|Account Name||Community Deposit Maxi Account (1st issue)|
|What is the interest rate?||
Interest is calculated on the daily 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.
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?||
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.
|How do I open and manage my account?||
Available to clubs, associations and registered charities who are based in Nottinghamshire, Derbyshire or South Yorkshire.
Please complete and return a charity, club or association deposit account application form and send it to us or take it to your local branch.
A minimum opening and operating balance of £500 is required.
The account can be added to at any time, subject to a maximum investment of £500,000.
You can manage your account in branch or through the post.
|Can I withdraw money?||
Withdrawals or closure are subject to 30 days written notice or the loss of 30 days interest on the amount withdrawn/closing balance.
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.
Withdrawals can be made in branch or by post.
A Community Deposit Maxi Account is a passbook savings account. It is not designed as an alternative to a current account facility with a bank but it is ideal for putting cash to work without tying money up for a long period of time.
The Community Deposit Maxi 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.
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 is paid gross without tax deducted.
Interest can be added to your account or sent direct to your business bank account.
No transaction charges.
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
• 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.
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: 05/06/2020 11:22:22 pm
Page last updated: 01/06/2020 10:38:15 am
Page last updated: 01/06/2020 10:38:15 am