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Standard
• instant access
Premium*
• instant access above £5,000 balance
Premium Plus*
• 90 days notice required for any withdrawal
Cash ISA**
• up to £5,100 deposit per year tax-free interest instant access
*New applications restricted to Church Trustee bodies only, subject to review after 12 months if not sooner.
**This account is currently not available to new depositors. This restriction is subject to review after 12 months if not sooner.
FULL
DETAILS OF INTEREST RATES AND TIERS
Please download the separate leaflet
for details of our Child Trust Fund Savings Account pictured
right.
 DOWNLOAD CHILD TRUST FUND LEAFLET
In addition to our own product we are required under the regulations to make available a stakeholder product, and this is the HSBC Child Trust Fund.
Methodist Ministers' Saving Scheme
• the 'MMSS' account is open to all Methodist Ministers, Supernumeraries, members of the Diaconate and lay workers, and a requirement for eligibility is that deposits are made by deduction from stipend or pension
• instant access
The Company is glad to be receiving longer term support in the form
of major deposits from the Connexional Property Fund, the Home Mission Fund, and the London Mission Fund.
Further information
You can telephone, fax or e-mail
us and we will send you a pack of information.
John Wells, the Chief Executive,
Chris Jarratt, Company Accountant, Kath Nicholson, Sue Lynn and Helen Kendall,
Administrative Assistants form a friendly team who will be pleased
to assist you with any questions you may wish to raise. Should you
have any queries, do not hesitate to contact us by telephone, fax,
e-mail or letter at the address shown below:
1 Telford Terrace, Albemarle Road, York, YO24 1DQ
Tel: 01904 622150 Fax: 01904 672727
E-mail: mcaa@methodistchapel.co.uk
Notes
INTEREST
a) Interest is credited to deposit
accounts on 15 May and 15 November.
b) Interest is calculated on the balance standing on the account each day. The balance for this purpose consists of the total amount subscribed less withdrawals plus the interest previously credited to the account at the half-yearly rests and not withdrawn. However, where a depositor chooses to link a Premium account with a Premium Plus account, interest will be calculated as follows:-
(i) Interest on the Premium account will be calculated by taking the combined balance in the Premium account and the Premium Plus account each day, and (ii) Interest on the Premium Plus account will then be calculated on the balance in the Premium Plus account each day.
c) Interest is credited to the Standard, Premium, Premium Plus and MMSS Accounts
net of lower rate tax, other than where there is an entitlement
to have interest credited without deduction of tax and the entitlement
is supported by the appropriate documentation. The main categories
for gross interest are churches, circuits and other registered charities
and clubs, and also individuals either whose income is less than
their tax allowance or who are not ordinarily resident in the UK.
d) AER is the annual equivalent rate for deposits taking account
of the compounding effect of interest being credited half yearly.
e) The rates quoted are variable.
WITHDRAWALS
Immediate withdrawal may be made from any account other than Child Trust Fund or Premium Plus (90 days notice required for any withdrawal from the latter) on receipt of
written application. Please note that 90 days' notice is required
for withdrawals from the Premium Account to be made without penalty.
Withdrawals made without such notice are subject to a penalty equivalent
to 90 days' interest. However, where the balance after withdrawal
amounts to at least £5,000, the penalty is waived. A maximum of
£75,000 may be withdrawn from the Premium or Premium Plus account without penalty
in any 30 day period. Withdrawals in excess of £75,000 in any 30 day period will be subject to a penalty equivalent to 30 days' interest on the excess.
The information on this website is correct as at 1 May 2010.
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