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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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Telephone
01633 844 330
General Client Account
An internet operated deposit account, specifically designed for professional bodies who manage client funds. Our General Client Account is a deposit account, which gives firms instant online access to their client funds, with the added benefit of interest being paid on a monthly basis. This account can be opened by invitation only.

Available in England and Wales.

Summary Box - Key Product Information:

Account Name General Client Account
What is the interest rate?
  • 0.75% AER/Gross for balances of £100+
  • The interest rate payable is the BBR, plus or minus an interest rate margin set by the Society. The rate payable applies throughout the whole month, except when the BBR rate changes. In this event the rate changes in line with any changes to the BBR within 30 days. 
  • Interest is calculated on a daily basis and is paid monthly, at the end of each month.
Can Monmouthshire Building Society change the interest rate? 
  • Yes - The rate to be applied to the account is the Bank of England Base Rate, plus or minus an interest rate margin set by the Society.
  • 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.
What would the estimated balance be after 12 months based on £1000 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.
How do I open and manage my account?
  • The account can only be operated via the internet and is for professional bodies who manage client funds. The account is not a passbook account. The solicitor will be registered as a user within our 'My Accounts' system and this user alone may operate the account.
  • No minimum amount to open the account.
  • The maximum account balance is £5 million, unless agreed otherwise.
  • Further deposits are only permitted by electronic transfer from a UK bank account.
  • This account can be opened by invitation only.
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 
  • 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 is paid monthly, at the end of each month and must be transferred to a bank account in the account holders name, or a Monmouthshire Building Society Corporate Instant Account.
Opening and Managing Your Account
  • This account can be opened by invitation only.
  • The application form 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 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 844310 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 - 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.

General Client 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 solicitor 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 submitted via 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 minus 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 monthly, at the end of each month and must be transferred to a nominated bank account in the account holders' name, or a Monmouthshire Building Society Corporate Instant Account.

Interest is paid without deduction of tax.

A solicitor's firm must account to its clients for the interest under the terms of the Solicitors Accounts Rules or the Financial Services (Client Money) Regulations.

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. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the Specific Terms & Conditions, the Specific Terms & Conditions will apply.