General Client Account Terms and Conditions

Specific Terms and Conditions for the General Client Account

1 - Account Holder Criteria
This deposit account can only be opened and operated by a solicitor, not a private individual.

2 - Investment Limits
There is no minimum investment limit on this account. A maximum of £5 million in total client balances can be held by any one firm unless agreed otherwise.

3 - Account Operation
The account can only be operated via the internet and is not a passbook account. The solicitor will be registered as a user within our 'My Accounts' system and this user alone may operate the account. Use of the 'My Accounts' system is subject to further terms and conditions.

4 - Further Investment
Payments into the account can only be made by electronic transfer.

5 - Withdrawals
Withdrawals can only be made via electronic transfer using the 'My Accounts' system.

Withdrawal instructions received by 2:00pm are processed the same working day and instructions received after 2:00pm are processed the following working day.

All withdrawals are submitted via CHAPS to your nominated bank account.

6 - Interest
The interest rate payable will be the Bank of England Base Rate (BBR), or its successor, plus or less an interest rate margin set by the Society, dependent on your account balance. The rate payable applies throughout the whole of the month, except when the BBR changes. In this event, the interest rate payable will change in line with any changes to the BBR, within 30 days.

Interest is paid monthly, at the end of each month and must be transferred to a nominated bank account in the account holders' name, or a Monmouthshire Building Society Corporate Instant Account.

Interest is paid without deduction of tax.

A solicitor's firm must account to its clients for the interest under the terms of the Solicitors Accounts Rules or the Financial Services (Client Money) Regulations.

7 - Account Closure
Closure of the account can only be made via the 'My Accounts' system.

8 - Membership Rights
This account is not a share account and therefore has no Society membership rights.

9 - Terms and Conditions
These Specific Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts and our 'My Accounts' Terms & Conditions. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the Specific Terms & Conditions, the Specific Terms & Conditions will apply.

 
 


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