Monmouthshire Building Society launches a one-year fixed rate bond for charities

The Building Society has launched the account, which offers an interest rate of 3.70% variable AER/gross, fixed for one year.

The Charity 1 Year Fixed Rate Bond account has a minimum deposit of £1,000 and up to £2million can be saved into it. Further deposits can be made within the first 30 days of opening, by cheque or electronic transfer from a UK bank account, up to the maximum balance.

As it is a Fixed Rate Bond, no other money can be paid into or taken out of the account over 12 months. Once that period is complete, the account will automatically switch to a Charity Access Account or the nearest equivalent account at that time.

The account can be opened online at www.monbs.com, or in branch and is only open to charitable groups registered in the UK with a maximum of 4 signatories aged 18 or over.

Kristy Maloney, Head of Savings at Monmouthshire Building Society, said of the new account: “We know that every pound matters to charities and finding the right home for surplus funds can be an important part of making the most of their finances. Our new Charity 1 Year Fixed Rate Bond gives organisations the opportunity to put their savings to work with the certainty of a fixed rate for 12 months, while retaining the flexibility to choose what happens to the money once the term comes to an end.

She added: “We hope this new account will provide a straightforward way for charities to earn a return on funds they don’t immediately need, helping them make their money work harder for the communities and causes they support.”

For more information about any of Monmouthshire Building Society’s charity savings products, visit: https://www.monbs.com/savings/business-charity-savings-accounts/