Monmouthshire Building Society has introduced two new savings accounts exclusively for charities and voluntary organisations.
The Building Society has launched an instant access account, that offers an interest rate of 3.3% variable AER/gross, as well as a notice account that has a higher rate of interest of 3.5% variable AER/gross.
The charity instant access savings account has to be opened with a minimum deposit of £1,000 and up to £5 million can be saved into it. There is no notice period to withdraw money from this account.
The charity notice savings account also requires a minimum of £1,000 to be deposited into the account upon opening, and account holders must give a minimum of 35 days’ notice to withdraw or close this account.
The accounts can be opened online at www.monbs.com, in branch or via an agency, and are only open to all third sector organisations in the UK. They must be opened to a charitable entity registered in the UK and with a maximum of four signatories aged 18 and over.
Kristy Maloney, Head of Savings at Monmouthshire Building Society, said:
“Charities have been asking us to design a savings account specifically to answer the needs of their sector and so we believe with our instant access charity account and the notice charity account that we are offering a good choice to our third sector customers.
“These kinds of organisations have specific needs from a savings account, and we believe these products will help them organise and manage their community and surplus funds.”
Kristy added:
“Working with, supporting and helping community and voluntary organisations is in our DNA here at Monmouthshire Building Society, so we are really looking forward to welcoming even more third sector organisations into our Building Society family.”
