Family Assist Variable Rate Savings Account

Summary Box

Account Name

Family Assist Variable Rate Savings Account (1st issue)

What is the interest rate?

Account Levels	Interest Rate (AER¹/Gross²)
£10,000 +	2.50%*

*A minimum 1.00% interest rate applies to this account.

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. However, this savings account is also guaranteed to pay a minimum of 1%.

If we change interest rates to your disadvantage on a variable rate account we will notify you in writing or by email 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 84 months based on a £10,000 deposit?

Deposit Amount	Interest Rate (AER¹/Gross²)	Projected Balance
£10,000	2.50%	£11,886.86

This projection is provided for illustrative purposes only and does not take into account your individual circumstances.

There is no fixed end date for this account, however funds can be released after 7 years subject to certain obligations being satisfied (see below). Funds can be released by the Society before 7 years if the mortgage account is closed subject to the Agreement conditions being met.

This projection therefore assumes that the account is opened on 1 January with a £10,000 deposit, that no further deposits or withdrawals are made during 84 months (i.e. 7 years) and the obligations under the Agreement are met. The projected balance is based on the annual rate.

How do I open and manage my account?

This account is only available to individuals who have entered into an Agreement with the Society to provide additional security in the form of a cash deposit (lien) as a condition of a Mortgage arranged with the Society by the Borrower(s).

To open an account you need to provide a completed application form, proof of your identity and address, a cheque for the initial deposit and a signed Family Assist Deposit Deed of Agreement (the Agreement).

Opening of this account must be completed at least 14 days prior to the completion of the Borrower’s Mortgage for which the savings form a guarantee.

This account can only be opened at the Society’s Head Office once an offer of a Family Assist Mortgage has been granted for the Borrower(s). You cannot manage your account in branch or through the post.

This account must be held in all the names of the individuals who are named as ‘Depositors’ in the Agreement and who are providing the Deposit.

The account must be operated on an “all to sign” basis. This means that if the account is in more than one name, all account holders must sign to effect any changes.

A minimum opening and maximum balance of 20% of the valuation of the property to be mortgaged is required.

Additional deposits are not allowed.

Confirmation of the deposit will be issued when the account is opened.

Can I withdraw money?

During the first 7 years of the Family Assist Mortgage there is a Legal Charge held by us over the Family Assist Savings Account, during which time you will be unable to access or make withdrawals even in an emergency. Please ensure that you take this into consideration before agreeing to link your savings to a Family Assist Mortgage. An independent legal adviser will be able to explain this further to you.

No withdrawals allowed. Closure of the account is only permitted where the Society has confirmed that all of the release obligations as stated in the Agreement and the Terms and Conditions for the Family Assist Savings Account have been satisfied.

For accounts held in joint names all signatures will be required for account closure.

Additional information

Any requests for release from the Agreement must be signed by all account holders and must be made in writing to the Mortgage Customer Services Department, The Mansfield Building Society, Regent House, Regent Street, Mansfield, NG18 1SS.

The amount held in the account is charged as Additional Security and is limited to the amount of the charged deposit value stated in the Agreement and signed as a condition of the Borrowers’ Mortgage Offer.

We calculate interest on a sum deposited by cheque 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 only be added to your account.

Summary Box

Account Name

Family Assist Variable Rate Savings Account (1st issue)

What is the interest rate?

Account Levels	Interest Rate (AER¹/Gross²)
£10,000 +	2.50%*

*A minimum 1.00% interest rate applies to this account.

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. However, this savings account is also guaranteed to pay a minimum of 1%.

If we change interest rates to your disadvantage on a variable rate account we will notify you in writing or by email 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 84 months based on a £10,000 deposit?

Deposit Amount	Interest Rate (AER¹/Gross²)	Projected Balance
£10,000	2.50%	£11,886.86

This projection is provided for illustrative purposes only and does not take into account your individual circumstances.

How do I open and manage my account?

Opening of this account must be completed at least 14 days prior to the completion of the Borrower’s Mortgage for which the savings form a guarantee.

This account must be held in all the names of the individuals who are named as ‘Depositors’ in the Agreement and who are providing the Deposit.

The account must be operated on an “all to sign” basis. This means that if the account is in more than one name, all account holders must sign to effect any changes.

A minimum opening and maximum balance of 20% of the valuation of the property to be mortgaged is required.

Additional deposits are not allowed.

Confirmation of the deposit will be issued when the account is opened.

Can I withdraw money?

For accounts held in joint names all signatures will be required for account closure.

Additional information

We calculate interest on a sum deposited by cheque 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 only be added to your account.

Additional Terms and Conditions applying to the Family Assist Savings Account.

Additional Terms and Conditions applying to the Family Assist Savings Account.

The Product Summary for the Family Assist Savings Account must be read in conjunction with the General Account Terms and Conditions and the Agreement. If there is any conflict between the Product Summary information, the General Account Terms and Conditions and the Agreement, the Agreement shall prevail.
It is recommended that you take Independent Legal Advice to ensure that you understand the commitment you are making and the risks involved before giving us a Legal Charge over your savings.
The Family Assist Savings Account is a Share Account and as such the account holder(s) shall have membership rights as determined by the Society Rules. In the event of any conflict between the Rules and the Agreement, the Agreement shall prevail.
Whilst the Agreement is in place;
1. Withdrawals are not permitted from the Family Assist Savings Account and the account may not be closed in any circumstances.
2. The funds in your Family Assist Savings Account are at risk in the event of a repossession of the Borrower’s Property under Mortgage to the Society for which you have provided this Deposit. If there is a shortfall between the sale price of the Property and the outstanding balance on the mortgage account, then the savings may be used to repay that shortfall in full or in part.
3. The funds in your Family Assist Savings Account may be used to make up any shortfall of monthly repayments, arrears, outstanding interest, costs and charges or fees on the Borrower’s Mortgage Account.
4. The Society is appointed attorney of the account holder(s) under the Agreement. If you or any of the account holders becomes incapacitated or dies, the savings in your account will remain charged to the Society and held as Additional Security for the Mortgage until the obligations for release have been fully satisfied.
Before you are able to access your funds you will need to be released from the Agreement. The Agreement can be found here.

Charitable Assignments

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.

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.