Available in England and Wales.
Summary Box - Key Product Information:
|Account Name||Designated Deposit II 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 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.