|Account Name||Quarterly Access Community Saver (1st issue)|
|What is the interest rate?||
Interest is calculated daily on the 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.
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 interest 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 (AER1).
|How do I open and manage my account?||
Available to savers resident in Nottinghamshire, Derbyshire or South Yorkshire, or existing members who have a minimum of 1 year continuous membership.
Simply complete an application form and send it to us or take it to your local branch.
A minimum of £1 must be deposited in order to open the account.
The account can be added to as long as the account remains available 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.
|Can I withdraw money?||
1 penalty free withdrawal allowed per calendar quarter. No further withdrawals allowed if a withdrawal has already been made in a calendar quarter.
Cash withdrawals are subject to a maximum limit of £500 per day.
In addition to the interest paid on the account, a donation equivalent of 0.10% of the average total balances invested in all Community Saver accounts will be donated by the Society to our Charitable Trust each year.
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 We calculate interest on an amount withdrawn up to and including the day before withdrawal.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 is paid gross without tax deducted.
Interest can be added to your account, credited to another account with the Society, or sent direct to your bank account.
On a quarterly basis the donation amount will be donated to the Mansfield Building Society Charitable Trust. The donation amount will be calculated quarterly by taking the balance invested into all Mansfield Building Society Community Saver accounts at the end of each of the three months, adding the balance together, dividing by 3 to calculate the average balance, multiplying this amount by 0.10% and dividing the total by 4 as it’s a quarterly donation.
For example, if the balance at the end of January was £250,000, February £275,000 and March £300,000 then the average balance in quarter 1 would be £275,000; the Society will then donate £68.75.
Any estimate of the likely amount to be donated by the Society to the Mansfield Building Society Charitable Trust in the course of the next year will depend on the amount invested in all Community Saver accounts opened as part of the Community Saver account scheme. Based on an estimated average investment total in all Community Saver accounts of £10 million in a year, it is estimated that a total donation of £10,000 would be made in that year.
The percentage donation will be fixed until 31st December 2024. On or after 31st December 2024 the percentage donation will be reviewed and is not guaranteed.
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 08:22:00 am
Page last updated: 08/12/2023 11:21:18 am
Page last updated: 08/12/2023 11:21:18 am