire Building Society corporate account or paid into a suitable bank/building society account annually following the close of business on 31 March.

      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 £100.

      Cash or Cheque

      • Funds can be added by calling in to any of our branch or agency offices with your passbook and deposit.

      Standing Order/Electronic Payment

      • You can save through a standing order from your bank account.

      To arrange a standing order or other one-off electronic payment, you’ll need to give your bank the following details:

      Account Name: Monmouthshire Building Society

      Sort Code: 40-34-27

      Account Number: 10600717

      Reference: XXXXXXXXXX (no spaces or hyphens - this is the Monmouthshire Building Society account number you wish to credit).

      Making a Withdrawal

      • Withdrawals of up to £500 in cash per day and larger amounts by cheque may be made from any of our branches or agencies on demand, subject to withdrawal limits.
      • You can also make withdrawals via the Faster Payments service - this is free of charge for any UK payment transaction up to £100,000 (with a minimum withdrawal of £500). If we receive your instructions before 2.00pm on a working day (excluding Saturdays) we will send your payment and debit your account on the same day. Requests received after 2.00pm will be processed the following working day. Requests taken on a Saturday will also be processed the following working day.
      • Withdrawals can be made without notice or loss of interest
      • As this is a savings account (and not a bank current 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.
      • You must maintain a minimum balance of £100 in your account. If the balance falls below the minimum, 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 and Conditions for Savings Accounts' before deciding to open an account.

      >> Corporate Instant Terms and Conditions

      >> General Terms and Conditions for Savings Accounts

      >> View Interest Rates

      >> Branch and Agency Withdrawal Limits

      >> Opening an Account

      Apply online

       
       


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