Club & Charity Deposit 180 Day Notice (2nd issue)

Account Name

Club & Charity Deposit 180 Day Notice (2nd 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 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?

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).

How do I open and manage my account?

Limited to 1 Club & Charity Deposit 180 Day Notice (2nd issue) account per member.

To open an account, clubs, associations and registered charities simply need to complete and return a Charity, Club or Association 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 Charity, Club or Association bank account or by electronic transfer from the separate charity bank account.

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

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 Charity, Club or Association bank account only. Transfers to another account with us are also still subject to 180 days written notice.

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 cheque 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.

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.

Additional information

The Club & Charity Deposit 180 Day Notice is a Deposit account. You will not become a member by virtue of a Club & Charity 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 Charity, Club or Association bank account.