|Account Name||Fixed Rate Bond until 28 February 2026 (27th issue) - monthly income option|
|What is the interest rate?||
Interest is calculated on the daily balance of the account.
Interest payable monthly and on maturity 28 February 2026.
Maturity interest can only be added to the account.
|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.
|What would the estimated balance be at the end of the fixed rate period (28 February 2026) based on a £1,000 deposit?||
*A deposit of £1,000 would earn an estimated £111.45 interest over the fixed term of the account. As per the terms and conditions of the account, the monthly interest payment must be paid into another account with us or a nominated external account, therefore the projected balance at the end of the term will be £1,000.
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 December 2023 and matures on 28 February 2026, with a £1,000 cash deposit and that no further deposits are made or the account is not closed before the end of the fixed term.
|How do I open and manage my account?||
Simply complete an application form and send it to us or take it to your local branch.
A minimum of £500 must be deposited in order to open the account.
The account can be added to as long as it remains open to new savers and your total savings with us does not exceed £400,000. The maximum savings allowance of £400,000 applies regardless of whether the account is held in single or joint names.
If additional investments are made, the original maturity date (the end of the fixed term period) will remain unchanged.
You can manage your account in branch or through the post.
|Can I withdraw money?||
No withdrawals or early closures allowed until 28 February 2026.
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 the fixed term period) to ask which you prefer, but if we receive no instructions your money will be transferred to our 60 Day Notice Account.
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.
A fixed rate account with a fixed end date of 28 February 2026.
We calculate interest on an amount deposited in cash from and including the day we receive it. 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 will be calculated up to the last day of each month and must be either credited to another account with us or your nominated external account on the next working day. Simply complete the Interest Payment Instructions in the application form to confirm the one that you require.
The final monthly interest payment will be made in the month immediately prior to maturity. Interest earned after this date will be added to the account at maturity.
Interest is paid gross without tax deducted.
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.
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 to help guard against financial crime. These requirements apply to every individual and to all named account holders.
Please see the You and Your Savings Account leaflet for details of the documents that can be provided.
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 07:33:07 am
Page last updated: 06/11/2023 09:33:24 am
Page last updated: 06/11/2023 09:33:24 am