| Summary Box | |||||||
| Account Name | Monthly Income (4th Issue) | ||||||
| What is the interest rate? |
Interest is calculated on the daily balance of the account up to the last day of each month. Interest payable monthly and paid to another account with us or your nominated external account on the next working day. |
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| 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. |
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| What would the estimated balance be after 12 months based on a £10,000 deposit? |
*A deposit of £10,000 would earn £300.00 interest over 12 months. 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 £10,000. This projection is provided for illustrative purposes only and does not take into account your individual circumstances. The projection also assumes that the account is opened on 1 January with a £10,000 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). |
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| 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 £10,000 must be deposited in order to open the account. A maximum investment of £250,000. The account can be added to as long as the account remains available for new savings and your total savings with us do not exceed £400,000 regardless of whether the account is held in single or joint names. You can manage your account in branch or through the post. |
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| Can I withdraw money? | Withdrawals or closure are subject to 30 days written notice and can be by cash (in branch only) and/or cheque (either in branch or by post). Transfers to another account with us are also still subject to 30 days written notice. Cash withdrawals are subject to a maximum limit of £500 per day. |
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| Additional information | A variable rate savings account for investors who want monthly interest income and a higher return on their savings with 30 days written notice on withdrawal or closure. 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 paid to another account with us or your nominated external account on the next working day. Interest is paid gross without tax deducted. |
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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. 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 07:26:22 am
Page last updated: 08/12/2023 09:41:44 am
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