Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Community Saver - Issue 2|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 12 months based on a deposit of £1,000?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
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.