Opening an account with The Loughborough could not be easier – simply read through our Terms & Conditions, complete an application form and take or post it to your nearest branch office along with your initial investment and identification. All postal account applications must be sent to our Head Office.

We may be able to verify your identity without the need for you to send any documents. However, to ensure that your application is not delayed, please send a certified copy of one of the following government issued documents:

Government issued documents with a photograph include:
• Valid passport.
• Valid photocard driving licence (full or provisional).
• National Identity card (non-UK nationals).
• Firearms Certificate or Shotgun Licence.
• Identity Card issued by the Electoral Office for Northern Ireland.

If you are unable to send one of the above documents, we will need to see a certified copy of a government issued document incorporating your full name (without a photograph) plus a second document which should include:

• Your full name and either your residential address or your date of birth.

Please see the table below for examples, bearing in mind you will need one certified copy from both List A and List B:

List A
• Valid (old style) full UK driving licence.
• Recent evidence of entitlement to a state or local authority-funded benefit (including housing benefit and council tax benefit), tax credit, pension, educational or other grant for Northern Ireland.

List B
• Instrument of a court appointment (such as liquidator, or grant of probate).
• Current council tax statement or demand letter
• Current bank statement or credit/debit card statement issued by a regulated firm in the UK, EU or equivalent jurisdiction (but not ones printed from the internet).
• Utility bill (but not ones printed off the internet).

We will not be able to open an account for you until the identity of all applicants has been verified. Copies of any documents should be certified by an appropriate person (such as solicitor, accountant, bank or building society official or other FSA regulated individual), who is not a relative. The certification should show the name and address of the witness and a statement that ‘This is a true copy of the original’ complete with the date.

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 can be found on the Savings & Investment page of this site. Details of changes to interest rates will be published in at least two newspapers and will be displayed, within 3 working days of the change, 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 6 working days 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.

Financial Services Compensation Scheme
The Society is a member of the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from this Scheme if we cannot meet our obligations.

The limit of compensation payments under the Scheme is 100% of the first £50,000 of an investors total shares and/or deposits in the Society unless you are:

• A large company
• A large partnership
• A large mutual association
• A local, provincial or municipal authority
• A director or manager of the Loughborough Building Society or a close relative of a director or manager of the Society
• A credit institution
• An overseas financial services institution,
• An operator or trustee of a collective investment scheme,
• A pension and retirement fund or a trustee of such a fund,
• A supranational institution,
• A government, or central administrative authority,
• A person holding 5% or more of the capital of Loughborough Building Society
• The auditors of Loughborough Building Society,
• A person considered responsible for the default of the society which triggers the FSCS,
• A person whose claim arises from transactions relating to conviction they have received for money laundering.

Further details of exclusions from FSCS cover can be found on the Financial Services Authority website.