General Client Account
An internet operated deposit account, specifically designed for professional bodies who manage client funds.
Our General Client Account is a deposit account, which gives firms instant online access to their client funds, with the added benefit of interest being paid on a monthly basis.
Summary Box - Key Product Information
| Account Name|| General Client 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 £1000 deposit?|
How do I open and manage my account?
|Can I withdraw money?|
ADDITIONAL PRODUCT INFORMATION
- 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 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 is paid monthly, at the end of each month and must be transferred to a bank account in the account holders name, or a Monmouthshire Building Society Corporate Instant Account.
- The interest rate(s) payable can be found in our here.
PAYING TAX ON YOUR INTEREST
- Interest is paid gross - this means that interest will be paid without tax being deducted.
FINANCIAL SERVICES COMPENSATION SCHEMEWe are 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
- This account can be opened by invitation only.
- The application form 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 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 844310 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, General Client Account Terms and Conditions and our 'My Accounts' Terms and Conditions before deciding to open an account.