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Designated Deposit Account - Issue 4

An online operated deposit account, specifically designed for professional bodies who manage client funds. Our Designated Deposit Account gives you instant access to your clients funds when needed, whilst supporting their needs.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Designated Deposit Account -  Issue 4
What is the interest rate?
  • The interest rate is 1.45% AER/Gross
  • Interest is variable and calculated on a daily basis on the balance in the account and paid once a year after 31 March or on closure, whichever is sooner.
Can Monmouthshire Building Society change the interest rate? 
  • Yes, the interest rate is variable.
  • We have the right to vary the interest rate, this is in line with our General Terms and Conditions for Savings Accounts.
  • If we increase the interest rate, this is shown on our website, and information will be available in our branches and agencies.
  • If we decrease the interest rate, we'll let you know as soon as we can - with at least 14 days notice.
What would the estimated
balance be after 12 months based on a £1,000 deposit?
  • £1,014.50
  • We have worked this out assuming that £1,000 is paid into the account, the interest rate doesn't change and there is no other money into or out of the account over 12 months.
How do I open and manage my account?
  • You can open your account at any branch, agency, or by post.
  • Once opened, the solicitor can operate this account online via ‘My Accounts’ only.
  • This account is not a passbook account. The professional body will be registered as a user within our ‘My Accounts’ service and this user alone may operate the account.
  • The minimum amount required to open this account is £1,000.
  • The maximum amount you can invest across all accounts held within the Society is £5,000,000.
  • Further deposits are only permitted by electronic transfer from a UK bank account.
Can I withdraw money?
  • Yes, you do not have to give notice to make a withdrawal or close this account.
  • 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.
  • Interest rate effective from 13 December 2024.

Terms and Conditions:

It is important that you read the Product Terms and Conditions before deciding to open an account.

Designated Deposit Account Issue 4 - Specific Terms and Conditions

  • 1 – Account Opening
    This account can only be opened and operated by professional bodies who manage client funds, not a private individual.
  • 2 – Investment Limits
    The minimum investment is £1,000. The maximum investment is £5,000,000 across all accounts held with the Society.
  • 3 – Account Operation
    This account is not a passbook account.
    Deposits and withdrawals can be made by electronic transfer only.
  • 4 - Further Investment
    Further deposits are only permitted by electronic transfer from a UK bank account.
  • 5 – Withdrawals
    All withdrawals are made by electronic transfer or CHAPS to a nominated bank account.
    Withdrawals by Faster Payment are free of charge up to £100,000. If the total daily withdrawal amount exceeds £100,000, the withdrawal will be made by CHAPS with no charge. There is a limit of one CHAPS per day.
  • 6 – Interest
    Interest is variable and calculated on a daily basis on the balance in the account.
    Interest is paid once a year after 31 March or on closure, whichever one is sooner.
  • 7 – Account Closure
    Closure of the account is permitted at any time without notice or penalty.
  • 8 – 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).
  • 9 – Terms and Conditions
    These Product Terms and Conditions apply to this account in addition to our General Terms and Conditions for Savings Accounts.
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Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

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Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052. FCA register address www.fca.org.uk/register/. We are members of the Financial Services Compensation Scheme. We are members of the Building Societies Association and Council of Mortgage Lenders. Details of our Customer Satisfaction and Complaints procedures are available and complaints that we cannot resolve may be referred to the Financial Ombudsman Service (http://www.financial-ombudsman.org.uk/). By accessing any part of this website, you shall be deemed to have accepted our Website Terms of Use.
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