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Savings

Frequently Asked Questions

The links below provide frequently asked questions to the most common questions and answers regarding Manchester Building Society Savings accounts.

Applying for and opening a new account

  • Do you offer any non-personal accounts?

    We offer savings accounts to small sized enterprises that are sole traders, partnerships, registered charities, Limited Liability Partnerships (LLPs) and private companies. For more information about our business savings accounts click here.

  • Can I open a savings account with the Manchester even if I live abroad?

    We only offer savings accounts and cash ISAs to individuals who are resident in the UK.

  • Do you offer children’s accounts?

    You must be 18 years of age or older to open a savings account or 16 years of age or older to open a Cash ISA with the Manchester Building Society.

  • How do I open a savings account or ISA?

    You can open a new account in person at our Manchester branch or at one of our agencies. Alternatively, telephone us on 0161 923 8015 for an application pack, and open your account by post to our Head Office address. You can also choose your account and download the relevant forms from our website. To open an account we will require a completed application form, and a personal cheque made payable to the account holder(s) from a bank or building society account held in the account holder(s) name. We will also require a signed copy of the Information Sheet about the Financial Services Compensation Scheme as acknowledgement of receipt.

  • Why am I being asked to provide information about my tax residency status?

    Agreements have been made, and will be made, between the UK and other countries to help tackle tax evasion. These agreements allow the tax authorities of different countries to share information about a wide range of financial accounts and investments.

    The Society, as a financial institution, is required to collect certain information about each customer’s tax arrangement under UK legislation. If you are tax resident of another country with which the UK has agreed to exchange information then we will be obliged to report information about your tax residency status and account(s) to HMRC. The information would then be passed on by HMRC to the relevant country’s tax authority.

    A HMRC guide on the requirements for account holders is available to view here.

    As a financial institution, we are not allowed to give tax advice. If you are unsure of your individual circumstances or how to answer the questions on tax residency, we recommend that you speak to HMRC or your tax or legal adviser.

  • Do I need to complete the Controlling Person Self Certification Declaration Form with the business application form?

    If your business a Passive Non-Financial Entity (NFE), we will require the additional Controlling Person Self Certification Declaration Form to be completed with the country/countries of tax residency and the associated TIN for the Controlling Persons of the business (the beneficial owners or partners). This applies even if the business entity itself is UK tax resident only.

    Passive NFEs are generally entities whose income is at least 50% made up of passive income (for example, interest, dividends, rents and patent royalties), and whose assets mainly generate passive income.

    Active NFEs would include most trading entities such as retail companies, service companies, and building companies.

  • When opening an account who should the cheque be made payable to?

    We require a personal cheque drawn on a bank account in your name. For security, the cheque should be made payable to the account holder(s).

  • What happens if the electronic identity check is unsuccessful?

    We use an external agency to confirm identity electronically. If the agency does not hold sufficient information about you, the search may fail and in this instance we would ask you to provide documentary evidence of identity instead, before we can open your account. For more details on identification and certifying documents please see our Identification Requirements.

  • Is my money protected at the Manchester?

    Manchester Building Society is covered by the Financial Services Compensation Scheme. For more information about the scheme click here.

  • How do I register to claim tax-free interest on my savings?

    Interest is automatically paid without deduction of tax on all savings accounts. You do not need to complete any forms or notify us.

  • How do I know that I am eligible for tax-free savings?

    Interest is automatically paid without deduction of tax on all savings accounts. You may be liable to pay tax on your savings interest depending on your personal circumstances. There will be no tax to pay on your savings interest if it is within your Personal Savings Allowance. Additionally, if your total income (including wages and savings interest) is within your Personal Allowance you will pay no tax at all. Further information can be found on the gov.uk website.

  • How do I open a savings account or ISA under a Power of Attorney?

    We will require the following:

    • A completed application form with the customer’s details and the Attorney’s details clearly indicated.
    • A copy of the Information Sheet about the FSCS signed by Attorney as acknowledgement.
    • The original or certified copy* of the Power of Attorney document.
    • A Personal cheque drawn from a bank account in the customer's name or the Power of Attorney's name made payable to the customer.
    • Satisfactory verification of identity for both the customer and the Attorney. We use an external agency to confirm identification electronically. If the electronic identity checks are unsuccessful we will contact you requesting further identification.*

    *For more details on identification and certifying documents please see our Identification Requirements.

    If you require clarification on the above please contact us on 0161 923 8065.

  • What if I change my mind about saving with the Manchester?

    If for any reason you consider that your new account does not fulfil your requirements, you may close the account without any loss of interest irrespective of the withdrawal conditions within 14 days of opening the account. You will need to inform the Society in writing of your request to close the account. Please note however this condition does not apply to fixed rate savings accounts.

  • How do I transfer my existing Cash ISA to the Manchester?

    Ensure that the Manchester Cash ISA you wish to open is eligible to receive transfers in from other ISA providers by referring to the Key Product Features of your account (please note that we do not accept transfers of Stocks and Shares ISAs).

    Complete an ISA Transfer Authority form for each ISA you wish to transfer, ensuring you write your Manchester account number at the top of the form.

    Return the form to us and we will contact your current ISA provider directly.

    Please note that any transfers may be subject to fulfilling the terms and conditions of the account being transferred.

Once your account is open

  • How do I make a further deposit?

    Subject to the conditions of your account, deposits may be made by cheque, cash, electronic transfer or standing order. We recommend that you contact us on 0161 923 8065 to clarify your accounts deposit conditions.

    Cheque Deposits
    Cheque deposits can be made at our Manchester branch, at our agencies or via post to our Head Office in Manchester.

    Deposits made by cheque must be drawn from a bank account in your name and made payable to the Account Holder(s).

    No deposit slip is required when sending a cheque via the post; just write your 10-digit account number on the reverse of the cheque and send it to:
    Manchester Building Society
    Savings
    PO Box 4256
    Manchester
    M60 3AX

    Cash Deposits
    Cash deposits can be made at our Manchester branch or our agencies. The amount that can be deposited in cash in any one day is limited to £250.

  • Can I transfer funds into my account electronically?

    Subject to your accounts conditions, you can make an electronic transfer of funds into your Manchester account by using the details below:

    Barclays Bank, 51 Mosley Street, Manchester.
    Sort Code: 20-55-34
    Account number: 60310646
    Reference: Please quote your Manchester Building Society 10-digit account number

    Please note that this facility is only available for existing account holders as we are unable to accept an electronic payment to open an account.

  • How soon can I withdraw money against a cheque paid into my account?

    Subject to your account's withdrawal conditions, cheques paid into your account can be drawn against from the sixth Bank working day after the day of deposit.

  • Do you offer a BACS and CHAPS withdrawal facility?

    Unfortunately we do not currently offer BACS withdrawals.

    We offer a same day CHAPS transfer facility subject to a charge of £20. We will require your receiving bank details and confirmation of acceptance of the fee in writing. Please note that we do not offer CHAPS on our ISAs or Easy access savings accounts. Please see our Terms And Conditions for more detail.

  • How do I make a withdrawal?

    Cheque Withdrawal

    Most of our customers use our postal service to operate their savings accounts. To make a withdrawal simply write to us at our head office address. We process all requests on the day of receipt and send out cheques by first class post. Alternatively, you can make a cheque withdrawal at our branch, or up to £10,000 from one of our agencies.

    Subject to the withdrawal conditions of your account, you may need to provide notice to make a withdrawal. Please see How do I provide notice on my account? Requests for withdrawals on notice accounts are deferred until the notice period ends unless you request immediate closure and your account allows this.

    Cash Withdrawal

    Subject to the withdrawal conditions of your account, cash withdrawals can be made in person at our Manchester branch or at our agencies. The amount that can be withdrawn in any one day is limited to £250.

    For all withdrawals where your account has a passbook, you will need to provide this when making a withdrawal request.

  • How do I provide notice on my account?

    You can provide notice in writing, through our agencies, our Manchester branch or simply by phoning us on 0161 923 8065 during our office hours (Monday to Friday, 8.30am to 5.00pm).

    Where notice has been provided verbally, written confirmation of your instructions must be received at Head office before the notice maturity date.

    Where your account has a passbook please provide this with your instructions.

  • How is interest calculated?

    Interest is accrued on a daily basis and is paid either on the last working day of the month or annually as specified in the Key Product Features of the account. Information on when interest starts to accrue on deposits can be found in our Terms and Conditions or by contacting us on 0161 923 8065.

  • How do I keep track of the interest rate on my account?

    Details of our interest rates can be obtained at any time by contacting us on 0161 923 8065, visiting our branch or an agency, or checking our website. We will write to you at least once a year to confirm the interest rate on your account.

    We will notify you about changes to your interest rate in advance by writing.

  • Where is my nearest branch or agency?

    We have one branch in Manchester city centre, details of which can be found here. Details on our agency network can be found here.

  • How do I register a Power of Attorney on an existing account?

    We will require the following:

    • A completed application form with the Attorney’s details.
    • The original or certified copy* of the Power of Attorney document.
    • Satisfactory verification of identity for the Attorney. We use an external agency to confirm identification electronically. If the electronic identity checks are unsuccessful we will contact you requesting further identification.*

    *For more details on identification and certifying documents please see our Identification Requirements

    If you require clarification on the above please contact us on 0161 923 8065.

  • My address has changed - what do I need to do?

    Please write to us advising of your new address. Alternatively you can download our change of address form and send this to our head office.

  • I am moving abroad – what do I need to do?

    Please contact us on 0161 923 8065 to discuss this further as account restrictions may apply and/or additional documentation may be required.

  • My personal details have changed – what do I need to do?

    Please write to us with details of the change along with the appropriate documents as proof. We require either the original or a certified copy* of your official document i.e. marriage certificate or change of name deed.

    *For more details on identification and certifying documents please see our Identification Requirements.

  • What do I do if I need to register a death?

    Please write to our head office with details of the account holder, enclosing the original or certified copy* of the death certificate. If the account has a passbook please also supply this.

    *For more details on certifying documents please see our Identification Requirements.

  • I’ve lost my account documents or passbook, what do I do?

    Please contact us on 0161 923 8065 if you require a duplicate statement of account.

    If you have lost or had your passbook stolen please contact Customer Services immediately on 0161 923 8065. We will require a signed lost passbook declaration form, which you can download here and return it to our head office.

  • Am I sent a 975 Tax Certificate at the end of the tax year?

    We do not automatically issue tax certificates at the end of the tax year or on account closure. Please contact us on 0161 923 8065 if you require a tax certificate. Tax certificates showing deduction of tax are available for tax years up to and including the tax year ended 5th April 2016. For subsequent tax years, all savings interest is automatically paid without deduction of tax.

  • How do I add someone else on to my savings account?

    We will require the following:

    • Written authority from the existing account holder.
    • The account passbook where the account has one will need to be supplied (Please note not all savings and ISA accounts have passbooks).
    • A new application form completed by the new and existing customer.
    • A signed copy of the Information Sheet about the FSCS as acknowledgement of receipt.
    • A personal cheque (for the minimum of £1) from the new account holder. The deposit must be from a bank or building society account held in the new account holder's name.
  • How do I remove someone from my savings account?

    We will require a written request signed by all existing account holders. If the account has a passbook this will need to be supplied.

  • How do I transfer my Manchester Cash ISA to another provider?

    Check the terms of your account for any notice or penalty conditions which may apply. You can give notice on your ISA over the phone.

    To complete the transfer we will need to be in receipt of a Transfer Authority from your new provider.

  • How do I transfer a Cash ISA to my Manchester ISA?

    Ensure that your Manchester ISA is eligible to receive transfers in from other ISA providers by referring to the Key Product Features of your account (please note that we do not accept transfers of Stocks and Shares ISAs).

    Complete an ISA Transfer Authority form for each ISA you wish to transfer, ensuring you write your Manchester account number at the top of the form.

    Return the form to us and we will contact your current ISA provider directly.

    Please note that any transfers may be subject to fulfilling the terms and conditions of the account being transferred.

  • Can I use an additional permitted subscription (APS) allowance (in respect of a deceased ISA holder) with the Society?

    The Society is currently unable to accept APS payments into its Cash ISAs. However, we can assist you in transferring an APS allowance to be used with an APS accepting ISA provider.

    In order to provide the value of an APS allowance, we will require the death to have been registered with the Society (if not already done so) and a completed APS information request form.

    Subject to the APS rules and eligibility requirements being met (and any checks we may reasonably require), we will write to confirm the value of the APS allowance. You will then need to find and choose an APS accepting ISA provider and complete an APS transfer authority form with them to arrange for the transfer of the allowance.

    If you require further information or an APS information request form, please contact us on 0161 923 8065.

Closing or transferring your account

  • How do I close my account?

    Account closures can only be processed at our Manchester branch or by post from our Head Office, and are not available through our agency network.

    To close an account please write to us (where your account has a passbook please enclose this with your written request). Where an account has a notice period, closure will be deferred unless you request immediate closure and the terms and conditions of your account allow this.

    All closure requests are processed on the day of receipt and for easy access accounts, cheques are sent out the same day by first class post. For notice accounts, the cheque will be sent to you by first class post on the day the notice period ends.

  • How do I provide notice on my account?

    You can provide notice in writing, through our agencies, our Manchester branch or simply by phoning us on 0161 923 8065 during our office hours.

    Where notice has been provided verbally, written confirmation of your instructions must be received at Head office before the notice maturity date.

    Where your account has a passbook please provide this with your instructions.

  • How soon can I withdraw money against a cheque paid into my account?

    Subject to your account's withdrawal conditions, cheques paid into your account can be drawn against from the sixth Bank working day after the day of deposit.

  • Can I transfer my account to another in your savings range?

    Yes, subject to fulfilling the terms and conditions of both your existing and new accounts. We can switch your account over the phone, please contact us on 0161 923 8065 for more information.

  • How do I transfer my Manchester Cash ISA to another provider?

    Check the terms of your account for any notice or penalty conditions which may apply. You can give notice on your ISA over the phone.

    To complete the transfer we will need to be in receipt of a Transfer Authority from your new provider.

  • My new Cash ISA provider is requesting a sort code and account number, what are these?

    Our accounts do not have a sort code, you only need to quote your 10-digit Manchester account number.

  • How will my Cash ISA funds be transferred to my new provider?

    We will send your new provider a cheque by first class post. Your new provider will backdate the interest on the ISA funds to the first day when interest is no longer paid by us.

  • Do you offer part transfers of Cash ISA funds?

    Yes, you can specify the amount you would like to transfer however please note that current year's subscriptions cannot be split. When carrying out part transfers, please bear in mind the minimum balance of the ISA you hold with us.

What we are saying

  1. 2016 AGM: Members’ Votes Raise Money for Charity

    Published:30 June , 2016 in category: Blog

    Manchester Building Society's AGM took place on Friday 10th June 2016 at Manchester Art Gallery. As a mutual, owned by and operated for its members, the Society invites members to take part in and vote at the Society’s AGM each year.

    Find out more