|Account Name||Club & Charity Deposit 180 Day Notice (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 £1,000 deposit?||
The overall projected balance after 12 months would be £1,050, including interest earned with a bonus applied for the first 6 months and at the standard product rate for the following 6 months.
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 £1,000 cash 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?||
Available to clubs, associations and registered charities who are based in Nottinghamshire, Derbyshire or South Yorkshire or existing club, association and registered charity account holders.
Limited to 1 Club & Charity Deposit 180 Day Notice (1st issue) account per member.
To open an account, clubs, associations and registered charities simply need to complete and return a Charity, Club or Association Deposit Account Application form and send it to us or take it to your local branch together with the appropriate documentation and mandates listed below.
A minimum opening and operating balance of £1,000 is required.
The account can be added to at any time, subject to a maximum investment of £1,000,000, by cheque drawn on the Charity, Club or Association bank account or by electronic transfer from the separate charity bank account.
You can manage your account in branch or through the post.
No cash withdrawals or receipts allowed.
|Can I withdraw money?||
Withdrawals or closure (either in branch or by post) are subject to 180 days written notice and will be paid by cheque or electronic transfer to the Charity, Club or Association bank account only. Transfers to another account with us are also still subject to 180 days written notice.
For clubs and associations cash withdrawals are permitted up to a maximum of £500 per day. Cheque withdrawals are available payable to the club, association or third party. Withdrawals are also available by electronic transfer without charge.
For charities, no cash or third party cheque withdrawals are allowed. All withdrawals must be by cheque payable to the charity or by electronic transfer to the charity’s bank account without charge. Please note that the restriction on cash and third party cheque withdrawals for charities means that this account is only suitable for charities which operate a separate bank account.
We can offer online transactions on savings accounts where the account is set up for single signatory withdrawals and exclusively operated online. If you choose this option, you cannot transact by post or in branch and make cheque withdrawals. Please enquire at email@example.com for further information.
The Club & Charity Deposit 180 Day Notice is a Deposit account. You will not become a member by virtue of a Club & Charity Deposit 180 Day Notice 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.
Interest can be added to your account or sent to your Charity, Club or Association bank account.
We require the following documentation and mandates:
• Signed Resolution/Mandate with authority to open and operate the account
• Specimen signature of the individuals mandated to open and operate the account (minimum of 2 specimen signatures required for each mandate holder)
• A copy of the organisation’s Constitution/Rules
• A copy of the Charity Commission Registration (charities only)
Evidence of identification and proof of residency is also required for the individual(s) operating the account.
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.
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.
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.
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 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.
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: 10/12/2023 07:43:51 am
Page last updated: 23/11/2023 03:54:50 pm
Page last updated: 23/11/2023 03:54:50 pm