The Mansfield Building Society

Easy Access Deposit (1st issue)

 
Summary Box
Account name

Easy Access Deposit (1st issue)

What is the
interest rate?
Account Levels Interest Rate (AER1/Gross2)
£1 + 0.10%
£10,000 + 0.30%

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.

For more information on changing interest rates please see Section 7 of our General Account Terms and Conditions, which is varied to the extent that if we change the interest rate to your disadvantage we will notify you in writing at least 2 months prior to the rate change.

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 0.10% £1,001.00
£10,000 0.30% £10,030.00

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?

Our savings accounts are exclusively available to United Kingdom residents. Our savings accounts are only available to non-United Kingdom residents if they are already existing members.

Clubs, associations, unincorporated businesses/partnerships, corporate bodies and registered charities may invest in a Easy Access Deposit (1st issue) account on application.

To open an account, sole traders, partnerships, corporate bodies and unincorporated businesses simply need to complete a Business/Limited Company Deposit Account application form; for clubs, associations and registered charities - complete a charity, club or association deposit application form. Both types of application must be sent to us or taken to your local branch together with the appropriate documentation and mandates listed below.

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

The account can be added to at any time, subject to a maximum investment of £400,000.

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

Can I withdraw money?

Withdrawals, closure or transfers can be made without notice or loss of interest.

For sole traders, partnerships, corporate bodies, unincorporated businesses: cash withdrawals are permitted up to a maximum of £500 per day. 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.

For clubs and associations: cash withdrawals are permitted up to a maximum of £500 per day. Cheque withdrawals are available payable to the club, association or third party. Withdrawals are also available by electronic transfer without charge.

For charities: no cash or third party withdrawals are allowed. All withdrawals must be by cheque payable to the charity or by electronic transfer to the charity's bank account without charge. Please note that the restriction on cash and third party cheque withdrawals for charities means that this account is only suitable for charities which operate a separate bank account.

Additional information

A simple everyday variable rate savings account for sole traders, partnerships, corporate bodies, unincorporated businesses, clubs, associations and registered charities. It is not designed as an alternative to a current account facility with a bank but it is ideal for day to day savings.

The Easy Access Deposit is a Deposit account. You will not become a member by virtue of an Easy Access Deposit account but you will be bound by the Society's Rules, a copy of which is available on request.

If we introduce, increase or change a charge relating to the account, we will give you at least 2 months' personal notice prior to the change taking effect.

If we change the terms and conditions we will give you at least 2 months' personal notice prior to the change taking effect.

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.

For sole traders, partnerships, corporate bodies and unincorporated businesses - you can choose to have interest added to your account or sent to your business bank account.

For clubs and associations - you can choose to have interest added to your account or sent direct to your nominated bank account.

For registered charities - you can choose to have interest added to your account or sent direct to your charities bank account.

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)

Clubs, associations and registered charities

  • Signed Resolution/Mandate with authority to open and operate the account
  • Specimen signature of the individuals mandated to open and operate the account (minimum of 2 specimen signatures required for each mandate holder)
  • A copy of the organisation's Constitution/Rules

If applicable:

  • A copy of the Charity Commission Registration (charities only)

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.

General Account Terms and Conditions

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.

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: 20 February, 2017 13:11
Page last updated: 24 January, 2017 15:48


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.