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.

This account can be opened by invitation only.

Summary Box - Key Product Information

 Account Name
 General Client Account
What is the interest rate?
  • 0.10% AER/Gross £3m and over (BBR - 0.50%).
  • 0.10 AER/Gross £1m  - £2,999,999 (BBR - 0.75%).
  • 0.10% AER/Gross £100 - £999,999 (BBR - 1.00%).
  • Please note, as the Bank of England Base Rate (BBR) is currently very low, we have elected to temporarily pay a higher rate of interest than the stipulated in the account terms and conditions.
  • The interest rate payable is the BBR, less an interest rate margin set by the Society. The rate payable applies throughout the whole month, except when the BBR rate changes. In this event the rate changes in line with any changes to the BBR within 30 days. 
  • Interest is calculated on a daily basis and is paid monthly, at the end of each month.
    Can Monmouthshire Building Society change the interest rate?

    • Yes - The rate to be applied to the account is the Bank of England Base Rate, plus or less an interest rate margin set by the Society.
    • 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.
    What would the estimated balance be after 12 months based on £1000 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?

    • The account can only be operated via the internet and is for professional bodies who manage client funds. The account 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.
    • No minimum amount to open the account.
    • The maximum account balance is £5 million, unless agreed otherwise.
    • Further deposits are only permitted by electronic transfer from a UK bank account.
    • This account can be opened by invitation only.
    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


        • 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 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 SCHEME

        We 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.

        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 AccountsGeneral Client Account Terms and Conditions and our 'My Accounts' Terms and Conditions before deciding to open an account.

        >> General Client Account Terms and Conditions

        >> General Terms & Conditions for Savings Accounts

        >> 'My Accounts' Terms & Conditions

        >> View Interest Rates


         
         


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