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Community Saver- Issue 2
Our Community Saver Account is available to UK clubs and societies who wish to invest non personal funds into a savings account without the need for current account services and which offers a competitive rate of interest.
Please note this account can only be opened in person at one of our branch or agency offices.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Community Saver - Issue 2
What is the interest rate?
  • 0.50% AER/Gross.
  • Interest is variable and calculated on a daily basis on the balance in the account and paid annually following 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 and Conditions for Savings Accounts (6.9 -6.11) we may change the interest rate 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 deposit of £1,000?
  • £1,005.00
  • We have worked this out assuming a £1,000 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 and manage your account at any branch or agency office.
  • The account is open to UK based clubs and societies for the purpose of holding non personal funds.
  • The account can be opened with a minimum of 2 and maximum of 4 signatories aged 18 or over.
  • The minimum amount required to open an account is £1. This amount must be maintained.
  • The maximum account balance is £100,000.
  • Additional deposits can be made as often as you like up to the maximum amount.
  • Additional deposits can be made by cash, cheque, standing order or bank transfer.
Can I withdraw money?
  • You can withdraw money from this account in any branch or agency office.
  • A minimum of two signatures required for all withdrawals.
  • Withdrawals can be made without penalty or loss of interest and no notice is required.
  • Up to 150 withdrawals are allowed during the year (ending 31 March), more than 150 withdrawals per year will result in closure of 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 organisation and may change in the future.
  • Rates effective from 23rd September 2021.

 

Terms and Conditions:

Product Terms and Conditions for the Community Saver (Issue 2)

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.

1 - Investment Criteria 

The account can be opened by the following:

• UK based clubs and societies investing non personal funds.
• Minimum of 2 and maximum of 4 signatories.
• Applicants aged over 18.


You can open your account at any branch or agency office. To open an account, we will require a copy of the constitution of the club or society.
All funds in this account are held for the sole benefit of the club or society, regardless of the source of the initial opening deposit, or subsequent deposits.


We reserve the right to request evidence of the source of deposit.

2 - Investment Limits

The minimum investment is £1.

The maximum investment is £100,000.

The initial deposit can be made with one of the following, Cash, Debit card, cheque made payable to your Club / Society or transfer in from a UK bank account belonging to any one of the signatories.

3 - Further Investment

You may add to your savings at any time, just call into your local branch or agency with your passbook and deposit. If it is more convenient you can post the deposit.


Supporters/members of the club or society are able to deposit into the account through a standing order or bank transfer. Monthly standing orders are limited to £150 per individual and subject to the maximum overall account balance limits.

4 - Withdrawals

A minimum of two signatures are required for all withdrawals.

Withdrawals can be made in a branch or agency without penalty or loss of interest, no notice is required.

Withdrawals by cash are subject to our daily withdrawal limits which are displayed in our branches and agencies, available from our website or our Head Office.

You can withdraw any amount by cheque from one of our branches or agencies.

We reserve the right to request confirmation of the relationship between the club/society and third party cheque payees.

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.

An annual statement will be sent. 

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 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 Product Terms and Conditions, the Product Terms and Conditions will apply.

 

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