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Designated Deposit Account

Instant access to your client's funds that are easy to manage

Our Designated Deposit Account Issue 4 is built for professional firms and organisations that need to manage individual client funds with clarity, security and confidence.

Each account is opened in the name of a specific client, offering clear segregation and transparency - ideal for meeting regulatory and reporting requirements.

Clients’ funds remain easily accessible, with 24/7 online visibility and monthly interest payments as standard.

And while the service is digital-first, it’s never digital-only. You’ll have a dedicated relationship manager - someone who knows you and your business, and who’s just a phone call away whenever you need support. No bots. No call center queues. Just real people, ready to help.

It’s a designated account with a personal touch - because behind every balance, there’s a client who counts.

Get to know the people behind the account.

Meet Sally Williams
Meet Mathew Llewellyn

Available in England and Wales.

Account Name Designated Deposit Account -  Issue 4
What is the interest rate?
  • The interest rate is 0.75% 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?
  • £1,007.50
  • 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 3 February 2026.

Apply by Post - ExistingApply by Post - New

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.