Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Corporate Direct - 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 £5,000 deposit?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
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:
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.
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.
Corporate Direct (Issue 2) - Specific 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.
If you make a withdrawal which results in the remaining balance falling into a lower tier of interest, you will receive the interest rate applicable to that lower tier from the date of withdrawal. 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.
For Direct accounts, no notice is required.
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 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 Terms and Conditions, the Specific Terms and Conditions will apply.