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Whether you’re looking for instant access, annual bonuses or tax-free savings, we have an account that will help you achieve your savings goals.
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About Us
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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Get in touch
Telephone
01633 844 330
Designated Deposit II Account
An internet operated instant access deposit account, specifically designed for Solicitors who manage client funds. Our Designated Deposit II Account gives firms instant online access to their funds.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name Designated Deposit II Account
What is the interest rate?
  • 0.35% AER/Gross.
  • Interest 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 (6.12-6.20) 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?
  • £1,003.00.
  • 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.
How do I open and manage my account?
  • When you apply to open an account with us, you will need to provide identification of all signatories authorised to operate the account on behalf of your organisation.
  • This account is for solicitors who manage client funds which need to be held separately.
  • The account can only be operated via the internet. The solicitor will be registered as a user within our 'My Accounts' system and this user alone may operate the account.
  • There is no minimum investment on this account.
  • A maximum of £5 million in total client balances can be held by one firm unless agreed otherwise.
Can I withdraw money?
  • No notice required for withdrawals.
  • Withdrawals can only be made via electronic transfer to a nominated bank account.
Additional Product Information 
  • Further deposits are only permitted by electronic transfer from your bank account.
  • 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.

 

Further Details:

Payment of Interest and Bonus
  • Interest on this account is paid annually on March 31st or upon closure whichever is sooner.
  • The interest rate(s) payable can be found on our Interest Rates poster.
Opening and Managing Your Account
  • The application form provided must be completed.
  • When you apply to open an account with us, you will need to provide identification of both name and permanent address for all of the signatories authorised to operate the account, and an electronic check of each signatory's identity will also be undertaken. This is required by law to verify the true identity of all new and existing customers.
  • Documentation to identify your organisation will also be required.
  • Please contact Clare Brown, Regional Team Manager on 01633 844 310 for further information.
Making a Deposit
Making a Withdrawal
  • Withdrawals can only be made via electronic transfer to a nominated bank account.
  • Withdrawal requests received by 2.00pm on each working day are processed the same day.
  • Withdrawal requests made after 2.00pm are processed the following working day.
Paying Tax on Your Interest
  • Interest is paid gross, on an annual basis (or on closure of account) - this means that interest will be paid without tax being deducted.
Financial Services Compensation Scheme
  • We are part of the Financial Services Compensation Scheme (FSCS). Details of the scheme, and who is covered by it, are available here.

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.

Designated Deposit II Account - Specific Terms and Conditions

1 - Account Holder Criteria
This deposit account can only be opened and operated by a Solicitor, not a private individual.

2 - Investment Limits
There is no minimum investment limit on this account. A maximum of £5 million 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
Payments into the account can only be made by electronic transfer.

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
The interest rate payable will be the Bank of England Base Rate (BBR), or its successor, plus or less an interest rate margin set by the Society, dependent on your account balance. The rate payable applies throughout the whole of the month, except when the BBR changes. In this event, the interest rate payable will change in line with any changes to the BBR, within 30 days.

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.