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If you are a local corporate body and are interested in a savings account for an investment of between £10,000 and £500,000, the Community Corporate Deposit Account may be the account for you. |
Is this account suitable?
This account is suitable for corporate bodies located in the LE or NN postcode area, requiring a variable rate of interest and who can give 7 days notice for any withdrawals.
How much can be invested?
The account must be opened with a minimum of £10,000; further deposits can be made up to a maximum of £500,000. The minimum balance at which interest is paid is £10,000.
How can money be paid in?Deposits must be made by cheque or electronic transfer from an account held in the corporate body's name. Cash deposits are not permitted. You can pay cheques into the account at any of our branches or at our agency (listed here), or you can post the passbook and a cheque to our Head Office address. Cheques must be made payable to the corporate body and not to the Society. To make an electronic transfer into the account you will need our sort code 20-49-08 and our account number 70608386 and also your Corporate Deposit Account number, which should be inserted in the roll or reference number field. Please note that certain banks do not automatically provide a roll or reference number field if you bank with them online. You may have to telephone them so that they can set up this information for you.Does the corporate body have access to its money? 7 days notice in writing is required for all withdrawals or closure of the account. Should the balance fall below the minimum of £10,000 no interest will be paid. Withdrawals may be made by cheque payable to the corporate body or by CHAPS payment to the corporate body's bank account - please see Savers’ Fees for Additional Services for details. Cash withdrawals are not permitted.
How can the account be accessed?
In Branch - You can make cheque withdrawals from the account at any of our branches or at our agency (listed here). Passbook required.
By Post - You can request a cheque withdrawal or a transfer to another Society account held in the name of the corporate body via the post. Simply send the passbook and a signed covering letter, stating your withdrawal instructions, to our Head Office. The cheque and passbook will be returned to the registered address.
How much interest can be earned?See our Current Interest Rates. The money will start earning interest from the date of receipt of your cheque(s).How and when is interest paid?Interest will be paid annually at the close of business on 30 June. The interest can be added to the account, transferred to another Society savings account held in the name of the corporate body or direct to the corporate body's bank account. Once added to the account, interest becomes subject to the same withdrawal conditions as the capital.
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Summary Box
Key Product Information for our Savings Account(s) |
| Account Name |
Community Corporate Deposit Account |
| Interest Rate (AERs) |
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| Tax Status |
Gross* |
| Conditions for Bonus Payment |
N/A |
| Withdrawal Arrangements |
7 days notice required |
| Access |
Branch or Post |
*Gross Interest is the contractual rate of interest payable before deduction of income tax at the rate specified by law.
Other Information
No cash withdrawals are permitted, cheque withdrawals for larger amounts may require 24 hours notice.
Deposit account customers do not become members of the Society and therefore have no voting rights or entitlement to windfall benefits in the event of a merger or takeover. Investments by corporate bodies are generally covered by the Financial Services Compensation Scheme within the normal limits, but the rules are complex and you may wish to make further enquiries through the scheme to find out whether or not your account will be covered.
How can an account be opened?
To apply for a Community Corporate Deposit Account you will need to provide the documents in the checklist below, meeting the adjacent requirements. You can either post these to the Society or bring them into any Market Harborough Building Society branch.
| Check List |
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Document |
Requirement |
| Application Form |
Fully completed and signed by all parties |
| Certificate of Incorporation |
Original or copy |
| Personal Identification |
For all signatories, plus anyone that holds at least 25% shares of the company |
| Minutes of Board Meeting signed by Chairman or Company Secretary |
Stating intention to open account with MHBS and the names of all signatories. |
| Cheque payable to corporate body |
Opening cheque should be drawn on the company's bank account |
Please download, print and complete the application form using the link below. For the corporate body's own benefit and protection you should read the Society's general Savings Account Terms and Conditions as well as the information shown above. If you do not understand any point, simply call us on 01858 412250 or email us at CustomersFirst@mhbs.co.uk
To download our savings application forms you must have Adobe Acrobat Reader installed on your PC. |
Community Corporate Deposit Account Application Form
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Evidence of identification is required both for the individual(s) operating the account and the corporate body. Please note that in addition we will also verify the existence of the company with a search at Companies House, as we will require more than the standard identification.
Please send your signed application form and evidence of identification (please see the link above for further details), together with a cheque payable to the corporate body, drawn from the corporate body's own bank account, and dated the day you submit your application, to:Market Harborough Building Society, Welland House, The Square, Market Harborough, Leicestershire, LE16 7PDAlternatively please visit any of our branches or our agency (listed here) with the appropriate documentation to open an account.
If I need more information what do I do?We are always pleased to help. Please visit any of our branches or our agency, call us on 01858 412250, or email us at CustomersFirst@mhbs.co.uk.
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| Product information is also available in Braille, Large Print and Audio format. |
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This product may be withdrawn at any time and without notice. |
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| Issue Date: 19 December 2011 |
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