| Summary Box | ||||||||||
| Account Name | Business Deposit 180 Day Notice (5th issue) | |||||||||
| What is the interest rate? |
Interest is calculated daily on the balance of the account. Interest payable annually on 31 December. |
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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 £1,000 deposit? |
The overall projected balance after 12 months would be £1,040.00, including interest earned with a bonus applied for the first 6 months and at the standard product rate for the following 6 months. 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). |
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| How do I open and manage my account? | Limited to 1 Business Deposit 180 Day Notice (5th issue) account per member. To open an account, sole traders, partnerships, corporate bodies and unincorporated businesses simply need to complete a Business/Limited Company Deposit Account 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 £1,000,000, by cheque drawn on the business bank account or by electronic transfer from the separate business bank account. You can manage your account in branch or through the post. No cash withdrawals or receipts allowed. |
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| Can I withdraw money? | Withdrawals or closure (either in branch or by post) are subject to 180 days written notice and will be paid by cheque or electronic transfer to the business bank account only. Transfers to another account with us are also still subject to 180 days written notice. Cheque withdrawals are available payable only to the business. No third party cheque withdrawals permitted. Withdrawals are also available by electronic transfer to the separate business bank account without charge. We can offer online transactions on savings accounts where the account is set up for single signatory withdrawals and exclusively operated online. If you choose this option, you cannot transact by post or in branch and make cheque withdrawals. Please enquire at business@mansfieldbs.co.uk for further information. |
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| Additional information | The Business Deposit 180 Day Notice is a Deposit account. You will not become a member by virtue of a Business Deposit 180 Day Notice account but you will be bound by the Society’s Rules, a copy of which is available on request. 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 or sent to your business bank account. |
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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.
We may also request information about the company or LLP and its owners, directors or members.
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.
To enquire about a business savings account, please visit our contact page and select the Business & Charity Savings Accounts enquiry form or email us at business@mansfieldbs.co.uk.
A colleague will then respond to any queries that you may have and support you through the application and account set up process, including the Document and Mandate requirements (see above).
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.
Authorised push payment (APP) fraud happens when you are tricked by a criminal into sending money by bank payment to an account that they control and which you do not.
From 7th October 2024, under the APP Fraud Reimbursement Rules, victims of APP fraud have rights relating to the reimbursement of money lost as part of an APP fraud. The rules cover payments made within the UK that are made using Faster Payment or CHAPS.
You can find out about your rights to reimbursement from our website or by picking up a leaflet from out branches.
If you think you’re a victim of APP Fraud, you must report it to us ASAP and you can make a claim online, by visiting us in branch or calling us on 01623 676350. Lines are open, Mon-Fri, 9am-4.30pm (Weds from 10am) and Saturdays, 9am-12 noon.
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: 21/11/2024 10:18:44 am
Page last updated: 04/10/2024 03:07:31 pm
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