The Mansfield Building Society

Business Deposit 90 Day Notice (1st issue)

 
Summary Box
Account name

Business Deposit 90 Day Notice (1st issue)

What is the
interest rate?
Account Levels Interest Rate (AER1/Gross2)
£1,000 + 0.60%

Interest is calculated on the daily balance of the account.

Interest payable annually on 31 December

Can The 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?
Deposit
Amount
Interest Rate
(AER1/Gross2)
Projected
Balance
£1,000 0.60% £1,006.00

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 sole traders, partnerships, corporate bodies and unincorporated businesses within Nottinghamshire, Derbyshire and South Yorkshire or existing business account holders.

To open an account, sole traders, partnerships, corporate bodies and unincorporated businesses simply need to complete a Business/Limited Company Deposit Acccount application form and send it to us or take it to your local branch together with the appropriate documentation and mandates listed below.

A minimum opening and operating balance of £1,000 is required.

The account can be added to at any time, subject to a maximum investment of £250,000.

You can manage your account in branch or through the post.

Can I withdraw money?

Withdrawals, closure or transfers are subject to 90 days written notice.

No cash withdrawals/no cash receipts. Cheque receipt/withdrawal on business account only. Electronic transfers on business account available without charge.

Additional information

The Business Deposit 90 Day Notice is a Deposit account. You will not become a member by virtue of a Business Deposit 90 Day Notice 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 to your business bank account.

Cheque withdrawals are available payable only to the business. No third party cheque withdrawals permitted. Withdrawals are also available by electronic transfer to the business bank account without charge.

Documentation and Mandates

We require the following documentation and mandates:

Limited company:

  • Company Registration Number or Memorandum of Articles of Association
  • A resolution of the Board of Directors to open the account confirming authority to those who will operate it and the address to which the passbook and correspondence should be directed
  • Specimen signatures of mandate holders (minimum of 2 specimen signatures required for each mandate holder)

Sole trader, partnership or unincorporated business:

  • Business letterheading, invoice and business cards
  • Two documents confirming the identity and residency of the business owner/partners
  • Signed mandate with authority to open and operate the account
  • Specimen signatures of mandate holders (minimum of 2 specimen signatures required for each mandate holder)

Evidence of identification and proof of residency is also required for the individual(s) operating the account.

About our Savings Products

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.

Please note our General Account Terms and Conditions will change from 1 May 2017.

General Account t&cs General Account t&cs May 2017

How to Apply

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 application form for details.

Find a Branch Contact Us Identification Requirements

Cancellation Rights

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.

 

Charitable Assignment

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 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.


Contact us

Mansfield Branch

Regent House
Regent Street
Mansfield
Nottinghamshire
NG18 1SS

Tel: 01623 676300

Opening Hours:
Mon to Fri: 9.00am* - 5.00pm
(*Weds from 10am)
Sat: 8:45am - 12:15pm

Kirkby Branch

48 Station Street
Kirkby-In-Ashfield
Nottinghamshire
NG17 7AS

Tel: 01623 756601

Opening Hours:
Mon to Fri: 10.00am - 2.00pm
Sat: 8:45am - 12:15pm

Sutton Branch

53 Portland Square
Sutton-In-Ashfield
Nottinghamshire
NG17 1AZ

Tel: 01623 554265

Opening Hours:
Mon to Fri: 9.00am* - 5.00pm
(*Weds from 10am)
Sat: 8:45am - 12:15pm

Chesterfield Branch

91 New Square
Chesterfield
Derbyshire
S40 1AH

Tel: 01246 202055

Opening Hours:
Mon to Fri: 9.00am* - 5.00pm
(*Weds from 10am)
Sat: 8:45am - 12:15pm


Date printed: 23 April, 2017 23:40
Page last updated: 03 March, 2017 16:16


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.