Monmouthshire Building Society has introduced a new savings account designed especially with community groups, organisations and clubs in mind.
As part of the Building Society’s ongoing commitment to local good causes and organisations, it has launched the account as a way for community groups and clubs to save for whatever they need, such as new kit or event transport.
Swansea Male Choir was the first community organisation to open an account, something its Chair Robert Fairbairn is very proud of:
“We have number one on our deposit book, which makes it rather special.
“We were attracted to the Community Saver Account as we needed a separate savings account to save for trips away and for transport etc. We also wanted to open an account from a Welsh financial institute and the fact that Monmouthshire Building Society also has a branch in Swansea, it was the perfect solution.
“Every week I collect cash from our members to put into the savings account and so visit the Swansea branch once a week to deposit the members’ money. The staff there are so helpful and so friendly. It’s worked perfectly for us as an organisation, and of course there’s the added bonus of being in with a chance of winning £250 every quarter just by having the account – what’s not to like?”
The account is open to all UK groups and organisations, who need to deposit a minimum of £250 to open the account, which can then hold up to a maximum of £100,000. The account has to be opened in person at one of Monmouthshire Building Society’s 23 branches.
Kristy Maloney, Head of Savings at Monmouthshire Building Society, said:
“The new Community Prize Draw Saver is just another way that we are supporting local communities and offers a secure and dedicated way for community groups and societies to manage their saving funds.
“We wanted to offer community groups something different than just a standard savings account, one that demonstrates how much we appreciate what they do for our communities, so we happened upon the idea of the prize draw idea, and we are pleased to say that it has been warmly welcomed by the market so far.”
