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Trust 30 Day Notice

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  • Trust 30 Day Notice

    • Overview
    • Interest Rates
    • How to Apply
    Full Details
    • Account name
      Trust 30 Day Notice
    • What is the interest rate?

      £50,000+      1.00% gross pa / AER*

      £100+           0.85% gross pa / AER*

    • Can Buckinghamshire Building Society change the interest rate?
      Yes, interest rates are variable and we can change them at any time. We will inform you before we do this. Section 7 of our General Terms and Conditions has full details.
    • What would be the estimated balance after 12 months based on a £1,000 deposit?

      The estimated balance after 12 months based on an initial deposit of £1,000 would be £1,008.50.
      This estimation assumes that £1,000 is deposited on 1 January with no deposit or withdrawal transactions made and interest subsequently paid gross on 31 December. These figures are for illustrative purposes only.

    • How do I open and manage my account?

      The minimum balance is £100 and you can save up to a maximum of £500,000.

      Open an account by cheque or bank transfer. UK based Trusts only are acceptable. You will need to send us a copy of the Trust Deed along with your application.

    • Can I withdraw money?

      Yes if you give us 30 days notice in writing you can withdraw by cheque or bank transfer. You can also withdraw money immediately subject to 30 days penalty loss of interest.

    • Additional information
      Interest is paid annually at 31 December into the account or into your nominated bank account as stated on your application form.
    Effective: 01 May 2019
    Balance Gross PA/AER
    £50,000 1.00%
    £100 0.85%
    Previous rates effective: 01 July 2018
    Gross PA/AER
    0.75%
    0.60%
    If the balance falls below £100, a variable rate of 0.10% Gross / AER will be paid.

    Interest is calculated daily and paid annually at 31 December into this account.

    To Open an Account

    Download and complete the application form and return it with a copy of the Trust Deed to us by post or to the branch.

    Financial Services Compensation Scheme

    You must read the Information Sheet which gives all the details of the FSCS and how you are covered.

    The FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA).

    Verifying your Identity

    In order to help you to keep your money safe from fraud we verify the identity of all Trustees and beneficiaries where possible. Click here to see the list of required ID documents.

How much can I save?

  • You will need a minimum amount of £100 to open this account.
  • The maximum balance is £500,000.

What do I need to know before opening this account?

  • The account is available to the following types of UK based Trust:
    • Bare / Simple Trust
    • Will Trust
    • Life Interest Trust
    • Discretionary Trust
    • Accumulation and Maintenance Trust
    • Charitable Trust
  • You can pay money in up to a maximum of £500,000.
  • The opening investment must be by cheque or bank transfer. The account may not be opened with cash.
  • The nominated bank account must be in a UK bank. We do not accept transfers from overseas.
  • This is a deposit account which does not confer membership of the Society.
  • The beneficiary, or beneficiaries, should be named on the Trust Deed.
  • We do not accept offshore Trusts.

How can I take my money out?

  • You can take your money out in accordance with the Trust Deed by giving us 30 days notice in writing by cheque or bank transfer.
  • Immediate withdrawals are permitted subject to 30 days penalty loss of interest.
  • You will need to bring your passbook to us in person or send it to us by post.
  • Cash withdrawals are not permitted.
  • We do not permit bank transfers to third parties.
  • Cheque withdrawals to third parties must be specifically requested by the Trustee and agreed by the Society's management.
  • Faster payment transfers are limited to £100,000.

Can I cancel?           

We operate a 14 day cancellation period from the date you open the account. If you change your mind you will receive back your original capital plus any interest accrued.

Tax Residency

We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.

How will my interest be paid?

The interest rates are variable and we can change them at any time. Interest can be paid annually at 31 December into the account or into your nominated account as stated on your application form. 

Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC. The Society has a legal obliation to supply HMRC with particulars of interest paid.

  • Basic rate taxpayers can earn up to £1,000 interest on savings tax free.
  • Higher rate taxpayers can earn up to £500 interest on savings tax free.
  • Additional rate taxpayers will pay tax on all savings interest earned.

How much can I save?

  • You will need a minimum amount of £100 to open this account.
  • The maximum balance is £500,000.

What do I need to know before opening this account?

  • The account is available to the following types of UK based Trust:
    • Bare / Simple Trust
    • Will Trust
    • Life Interest Trust
    • Discretionary Trust
    • Accumulation and Maintenance Trust
    • Charitable Trust
  • You can pay money in up to a maximum of £500,000.
  • The opening investment must be by cheque or bank transfer. The account may not be opened with cash.
  • The nominated bank account must be in a UK bank. We do not accept transfers from overseas.
  • This is a deposit account which does not confer membership of the Society.
  • The beneficiary, or beneficiaries, should be named on the Trust Deed.
  • We do not accept offshore Trusts.

How can I take my money out?

  • You can take your money out in accordance with the Trust Deed by giving us 30 days notice in writing by cheque or bank transfer.
  • Immediate withdrawals are permitted subject to 30 days penalty loss of interest.
  • You will need to bring your passbook to us in person or send it to us by post.
  • Cash withdrawals are not permitted.
  • We do not permit bank transfers to third parties.
  • Cheque withdrawals to third parties must be specifically requested by the Trustee and agreed by the Society's management.
  • Faster payment transfers are limited to £100,000.

Can I cancel?           

We operate a 14 day cancellation period from the date you open the account. If you change your mind you will receive back your original capital plus any interest accrued.

Tax Residency

We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.

How will my interest be paid?

The interest rates are variable and we can change them at any time. Interest can be paid annually at 31 December into the account or into your nominated account as stated on your application form. 

Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC. The Society has a legal obliation to supply HMRC with particulars of interest paid.

  • Basic rate taxpayers can earn up to £1,000 interest on savings tax free.
  • Higher rate taxpayers can earn up to £500 interest on savings tax free.
  • Additional rate taxpayers will pay tax on all savings interest earned.

Further Information

To Open an Account

Download and complete the application form and return it with a copy of the Trust Deed to us by post or to the branch.

Financial Services Compensation Scheme

You must read the Information Sheet which gives all the details of the FSCS and how you are covered.

The FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA).

Verifying your Identity

In order to help you to keep your money safe from fraud we verify the identity of all Trustees and beneficiaries where possible. Click here to see the list of required ID documents.