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Trust 30 Day Notice

  • 30 days notice is required for withdrawals
  • Access is by post or at our branch
  • Immediate access is allowed with 30 days penalty loss of interest
  • Summary
  • Important InformationInfo
  • How to Apply
  • Account Name

    Trust 30 Day Notice
  • What is the interest rate?

    £50,000 + 1.00% Gross PA/AER
    £100 + 0.85% Gross PA/AER
    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.

  • Can Buckinghamshire Building Society change the interest rate?

    Yes, interest rates are variable and we can change them at any time. Any changes will be made in accordance with Section 7 of our General Terms and Conditions which sets out when we can vary the interest rate and how and when we will notify you.

  • What would be the estimated balance after 12 months based on a deposit of £1000?

    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 at 31 December.

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

  • How do I open and manage my account?

    • The minimum balance is £100 and you can save up to a maximum of £500,000.
    • We accept the following types of UK based Trust:
      • Bare / Simple Trust
      • Will Trust
      • Life Interest Trust
      • Discretionary Trust
      • Accumulation and Maintenance Trust
      • Charitable Trust
    • We do not accept offshore Trusts.
    • The beneficiary, or beneficiaries, should be named on the Trust Deed.
    • The opening investment must be by cheque or bank transfer. The opening cheque must match your nominated bank account or a recent statement that shows the nominated account in the name of the member.
    • The account may not be opened with cash.
    • We do not accept any overseas bank transfers.
    • We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.
  • Can I withdraw money?

    • Yes, you can take money out in accordance with the Trust Deed by giving us 30 days notice. You can withdraw by cheque or bank transfer by writing to us and sending your passbook. Immediate withdrawals are available subject to 30 days penalty loss of interest.
    • Cash withdrawals are not permitted.
    • We do not permit bank transfers to third parties. Cheques 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.
  • Additional Information

    • Gross interest 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.
    • 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.
    • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to 2 decimal places.
    • We have no current plans to withdraw this product although it can be withdrawn without notice.

You should read this information carefully in conjunction with our General Savings Terms and Conditions to ensure you understand them.

As this is a deposit account, you will not become a member but you will be bound by the Society’s Rules, a copy of which is available on request.

The Society operates a 14 day cancellation period, so if you change your mind about opening an account you will receive back all your original capital plus any interest accrued.

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 the 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.