Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Business Instant - Issue 1|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 12 months based on £1,000 deposit?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
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 Instant (Issue 1) - 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 £1,000.
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 £1,000 must be retained in the account at all times. If a withdrawal reduces the balance to less than the minimum of £1,000 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 can be made without penalty or loss of interest; no notice is required.
Withdrawals can only be made to a nominated UK bank account in the name of the organisation by electronic transfer using the Society’s online service ‘My Accounts’ at www.monbs.com. Online withdrawals using the ‘My Accounts’ service 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.