Designated Deposit ll Account
An instant access deposit account with a competitive rate of interest, specifically designed for solicitors who manage client funds, and wish to operate the account via the internet.
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|| Designated Deposit II Account|
|What is the interest rate?|
|Can Monmouthshire Building Society change the interest rate? |
What would the estimated balance be after 12 months based on £1,000 deposit?
How do I open and manage my account?
|Can I withdraw money?|
ADDITIONAL PRODUCT INFORMATION
- Further deposits are only permitted by electronic transfer from your bank account.
- 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.
MAKING A DEPOSIT
- Our General Terms & Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.
- Funds can only be added to your account by electronic transfer from your bank account
MAKING A WITHDRAWAL
- Withdrawals can only be made via electronic transfer to a nominated bank account.
- Withdrawal requests received by 2.00pm on each working day are processed the same day.
- Withdrawal requests made after 2.00pm are processed the following working day.
PAYMENT OF INTEREST
- Interest on this account is paid annually on March 31st or upon closure whichever is sooner.
- The interest rate(s) payable can be found in our Interest Rates leaflet.
PAYING TAX ON YOUR INTEREST
- Interest is paid gross, on an annual basis (or on closure of account) - this means that interest will be paid without tax being deducted.
FINANCIAL SERVICES COMPENSATION SCHEMEThe Society is part of the Financial Services Compensation Scheme (FSCS). Details of the scheme, and who is covered by it, are available here.
OPENING AND MANAGING YOUR ACCOUNT
- The application form provided must be completed.
- 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.
- Documentation to identify your organisation will also be required.
- Please contact Clare Brown, Regional Team Manager on 01633 844 310 for further information.
For full details please refer to our Proving Your Identity leaflet. Identity checks are an important part in the fight against terrorism and other criminal activities.
It is important that you read the General Terms & Conditions for Savings Accounts, Designated Deposit ll Terms & Conditions and our 'My Accounts' Terms & Conditions before deciding to open an account.