THE LOUGHBOROUGH BUILDING SOCIETY - where people make the difference

Savings & Investments

General Information

How to Open a Savings Account
To open an account you will need to complete an application form and take it, or post it, to your nearest branch office together with your initial investment and identification. Postal Account applications must be sent to our Head Office.

You will need to provide 2 pieces of identification, one with your name and signature on, such as a driving licence or passport, and one with an address on, such as a utility bill. If you intend to open an account via the post, you will need to provide an additional piece of identification. We will not be able to open an account for you until all pieces of suitable identification have been received. To guard against the dangers of postal interception and fraud, please do not send original personal documents by post, but send copies certified by a professional person.

For further information on why proof of identification is required please ask for a copy of the leaflet 'Proving Your Identity', published jointly by the Building Societies Association and the British Bankers Association and 'Fighting Crime and Terrorism: we need your help' published by HM Treasury, The National Crime Intelligence Service and the Financial Services Authority.

General Terms and Conditions
A copy of the Society’s General Terms and Conditions for Investment Accounts is given to all new account holders and is available to all prospective customers. A copy can be downloaded from the Savings & Investments page of this site.

Changing Your Mind
Whenever you open an account, you have 14 days to decide whether it is the right account for you, unless it is a fixed rate account. If you decide to close or transfer the account within this time, you can do so without notice or penalty.

Minimum and Maximum Account Balances
The minimum and maximum amounts that can be held in any particular account are set out in the description of each account. The overall maximum holding with the Society for individual or joint account holders is £750,000.

Joint Accounts
Although joint accounts are convenient, it is very important that you understand the consequences of having an account in more than one name. For more details, please ask for our Terms and Conditions booklet and the leaflet "You and Your Joint Account" published by the British Bankers Association.

Interest Rates
A link to the current interest rates for variable rate accounts is to be found on the Savings & Investment page of this site. Details of changes to interest rates will be notified to all customers with a minimum balance of £100 within 30 days, published within 3 working days in our branches and updated on the Society’s website.

Charges
Click here for details of our sundry charges. If we introduce or increase a charge, we will give you at least 30 days notice before the change comes into effect.

Withdrawals
Withdrawal limits for pass book accounts are up to £500 in cash or £25,000 by cheque per day on demand at each branch office of the Society. Larger amounts are available provided you give at least 24 hours notice. The pass book must be produced at the time of the withdrawal and cheques cannot be drawn against until 7 working days (6 from 1 December 2007) after the date of deposit.

Account Details
The address that you provide in the application form will be the registered address for you. It is your responsibility to notify us in writing of any change together with documentary evidence.

Statements
We will only send you a statement of account annually if you do not have a pass book recording the transactions on your account. You should check all statements carefully and if there is an entry which seems to be wrong, you should notify us as soon as possible.
A tax certificate may be requested each year for all accounts.
A charge will be made if a duplicate statement or certificate is requested.