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Business Deposit Quarterly Access (1st issue)

Interest Rate

3.00%
(AER1/Gross2)
This account might be right for you if...
  • You want easy access to your funds, no more than once each calendar quarter
  • You have a minimum £1,000 to invest
  • Withdrawals can be by cheque or electronic transfer to the business bank account
Some things you need to bear in mind
  • This is a variable rate account and the rate may go up or down
  • Restricted to one withdrawal per quarter
  • No cash or third party withdrawals

Interest Rate

3.00%
(AER1/Gross2)

Summary Box

Documentation and Mandates

We require the following documentation and mandates:

Limited company:
• Company Registration Number or Memorandum of Articles of Association
• A resolution of the Board of Directors to open the account confirming authority to those who will operate it and the address to which the passbook and correspondence should be directed
• Specimen signatures of mandate holders (minimum of 2 specimen signatures required for each mandate holder)

Sole trader, partnership or unincorporated business:

• Business letterheading, invoice and business cards
• Two documents confirming the identity and residency of the business owner/partners
• Signed mandate with authority to open and operate the account
• Specimen signatures of mandate holders (minimum of 2 specimen signatures required for each mandate holder)

Evidence of identification and proof of residency is also required for the individual(s) operating the account.

We may also request information about the company or LLP and its owners, directors or members.

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?

To enquire about a business savings account, please visit our contact page and select the Business & Charity Savings Accounts enquiry form or email us at business@mansfieldbs.co.uk.

A colleague will then respond to any queries that you may have and support you through the application and account set up process, including the Document and Mandate requirements (see above).

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 without penalty within 14 days of the day the account is opened, or the day on which you receive the account 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 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.

Authorised Push Payment (APP) Fraud – Your Rights to Reimbursement

Authorised push payment (APP) fraud happens when you are tricked by a criminal into sending money by bank payment to an account that they control and which you do not.

From 7th October 2024, under the APP Fraud Reimbursement Rules, victims of APP fraud have rights relating to the reimbursement of money lost as part of an APP fraud. The rules cover payments made within the UK that are made using Faster Payment or CHAPS.

You can find out about your rights to reimbursement from our website or by picking up a leaflet from out branches.

If you think you’re a victim of APP Fraud, you must report it to us ASAP and you can make a claim online, by visiting us in branch or calling us on 01623 676350. Lines are open, Mon-Fri, 9am-4.30pm (Weds from 10am) and Saturdays, 9am-12 noon.

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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