The Mansfield Building Society has been serving customer and member needs since 1870 and their aim is to remain a safe and trusted independent mutual organisation.
This account is exclusively designed to provide funding for a Sheffield Mutual Friendly Society tax exempt ten year savings plan (known as a Capital Plan account).
The feeder account will close after ten years and any surplus funds (including the interest earned) will automatically transfer into an Easy Access account, to which you can add or withdraw without notice, unless Mansfield Building Society receive alternative written instructions.
Anyone can have a plan. An adult may pay the subscription on behalf of a child. This is an ideal way to build up a lump sum perhaps as an 18th birthday gift or to help with school or university fees.
No further additions are allowed into the account.
The government restricts the amount that an individual can save in a tax-exempt plan because of the tax concessions available. Under current legislation, the maximum overall investment limit is £270 per year (when premiums are paid annually) which equates to £2,700 over the ten year period. Under this particular Sheffield Mutual Friendly Society plan, your initial outlay is £2,500 with no variations. The first year’s premium of £270 will be retained by Sheffield Mutual which means that the balance of £2,230 will be credited to the feeder account with Mansfield Building Society.
Fixed amounts of £270 will be transferred annually to your Tax Exempt Savings Plan with Sheffield Mutual starting 12 months after the feeder account is opened. Premiums will be transferred on the 15th day of the anniversary month. Any surplus funds available after ten years and after payment of the final premium will automatically transfer into an Easy Access account unless Mansfield Building Society receive alternative written instructions.
Following any changes to the Bank of England Bank rate, Mansfield Building Society will amend the interest rate within three working days and notify you in writing within 30 days of the change.
In view of the unique nature of this account, the following variations will apply to the general account terms and conditions. Interest rate information in respect of this Sheffield Mutual Friendly Society feeder account will not appear in Mansfield Building Society's current Interest Rates Summary, branch posters, newspaper adverts or website because this account is available exclusively to fund a Sheffield Mutual Friendly Society savings plan. You can obtain information on the current interest rate on this account by contacting Sheffield Mutual or by asking staff at any of the Mansfield Building Society's branches. If Mansfield Building Society change interest rates on a variable savings account we will tell you about it within 30 days of the change by letter.