THE LOUGHBOROUGH BUILDING SOCIETY - where people make the difference

Commercial Accounts

Non individuals, e.g. charities, limited companies, pension funds, clubs, societies, etc. are restricted under the Building Societies Act to holding only deposit accounts with the Society.

Interest
Interest will be payable net of income tax at the rate prescribed by law (currently 20%), or, subject to the required certification, gross. If your organisation is eligible to receive interest gross at source, please ask for Form 6F for completion from your local branch.

Opening an account
The majority of deposit accounts will be opened in accordance with minutes of a meeting authorising the officers of the organisation to act accordingly. A copy of these minutes should accompany a completed application form, otherwise a written request on an official letterhead signed by the officers should be presented. The Identification requirements relate to all the operators who will be operating the account. The Society would normally expect at least three operators on these types of account of which at least two would sign on all occasions.

Local Community
As the local Society, the Loughborough is keen to support the local community. The Society welcomes enquiries to see if it can assist in raising the profile of local charities and other organisations through it’s Community Awards as well as offering account facilities to them. Details of the Awards Scheme are available on request.

Special interest rates
Special interest rates are also negotiable for larger sums through the Society’s treasury department on application to the Finance Director or Finance Manager at Head Office. Both instant access and fixed term deposits can be invested at competitive rates.

Company deposits can also be placed on either an instant access or fixed term deposit basis.

Instant Access Deposit Account
Straightforward instant access account with withdrawals at any time subject to Society withdrawal limits

Minimum balance of £10 required to open the account and a maximum of £500,000

Interest is variable and is added annually on 31 March or can be paid to a bank or another Loughborough account

30 Day Deposit Account
Minimum balance of £10,000 and maximum of £500,000

30 Days notice or 30 Days interest penalty required for withdrawals

Interest is variable and is added annually on 31 March or can be paid to a bank or another Loughborough account

Client Account
Variable interest rate account linked to bank base rate

Instant access subject to Society withdrawal limits

Minimum balance of £50,000 and maximum of £500,000

Interest is is added annually on 30 June or can be paid to a bank or another Loughborough account

Full details, including current interest rates, are available from the Finance Director or Investment Manager at our Head Office on 01509 631 961

Click here to see our Commercial Savings & investment interest rates

How to apply
If you wish to apply for any of our Savings Accounts please make sure you have read the full product details, then click here to download an application form.