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?
  • 0.10% AER/Gross.
  • Interest is calculated on a daily basis on the balance in the account and paid annually (ending 31 March) or upon closure whichever is sooner.
    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?

    • £1,001.00.
    • 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?


    • When you apply to open an account with us, you will need to provide identification of all signatories authorised to operate the account on behalf of your oganisation.
    • This account is for solicitors who manage client funds which need to be held separately.
    • The account can only be operated via the internet. The solicitor will be registered as a user within our 'My Accounts' system and this user alone may operate the account.
    • There is no minimum investment on this account.
    • A maximum of £5 million in total client balances can be held by one firm unless agreed otherwise.
    Can I withdraw money?
    • No notice required for withdrawals.
    • Withdrawals can only be made via electronic transfer to a nominated bank account.

    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

        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 SCHEME

          The 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.

          IDENTIFICATION DOCUMENTS

          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.

          >> Designated Deposit ll Terms and Conditions

          >> General Terms & Conditions for Savings Accounts

          >> View Interest Rates

          >> My Accounts' Terms & Conditions

          >> Opening an Account

           
           


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