Business 90 | Monmouthshire Building Society | Monmouthshire Building Society

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Business 90

Our Business 90 Account is designed exclusively for small businesses and corporate entities registered in the UK who wish to invest non personal funds.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name	Business 90 - Issue 2
What is the interest rate?	1.10% AER/Gross Interest is variable and calculated on a daily basis on the balance in the account and paid annually following the close of business on March 31 each year.
Can Monmouthshire Building Society change the interest rate?	Yes - the interest rate is variable, which means the interest rate can go up or down. In line with our General Terms & Conditions for Savings Accounts (6.9-6.11) we may change interest rates at any time if we reasonably believe the change is needed. 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 we will notify you by sending you a letter, email or other personal notice 30 days in advance of the change.
What would the estimated balance be after 12 months based on a £5,000 deposit?	£5,055.00 We have worked this out assuming a £5,000 deposit is made, no further deposits or withdrawals are made during a 12 month period, the interest rate stays the same and interest is paid into the account.
How do I open and manage my account?	You can open your account by post and online. Once the account is open you can manage your account via the Society’s Online Service ‘My Accounts’. We will contact you via telephone to complete the registration process. The account is open to small businesses and corporate entities registered in the UK with a maximum of 4 signatories aged 18 or over. The minimum amount required to open an account is £5,000. The maximum account balance is £5,000,000. Further deposits are permitted by standing order or direct transfer from a UK bank account, cheques can be posted to our Head Office. No branch transactions will be accepted.
Can I withdraw money?	Yes - Withdrawals can only be made via the Society's online 'My Accounts' service, using the organisation's login details. Withdrawals are subject to either 90 days’ notice, or on demand subject to 90 days loss of interest on the amount withdrawn. A minimum balance of £5,000 must be retained in the account at all times. If a withdrawal reduces the balance to less than the minimum of £5,000 you will earn no interest during this period until you bring your account balance up to the minimum. Withdrawals by electronic transfer are free of charge up to £100,000 (with a minimum withdrawal of £500). If the total daily withdrawal amount exceeds £100,000 an electronic transfer charge of £25 is payable. This fee is payable on all single daily transactions exceeding £100,000 and multiple daily transactions which total more than £100,000. You are only allowed up to 150 withdrawals during each year ending 31 March. If you make more than 150 withdrawals we will give you two months' written notice following which we will close the 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. The tax treatment depends on the circumstances of each business and may only change in the future.

Terms and Conditions:

It is important that you read the Product Terms and Conditions and the General Terms and Conditions for Savings Accounts before deciding to open an account.

Business 90 (Issue 2) - Specific Terms and Conditions

1 – Account opening:

This account is available to UK based Corporate entities investing non-personal funds. A maximum of 4 signatories aged 18 or over are permitted.

2 - Investment Limits

The minimum investment is £5,000.

The maximum investment is £5,000,000.

The opening investment must be made by cheque or direct transfer from a UK bank account in the name of the organisation. No cash deposits are allowed.

A minimum balance of £5,000 must be retained in the account at all times. If a withdrawal reduces the balance to less than the minimum of £5,000 you will not earn any interest during this period until you bring your account balance up to the minimum.

3 - Further Investment

Further deposits are permitted by standing order or direct transfer from a UK bank account, cheques can be posted to our Head Office.

4 - Withdrawals

Withdrawals are subject to either 90 days’ notice, or on demand subject to 90 days loss of interest on the amount withdrawn.

Withdrawals can only be made to a nominated UK bank account in the name of the organisation by electronic transfer using the Society’s My Accounts system at www.monbs.com. Online withdrawals using the ‘My Accounts’ system are subject to further terms and conditions which are available at www.monbs.com.

Withdrawals by electronic transfer are free of charge up to £100,000 (with a minimum withdrawal of £500). If the total daily withdrawal amount exceeds £100,000 an electronic transfer charge of £25 is payable. This fee is payable on all single daily transactions exceeding £100,000 and multiple daily transactions which total more than £100,000. All requests must be made by 2pm to be effected the same day.

As this is a savings account, you are only allowed up to 150 withdrawals during each year ending 31 March. If you make more than 150 withdrawals we will give you two months' written notice following which we will close the account.

5 - Interest

Interest is variable and calculated on a daily basis on the balance in the account. Interest is paid annually and added to the account following the close of business on 31 March each year.

6 - Membership Rights

This account is not a share account and therefore you will have no Society membership rights in Monmouthshire Building Society (e.g. the right to vote).

7 - Terms and Conditions

These specific Product Terms and Conditions apply to this Account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the specific Product Terms and Conditions, the specific Product Terms and Conditions will apply.

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Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052. FCA register address www.fca.org.uk/register/. We are members of the Financial Services Compensation Scheme. We are members of the Building Societies Association and Council of Mortgage Lenders. Details of our Customer Satisfaction and Complaints procedures are available and complaints that we cannot resolve may be referred to the Financial Ombudsman Service (http://www.financial-ombudsman.org.uk/). By accessing any part of this website, you shall be deemed to have accepted our Website Terms of Use.

Business 90 (Issue 2)

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