Client Deposit 95 Day Notice

2.85% Gross PA/AER

If the balance falls below £100, a variable rate of 0.10% Gross pa / AER will be paid. Interest is calculated daily and paid annually at 31st December into the firms nominated account as stated on your application form.

Yes, interest rates are variable and we can change them at any time. Any changes will be made in accordance with Section 8 of our General Terms and Conditions which sets out when we can vary the interest rate and how and when we will notify you.

The estimated balance after 12 months based on a deposit of £1,000 would be £1,028.50.

This estimation assumes that £1,000 is deposited on 1st January with no deposit or withdrawal transactions made and interest subsequently paid gross at 31st December.

This projection is provided for illustrative purposes only and does not take into account your individual circumstances.

• The account is available to solicitors, Brokers, Accountants, Financial Advisers and Estate Agents to hold Client funds.
• The Society will comply with thee Rules as laid down by the SRA and the FCA in relation to the client funds held in a building society account.
• You can open an account with a minimum of £100 and save up to £750,000.
• Accounts are available for UK organisations only. We do not open accounts where any individual signatory has a foreign tax residency, even though they may also hold UK tax resident status.
• The firm's nominated bank account must be in a UK bank. Bank transfers from overseas are not permitted.
• The account is suitable for undesignated client funds only.
• Complete all sections of the application form and return it to us.

• Yes, you can take your money out by giving us 95 days notice in writing. Immediate withdrawals are permitted subject to 95 days penalty loss of interest.
• You can withdraw by cheque in the name of the firm or bank transfer to the firm’s nominated bank account by writing to us and sending us your passbook.
• Faster payment transfers are limited to £100,000 into the firm’s nominated account.

• Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. We will pay interest at the gross rate. It is your responsibility to declare any interest you earn to HMRC. The Society also has a legal obligation to supply HMRC with particulars of interest paid.
• AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
• The receipt of interest gross by a company will not prevent that interest from being liable to corporation tax.