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Charities and Clubs Direct 30 (Issue 2)
Our Charities and Clubs Direct 30 Account is available to Clubs, Societies and Registered Charities who wish to invest their funds into a savings account without the need for current account services and which offers a competitive rate of interest.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Charities and Clubs Direct 30 - Issue 2
What is the interest rate?
  • 0.45% AER/Gross.
  • Interest is calculated on a daily basis on the balance in the account and paid annually (ending 31 March).
Can Monmouthshire Building Society change the interest rate? 
  • Yes - the interest rate is variable, which means the interest rate can go up or down.
  • 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.
  • 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.
What would the estimated balance be after 12 months based on £5,000 deposit?
  • £5,022.50.
  • We have worked this out assuming a £5,000 deposit is made and no further deposits or withdrawals are made during a 12 month period and the interest rate stays the same.
How do I open and manage my account?
  • You can open and manage your account at any branch or agency office or by post or online (if registered with our 'My Accounts').
  • The minimum amount required to open an account is £5,000.
  • The maximum account balance is £500,000.
  • Additional deposits can be made as often as you like up to the maximum amount, whilst the product is on sale.
Can I withdraw money?
  • Withdrawals are subject to either 30 days' notice, or on demand subject to 30 days loss of interest on the amount withdrawn.
  • Withdrawals can only be made via the Society's online 'My Accounts' service, using the organisations login details.
  • A maximum of 2 electronic transfer withdrawals are permitted each month free of charge. Any further withdrawals by electronic transfer will be charged at £1 per withdrawal.
  • A minimum balance of £5,000 must be maintained.
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.

 

Terms and Conditions:

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

Charities and Clubs Direct 30 (Issue 2) Specific Product Terms and Conditions

1 - Restricted Availability

These accounts are only available to clubs, societies and charities investing non personal funds. We will require sight of official documentation bearing the name of the organisation. For clubs and societies, we will also require a copy of your constitution or Memorandum of Association. For charities, we will require confirmation of your charity registration number.

2 - Investment Limits

The minimum investment is £5,000. The maximum investment is £500,000. The opening investment must be by cheque from a UK bank account in the name of the organisation. 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 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.

3 - Further Investment

You may add to your savings at any time, but any further deposits are only permitted via cheque or direct transfer from a UK bank account.

4 - Withdrawals

Withdrawals can only be made to a nominated UK bank account in the name of the organisation by electronic transfer using the 'My Accounts' system.

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, and the fee will be debited from your account balance.

All withdrawals are subject to either 30 days notice without loss of interest, or on demand subject to 30 days loss of interest on the amount withdrawn.

5 - Interest

Interest is variable and calculated on a daily basis on the balance in the account. Interest will be credited 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.