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Essential works - Sutton branch 27 June

180 Day Community Saver (3rd issue)

Local and Loyal only

Interest Rate

5.00%
(AER1/Gross2)
includes a 0.40% bonus, reverting to 4.60% variable after the first 6 months.
This account could be right for you if...
  • You can give 180 days notice to be able to access your money
  • You can open an account with just £1 and add further deposits regularly or occasionally
  • You want to manage your account in branch or through the post
Some things you need to bear in mind
  • Interest rate includes a 0.40% bonus for the first 6 months, then it reverts to 4.60%
  • This is a variable rate account and the interest rate may go down as well as up

Interest Rate

5.00%
(AER1/Gross2)
includes a 0.40% bonus, reverting to 4.60% variable after the first 6 months.

Summary Box

Charitable Donation

On a quarterly basis the donation amount will be donated to the Mansfield Building Society Charitable Trust. The donation amount will be calculated quarterly by taking the balance invested into all Mansfield Building Society Community Saver accounts at the end of each of the three months, adding the balance together, dividing by 3 to calculate the average balance, multiplying this amount by 0.10% and dividing the total by 4 as it’s a quarterly donation.

For example, if the balance at the end of January was £250,000, February £275,000 and March £300,000 then the average balance in quarter 1 would be £275,000; the Society will then donate £68.75.

Any estimate of the likely amount to be donated by the Society to the Mansfield Building Society Charitable Trust in the course of the next year will depend on the amount invested in all Community Saver accounts opened as part of the Community Saver account scheme. Based on an estimated average investment total in all Community Saver accounts of £10 million in a year, it is estimated that a total donation of £10,000 would be made in that year.

The percentage donation will be fixed until 31st December 2024. On or after 31st December 2024 the percentage donation will be reviewed and is not guaranteed.

Is there anything more I should know?

Our General Account Terms and Conditions, which is available to download from our website, provides full details of the terms and conditions applied to this and other accounts offered by us.

Where there is a conflict between information displayed on the product and the General Account Terms and Conditions, the terms of the product will apply.

The General Account Terms and Conditions are provided to all new account holders and are also available on request.

How do I apply?

You can send your application form through the post or visit one of our branches to speak to a member of staff who will be able to talk you through the application process.

In common with other financial organisations we will need evidence of identification and proof of residency. Please see the You and Your Savings Account leaflet for details.

Can I cancel if I change my mind?

If you change your mind about your choice of account, you may cancel it within 14 days of the day the account is opened or the day on which you receive the terms and conditions of the account and other information on paper or electronically, whichever is later.

We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. We will ignore any notice period and any penalties relating to withdrawals or closure of the account.

Charitable Assignment

All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.

Definitions

1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added to each year. AERs on the Monthly Income accounts assume interest is added to the account each month although in practice the option to have interest added in this way is not available.

2. The gross rate is the contractual rate of interest payable without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.

^Tax free means you won’t pay UK tax on any income or capital gains your ISA makes.

Our savings accounts are exclusively available to UK Residents only.

These account details apply to personal investors only unless stated in the detailed information.

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