| Summary Box | |||||||
| Account Name | Client Deposit Account (1st issue) | ||||||
| What is the interest rate? |
Interest is calculated daily on the balance of the account. Interest payable monthly into a nominated external business account |
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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 may 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. |
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| What would the estimated balance be after 12 months based on a £100,000 deposit? |
*A deposit of £100,000 would earn an estimated £2,500 interest over 12 months. As per the terms and conditions of the account, the monthly interest payment must be paid into a nominated external bank account (in the firm name), therefore the projected balance at the end of a 12 month period will be £100,000. 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 May with a £100,000 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 (GROSS2). |
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| How do I open and manage my account? | Exclusively available for Solicitors (who are regulated by Solicitors Regulation Authority (SRA)) based in Nottinghamshire, Derbyshire or South Yorkshire holding funds on behalf of several different clients. This is an undesignated client account. To open an account, contact your Savings Business Development Manager, via the email address below under ‘How do I apply?’. You will need to provide the appropriate documentation and mandates listed below. The solicitor firm must also provide a Client Money Acknowledgment Letter, as per the FCA Client Assets Sourcebook (CASS) regulation 7.18.2R to open the account. A minimum opening and operating balance of £100,000 is required. The account can be added to at any time, subject to a maximum investment of £4,000,000, by cheque drawn on the nominated external business account or by electronic transfer from the nominated external business account. You can manage your account in branch or through the post. No cash withdrawals/no cash receipts. |
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| Can I withdraw money? | This is an easy access account with unlimited, penalty free withdrawals by cheque or electronic transfer. 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. |
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| Additional information | The Client Deposit account is a Deposit account. You will not become a member by opening a Client Deposit account but you will be bound by the Society’s Rules, a copy of which is available on request. It is the responsibility of the solicitor firm to conduct the appropriate Customer Due Diligence for all clients and maintain this ongoing to fulfill Anti-Money Laundering (AML) obligations. If required, the solicitor firm will need to provide this information to us. 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 will be sent to your nominated external client bank account on a monthly basis. |
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We require the following documentation and mandates:
LIMITED COMPANY FIRMS AND LIMITED LIABILITY PARTNERSHIPS (LLP):
• Bank statement for our Business account (all deposits must be made from this account and I/we acknowledge that withdrawals can only be sent to this account)
• Company Registration Number or Memorandum and Articles of Association
• A resolution of the Board of Directors to open the account on company headed paper confirming authority to those who
will operate it and the address to which the correspondence should be directed.
SOLE PRACTITIONER/PARTNERSHIP:
• Bank statement for Business account (all deposits and withdrawals must be made from or to this account)
• Signed mandate with authority to open and operate the account on headed paper.
Proof of ID and Address is also required for all individual(s) named as Appointed Officers, Mandate Holders and/or Beneficial Owners.
Evidence of identification and proof of residency is also required for the individual(s) operating the account.
An additional Due Diligence Questionnaire will need to be completed before the account is opened. Your Savings Business Development Manager will complete the Due Diligence Questionnaire with you as part of the account opening.
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 without penalty within 14 days of the day the account is opened, or the day on which you receive the account 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 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: 16/07/2024 03:47:44 am
Page last updated: 01/07/2024 11:34:52 am
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