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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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Designated Deposit 4 Account

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Designated Deposit 4 Account
What is the interest rate?
  • 0.75% AER/Gross.
  • Interest is variable and is calculated on a daily basis on the balance in the account and paid annually (ending 31 March) or upon closure whichever is sooner.
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 and you have a balance of £100 or more we will notify you by sending you a letter, email or other personal notice 14 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 £1,000 deposit?
  • £1,007.50.
  • We have worked this out assuming a £1,000 deposit is made and no further deposits or withdrawals are made during a 12 month period, the interest rate stays the same and is paid into the account.
How do I open and manage my account?
  • You can open your Designated Deposit Account 4 by post or online.
  • Once your designated deposit account application has been received we will contact you to complete the registration process. Once completed, we will write to your business providing you with your log in details to access ‘My Accounts’. 
  • Once registration is complete the account can only be operated via the ‘My Accounts’ online service. The solicitor will be registered as a user within our 'My Accounts' online service and this user alone may operate the account.
  •  Up to 4 signatories are authorised to operate the account, you will need to provide identification for all signatories, the society will carry out electronic checks to verify the identity of all those authorised to operate the account on behalf of your organisation.
  • Minimum investment on this account is £100.
  • A maximum of £5,000,000 in total client balances can be held by one firm unless agreed otherwise.
Can I withdraw money?
  • Yes, you do not have to give notice to close your account or make a withdrawal, withdrawals can be made without loss of interest.
  • Withdrawals can only be made via electronic transfer to a nominated bank 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 account is not a passbook account.
  • The tax treatment depends on individual circumstances and may change in the future. Visit HMRC website at www.hmrc.gov.uk for more 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.