Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Designated Deposit 4 Account|
|What is the interest rate?||
|Can Monmouthshire Building Society change the interest rate?||
|What would the estimated balance be after 12 months based on £1,000 deposit?||
|How do I open and manage my account?||
|Can I withdraw money?||
|Additional Product Information||
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.
Designated Deposit 4 Account - Specific Terms and Conditions
1 - Account Opening
This deposit account can only be opened and operated by a Solicitor, not a private individual. Client funds must belong to individuals or corporate entities based in the UK.
In opening a Designated Client Account, you acknowledge that you are responsible for carrying out all the necessary due diligence on any beneficial owners/clients associated with your account(s). If we choose to rely on these due diligence measures, you have confirmed that the due diligence measures you have performed met the requirements outlined in the latest version of the Money Laundering Regulations at the time of account opening. You agree to provide any information and ID documentation obtained on any beneficial owners / clients to us, on demand, up to 6 years following closure of the account. Where we choose not to place reliance for the purpose of identification and verification, you agree to provide any information and identification documentation to confirm the identification of you client(s) at our request.
2 - Investment Limits
Minimum investment of £100
Maximum of £5,000,000 in total client balances can be held by any one firm unless agreed otherwise.
3 - Account Operation
The account can only be operated via the internet and is not a passbook account.
The professional firm will be registered as a user within our 'My Accounts' system and this user alone may operate the account. Use of the 'My Accounts' system is subject to further terms and conditions.
4 - Further Investment
Further deposits are only permitted by electronic transfer from your nominated account.
5 - Withdrawals
Withdrawals can only be made via electronic transfer using the 'My Accounts' system.
Withdrawal instructions received by 2.00pm are processed the same working day and instructions received after 2.00pm are processed the following working day. All withdrawals are made by CHAPS to your nominated bank account.
6 - Interest
Interest is variable and calculated on a daily basis on the balance in the account. Interest is paid annually and can be added to the account or paid into a nominated bank account in the name of the organisation following the close of business on 31 March each year.
Interest is paid gross.
7 - Account Closure
Closure of the account can only be made via the 'My Accounts' system.
8 - Membership Rights
This account is not a share account and therefore has no Society membership rights.
9 - Terms and Conditions
These Specific Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts and our 'My Accounts' Terms & Conditions (if the solicitor has elected to use our online facilities). Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the Specific Terms & Conditions, the Specific Terms & Conditions will apply.
Please complete the Application Form below to apply for the account and the Client Registration Form for both personal and business client funds.