|Account Name||2 Year Fixed Rate Bond (53rd issue) - Monthly Income|
|What is the interest rate?||
Interest is calculated on the daily balance of the account.
Interest payable monthly and on maturity.
|Can Mansfield Building Society change the interest rate?||
No, the interest rate on this account is fixed for the term of the bond and cannot be changed.
|What would the estimated balance be after 24 months based on a £1,000 deposit?||
A deposit of £1,000 would earn £15 interest over the fixed term of 24 months. As per the terms and conditions of the account, the monthly interest payment must be paid into another account with us or a nominated external account, therefore the projected balance at the end of the term will be £1,000.
This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This assumes that the account is opened with a £1,000 cash deposit and that no further deposits are made or the account is not closed before the end of the fixed term.
|How do I open and manage my account?||
Available to savers resident in Nottinghamshire, Derbyshire or South Yorkshire, or existing members who have a minimum of 1 year continuous membership.
Simply complete an application form and send it to us or take it to your local branch.
A minimum of £500 must be deposited in order to open the account.
The account can be added to as long as the 2 year fixed rate bond (53rd issue) account remains open to new investors and your total savings with us do not exceed £400,000 regardless of whether the account is held in single or joint names. If additional investments are made, the original maturity date will remain unchanged.
You can manage your account in branch or through the post.
|Can I withdraw money?||
No withdrawals or early closures allowed.
At the end of the term, you can choose to reinvest your money with us or withdraw it. We will contact you shortly before maturity to ask which you prefer, but if we receive no instructions your money will be transferred to our 60 Day Notice Account.
If this happens the withdrawal penalties/notice requirements will not apply for the first 30 days after the maturity date. After 30 days the special product terms and conditions for the new account will apply together with the current version of our General Account Terms and Conditions.
A fixed rate account maturing 2 years after the date of the initial investment.
We calculate interest on a sum deposited in cash from and including the day we receive it. Interest on a sum deposited by cheque is calculated from and including the day after we receive it. We calculate interest on a sum withdrawn up to and including the day before withdrawal.
Interest will be calculated up to the last day of each month and must be either credited to another account with us or your nominated external account on the next working day. The final monthly interest payment will be made in the month immediately prior to maturity. Interest earned after this date will be added to the account at maturity.
Interest is paid gross without tax deducted.
Before applying for one of our savings products, please read this in conjunction with our General Account Terms and Conditions, which 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.
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.
If you are not happy about your choice of account, you may cancel it within 14 days of: the day you enter into the contract; or the day on which you receive the contract terms and conditions 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 extra charges.
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.
1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account 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 exempt from UK income and capital gains tax in the hands of the investor.
These account details apply to personal investors only unless stated in the detailed information.
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 30/05/2020 11:56:39 am
Page last updated: 27/03/2020 04:32:16 pm
Page last updated: 27/03/2020 04:32:16 pm