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Make an appointment at your local branch and we’ll open it there and then.
Branches in Mansfield, Sutton, Kirkby and Chesterfield.
We’re a building society, our profits go back into the business and community, not to shareholders.
We’re committed to developing a personal relationship with you.
For businesses looking to save, we are able to offer business savings accounts ideal for growing reserves or putting cash to work to help with periodic business expenses such as VAT, corporation tax or utility bill payments.
Not only do we put your money to work for you, by saving with us, your investment is going to an organisation that is directly responsible to its saving and borrowing members and dedicated to our local community.
At Mansfield Building Society, we’re committed to maintaining a local branch network and we share our commercial success through donations to local groups and charities via our Community Support Scheme and Charitable Trust.
All of our business savings accounts can be viewed through our Mansfield Online portal, to find out about our online offer, please see our Frequently Asked Questions below. Details about our business savings products are also below.
| Minimum Balance | £25,000 + |
| Interest Rate (AER1/Gross2) | 4.00% |
| Interest Payable | On maturity |
| Withdrawals | No withdrawals or early closures allowed |
| Access | Post or Branch |
| Minimum Balance | £1,000 + |
| Interest Rate (AER1/Gross2) | 4.50% (rate includes a 0.50% bonus for the first 6 months) |
| Interest Payable | Annually on 31 December |
| Withdrawals | Withdrawals, closure or transfers are subject to 180 days written notice |
| Access | Post or Branch, or exclusively online |
| Minimum Balance | £1,000 + |
| Interest Rate (AER1/Gross2) | 3.00% |
| Interest Payable | Annually on 31 December |
| Withdrawals | 1 penalty free withdrawal per calendar quarter |
| Access | Post or Branch, or exclusively online |
Our corporate savings accounts are available either online, in branch or by post.
1. In Branch
Make an appointment at your local branch and we’ll open it there and then.
2. By post
Complete an application form and send it to us through the post.
3. Apply online
For select accounts, click on the link from the product details and follow the online form.
A business savings account is a savings account that is available to sole traders, limited companies or partnerships rather than to private individuals.
Because the accounts are available to organisations, rather than individuals, there are slightly different ways in which account opening and withdrawals are managed.
Business savings accounts work differently from personal savings accounts to help protect the organisations, their staff and customers from fraud.
A business savings account is also separate from a business current account and businesses will need to have a business current account for withdrawals in order to open a business savings account with us.
When a business applies for a savings account, we will require certain documentation to confirm that the people operating the account have the right permissions from the business to access the savings. The documentation depends on the type of business and is confirmed in the Documents and Mandates section in the product details.
These permissions can affect who can make changes to the account and who is able to make withdrawals. If your business requires two signatories or more to make a withdrawal or change the account details, you will need to operate the account in branch or by post as our system will only recognise a single account signatory online.
Single signatory withdrawals are also available with us – accounts operated this way can be managed in branch, by post or exclusively online.
If you operate the account online you will need to make sure that you have appropriate controls in your business to manage/mitigate any potential risks as our system will only accept a single account administrator.
All withdrawals from business savings accounts can be made either by cheque or electronic transfer to the business’s nominated bank account. We do not allow cash withdrawals on business accounts.
Subject to product terms and availability, we can accommodate a maximum deposit of up to £1 million per account holder.
Competitive rate of interest on your cash reserves – Our competitive rates and specialist corporate accounts help you make the most of your available finances.
Wide range of available accounts – We are proud to offer a range of accounts from quarterly access to fixed rate bonds suitable to a variety of different situations.
Dedicated, local support – our team of local Nottinghamshire based savings experts specialise in business savings accounts and are always on hand to answer your questions whether that be in branch or over the phone.
When a business applies for a savings account, we will require certain documentation to confirm that the people operating the account have the right permissions from the business to do so.
The documentation depends on the type of business and could include either a resolution from the Board of Directors or a signed mandate. We’ll also need to see identification and proof of residency of the individuals operating the account and any other beneficial owners , for example, those with significant shareholdings.
We have a dedicated Savings Business Development Manager who can help you through the entire process. If you would like to talk to someone about our business savings accounts please email business@mansfieldbs.co.uk.
All of our business savings accounts can be viewed through our Mansfield Online portal.
We can accept online transactions on savings accounts where the account is set up and operated exclusively online. However, businesses wanting to operate an account exclusively online have to accept that we will only recognise a single account signatory i.e. we cannot accommodate two signatories online.
For businesses requiring a minimum of two signatories, withdrawal requests will be by post or branch, with the funds withdrawn by electronic transfers or cheque payable to the business bank account.
Business savings accounts can offer a more stable return on investment compared to stocks and shares because the capital is not at risk to fluctuations in the stock market.
In a business savings account, up to £85,000 is covered by the Financial Services Compensation Scheme (FSCS) provided you meet the FSCS eligibility. You can find out more here https://www.fscs.org.uk/making-a-claim/claims-process/small-business/.
Business savings accounts can also offer a range of access options to suit your business needs – these often provide more interest if you’re happy to tie your money up for longer. Whether it’s notice accounts or fixed term bonds, you can plan your investments more flexibly than you could if you invested in property for example.
Opening a business savings account can be a little more complicated than for a personal savings account because we have to do checks on the business as well as the individuals that own or run the business. Businesses have to provide appropriate documentation and this can take a little time to get together. If there is a change of personnel or ownership of the business it can also be a little more complicated to make the changes than it would for a personal savings customer.
If your business requires two or more signatories to make a withdrawal, you will need to operate the account in branch or by post as our system will only recognise a single account signatory online. If you operate the account online you will need to make sure that you have appropriate controls in your business to manage/mitigate any potential risks as our system will only accept a single account administrator.
The Financial Services Compensation Scheme (FSCS) only covers up to £85,000 of your savings, provided you meet the FSCS eligibility. Should you want to save more than this amount, the excess could be at risk if the financial provider fails. You can find out more here https://www.fscs.org.uk/making-a-claim/claims-process/small-business/.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.
The gross rate is the contractual rate of interest payable without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.
Tax free means exempt from UK income and capital gains tax in the hands of the investor.
Want to ask us a specific question? Enquire online here or phone us on 01623 676350
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