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Whether you’re looking for instant access, annual bonuses or tax-free savings, we have an account that will help you achieve your savings goals.
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Established in Newport in 1869 to help local people build homes, we now help people across Wales and England buy properties and save for their future.
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Telephone
01633 844 330
Corporate Direct 30 (Issue 2)
Our Corporate Direct 30 Account is designed exclusively for small business and corporate entities who wish to invest non personal funds.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Corporate Direct - Issue 2
What is the interest rate?
  • 0.40% 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?
  • £5,020.00.
  • 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?
  • This account is only open to small businesses and corporate entities investing non-personal funds.
  • You can open and manage your account at any branch or agency office, by post or online (if registered with our 'My Accounts' service).
  • 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  • Withdrawals are subject to either 30 days notice, or on demand subject to 30 days loss of interest on the amount withdrawn.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, suing the organisation's 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.  

 

Further Details:

Payment of Interest and Bonus
  • The interest rates are variable.
  • Interest on the balance in the account will be calculated on a daily basis and will be credited to the account annually following the close of business on the 31 March.
  • Interest will be paid gross - this means that interest will be paid without tax being deducted.
  • For details of our current interest rates, please see our Interest Rates poster.
Opening and Managing Your Account
  • To apply simply complete an application form and take or post it to your nearest branch or agency office. The minimum opening investment is £5,000. The opening deposit must be drawn by cheque from the account nominated to receive online withdrawals. The opening cheque should be made payable to your organisation.
  • When you apply to open an account with us, you will need to provide identification of both name and permanent address for all of the signatories authorised to operate the account, and an electronic check of each signatory's identity will also be undertaken. This is required by law to verify the true identity of all new and existing customers.
  • We will require sight of official documentation bearing the name of the organisation. For limited companies, the original Certificate of Incorporation and a copy of the limited companies latest annual return to Companies House will also be required.
  • For full details please refer to our Proving Your Identity leaflet. Identity checks are an important part in the fight against terrorism and other criminal
    activities.
  • You will also need to provide a password and a piece of memorable information to allow your organisation to be registered for online access.
Making a Deposit

Our General Terms & Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.

  • The minimum opening investment is £5,000.
  • You may add to your savings at any time, but any further deposits are only permitted via cheque or by direct transfer from a UK bank account.
  • You must maintain a minimum balance of £5,000 in your account at all times
Making a Withdrawal
  • Withdrawals can only be made by electronic transfer using the 'My Accounts' service.
  • Once the account has been set up, the organisation will receive a letter confirming the login details which, together with the password and memorable information, will need to be entered each time a withdrawal is required.
  • Online withdrawals can only be made to a nominated UK bank account in the name of the organisation.
  • 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, with the fee being debited from your account balance.
  • For Direct 30 accounts, withdrawals are subject to either 30 days notice, or on demand subject to 30 days loss of interest.
  • A minimum balance of £5000 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.
Paying Tax on Your Interest
  • From 6th April 2016 personal savings account interest will be paid gross, which means that interest will be paid without tax being deducted. This will form part of your new Personal Savings Allowance:
  • Basic rate tax payers will not pay any tax on the first £1,000 of savings income earned.
  • Higher rate tax payers will not pay any tax on the first £500 of savings income earned.
  • Additional rate tax payers will pay tax on all savings income earned.

You will only need to pay tax on any savings income you earn above your Personal Savings Allowance. The new Personal Savings Allowance applies to the total savings income you earn from all banks/building societies and not just from Monmouthshire Building Society. Visit HMRC website for more information.

Financial Services Compensation Scheme
  • We are part of the Financial Services Compensation Scheme (FSCS). Details of the scheme, and who is covered by it, are available here.

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.

Corporate Direct 30 (Issue 2) Specific Product Terms and Conditions

1 - Restricted Availability

These accounts are only available to small businesses and corporate entities investing non personal funds. We will require sight of official documentation bearing the name of the organisation. For limited companies, the original Certificate of Incorporation and a copy of the limited companies latest annual return to Companies House will also be required.

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 in the name of the organisation. Client monies from professional bodies are not allowed into this account. A minimum balance of £5000 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, standing order or by 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, or on demand subject to 30 days loss of interest on the amount withdrawn.

5 - Interest

The interest rate applied to the account varies according to the balance held. One interest rate is applied to the whole of the balance of the account. 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

Where this account is opened by a limited company or a limited liability partnership, it is not a share account and therefore has no Society membership rights in Monmouthshire Building Society (eg 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.