Corporate Direct 30 (Issue 2)
Our Corporate Direct 30 Account is designed exclusively for small business and corporate entities who wish to invest non personal funds. This account pays tiered rates of interest which may vary according to the balance held.
This account can only be opened by new customers who live within the following postcode areas: NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA. Existing Society customers may open this account.
Summary Box - Key Product Information
| Account Name | Corporate Direct 30 - Issue 2 |
| What is the interest rate? |
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| Can Monmouthshire Building Society change the interest rate? |
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What would the estimated balance be after 12 months based on £5,000 deposit? |
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| How do I open and manage my account? |
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| Can I withdraw money? |
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Additional Product Information
- Further deposits are only permitted via cheque, or by direct transfer from a UK bank account.
- No cash deposits are allowed.
- 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.
Opening and Managing Your Account
You can apply online or simply complete an application form and take or post it to your nearest branch or agency office. The minimum opening investment is £5,000. The opening deposit must be drawn by cheque from the account nominated to receive online withdrawls. The opening cheque should be made payable to your organisation.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.
We will require sight of official documentation bearing the name of the organisation. For limited companies, the original Certificate of Incorporation and a copy of the limited companies latest annual return to Companies House will also be required.
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.
You will also need to provide a password and a piece of memorable information to allow your organisation to be registered for online access.
Payment of Interest
- The interest rate applied to the account may vary according to the balance held. If you make a withdrawal which results in the remaining balance falling into a lower tier of interest, you will receive the interest rate applicable to that lower tier from the date of the withdrawal.
- The interest rates are variable.
- Interest on the balance in the account will be calculated on a daily basis and will be credited to the account annually following the close of business on the 31 March.
- Interest will be paid gross - this means that interest will be paid without tax being deducted.
- For details of our current interest rates, please see our Interest Rates.
Making a deposit
Our General Terms & Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.
- The minimum opening investment is £5,000.
- You may add to your savings at any time, but any further deposits are only permitted via cheque or by direct transfer from a UK bank account.
- You must maintain a minimum balance of £5,000 in your account at all times.
Making a withdrawal
- Withdrawals can only be made by electronic transfer using the 'My Accounts' service.
- Once the account has been set up, the organisation will receive a letter confirming the login details which, together with the password and memorable information, will need to be entered each time a withdrawal is required.
- Online withdrawals can only be made to a nominated UK bank account in the name of the organisation.
- Online withdrawals using the 'My Accounts' system are subject to further terms and conditions.
- A maximum of two electronic transfer withdrawals are permitted each month free of charge.
- Any further withdrawals by electronic transfer will be charged at £1 per withdrawal, with the fee being debited from your account balance.
- For Direct 30 accounts, withdrawals are subject to either 30 days notice, or on demand subject to 30 days loss of interest.
- A minimum balance of £5000 must be retained in the account at all times. If a withdrawal reduces the balance to less than the minimum balance, you will have 30 days from the date we issue you with a notice to bring the balance up to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close your account without further notice.
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.It is important that you read the 'General Terms & Conditions for Savings Accounts' and our 'My Accounts' Terms and Conditions before deciding to open an account before deciding to open an account..
>> Corporate Direct 30 - Issue 2 Terms and Conditions
>> General Terms & Conditions for Savings Accounts
>> Branch and Agency Withdrawal Limits
