| Summary Box | |||||||
| Account Name | Club & Charity Deposit 2 Year Fixed Rate Bond (1st issue) | ||||||
| What is the interest rate? |
Interest is calculated daily on the balance of the account. Interest payable annually on 31 December and on maturity Maturity interest can only be added to the account. |
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| Can Mansfield Building Society change the interest rate? | No, this interest rate is fixed, this means that the interest rate will stay the same even if other interest rates go up. |
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| What would the estimated balance be after 24 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 cash deposit and that no further deposits or withdrawals are made during the term of the bond. The projected balance is based on the annual rate (AER1). |
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| How do I open and manage my account? | 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 £25,000 is required. The account can be added to at any time, subject to a maximum investment of £500,000, by cheque drawn on the Charity, Club or Association bank account or by electronic transfer from the separate Charity, Club or Association bank account. You can manage your account in branch or through the post. |
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| 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 (the end of fixed term period) to ask which you prefer, but if we receive no instructions your money will be transferred to our Community Deposit 90 Day Notice (1st issue). 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. |
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| Additional information | The Club & Charity Deposit 2 Year Fixed Rate Bond 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. Interest payable on maturity only. |
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We require the following documents 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
If applicable:
• 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 conditionsapplied 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 theproduct will apply.
The General Account Terms and Conditions are provided to all new account holders and are also available on request.
To enquire about a business or club and charity 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.
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: 02/05/2024 02:07:29 am
Page last updated: 28/02/2024 02:06:48 pm
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