180 Day Notice Trust Deposit Account (1st issue)

Account Name

180 Day Notice Trust Deposit Account (1st issue)

What is the interest rate?

Interest is calculated daily on the balance of the account.

Interest payable annually on 31 December.

Can Mansfield Building Society change the interest rate?

This is a variable rate savings account and we have the right to vary the interest rate at any time.

The interest rate is variable and the rate can go down as well as up. If we change interest rates to your disadvantage on a variable rate account we will notify you in writing at least 14 days prior to the rate change.

For more information on changing interest rates please see Section 7 of our General Account Terms and Conditions.

What would the estimated balance be after 12 months based on a £25,000 deposit?

This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This assumes that the account is opened on 1 January with a £25,000 deposit and that no further deposits or withdrawals are made during the first 12 months. The projected balance is based on the annual rate (AER¹).

How do I open and manage my account?

This product is available to UK-based Trusts registered with the Trust Registration Service (TRS), including: Will Trusts, Personal Injury Trusts, Simple/Bare Trusts, Interest in Possession Trusts and Discretionary Trusts, We do not accept Offshore Trusts and Charitable Trusts. All beneficiaries should be named on the Trust Deed.

Trusts exempt for registration with the TRS can be accommodated with evidence of exemption from a solicitor or tax advisor.

Simply complete an application form and send it to us or take it to your local branch.

All applications will require a supporting Trust Deed or Will and the Trust Registration Document. Both the Trustee and Beneficiaries will also be subject to identification requirements. Please follow the guidance in the ‘You and your Savings Account’ document, available in branch or to download online.

The Trustees have legal responsibilities to the beneficiary and we recommend professional advice prior to opening the account. The account must be operated in accordance with the Trust Deed.

No advice will be provided by Mansfield Building Society in relation to the suitability of this account, and it is the responsibility of the Trustees to ensure that the account meet the needs and requirement of the trust and is in the best interest of the beneficiaries.

A minimum opening and operating balance of £25,000 is required.

The account can be added to at any time, subject to a maximum investment of £400,000. The maximum savings allowance of £400,000 applies regardless of whether the account is held in single or joint names.

You can manage your account in branch or through the post.

No cash withdrawals or receipts allowed.

Can I withdraw money?

Withdrawals or closure are subject to 180 days written notice by cheque (either in branch or by post) payable to the Trust, Trustee or beneficiary.

Additional information

A variable rate savings account for registered Trusts with 180 days written notice on withdrawal or closure.

The Trust Deposit account is a Deposit account. You will not become a Member by virtue of this account but you will be bound by the Society’s Rules, a copy of which is available on request.

Interest on an amount deposited by cheque is calculated from and including the day after we receive it. We calculate interest on an amount withdrawn up to and including the day before withdrawal.

Interest is paid gross without tax deducted and the Trustee is liable for the payment of any tax due.

Interest can be added to your account or sent to your nominated bank account (in line with the conditions of the Trust deed).