Monmouthshire Building Society relaunch General Client Account
The General Client Account is tailored to meet the needs of professionals who require separate accounts to manage client funds. This service ensures compliance with regulatory requirements while offering the flexibility and control necessary for effective financial management.
Key Features of the General Client Account include:
- Segregation of funds, ensuring client funds are kept separate from business operating accounts, providing clarity and transparency
- Competitive interest rates, linked to the Bank of England Base Rate, on client balances, benefitting both the client and the professional managing the funds. Interest rates are tiered as follows:
4.25% AER/Gross on balances £8,000,000+
4.00% AER/ Gross on balances £5,000,000 - £7,999,999.99.
3.75% AER/ Gross on balances £10,000 - £4,999,999.99. †
- Online Access: Secure online service for easy account management
- Dedicated support from a team of account managers to support customers through the process of setting up and managing their account
Gemma Bale, Head of Brand & Product said: “We are thrilled to reintroduce the General Client Account service, which reflects our commitment to meeting the evolving needs of professional clients in our community. The service offers a practical and secure solution for managing client funds, underscoring our focus on providing exceptional value and service.
“As a mutual building society, Monmouthshire has a longstanding commitment to providing financial solutions. The reintroduction of the General Client Account service reaffirms our dedication to supporting professional service providers with robust and reliable options.”
To apply, visit any Monmouthshire Building Society branch or agency, or apply by post.** Further details can be found at monbs.com
†AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
The Gross rate is the contractual rate of interest payable before the deduction of income tax.
*subject to criteria
