Home Savings at The Loughborough Which savings account is right for me? Non Individual Accounts

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Non Individual Accounts

Deposit 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 can only be paid 'Net' until the Society has received appropriate evidence of the status of the depositor.  Such evidence include:
    • Charities: Registered Charity Number
    • Clubs/Societies/Companies:  Constitution Rules, Memorandum and Articles of Association
    • Pension Schemes:  HMRC Approval letter

Once the status of the depositor has been confirmed, interest MUST be paid 'Gross'.

  • A tax statement may be requested each year free of charge.

  A charge will be made if a duplicate statement is requested.

  • 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 a 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.

Please use jargon buster and FAQ's to further advice or call us on 01509 631960

Instant Access Deposit Account

Summary Box - Key Product Information for our Savings Accounts

Account Name

Instant Access Deposit Account

Interest Rates (AERs)

• See a full list of our current interest rates

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

Tax Status

 Interest 
Interest can only be paid 'Net' until the Society has received appropriate evidence of the status of the depositor.  Such evidence include:
  • Charities: Registered Charity Number
  • Clubs/Societies/Companies:  Constitution Rules, Memorandum and Articles of Association
  • Pension Schemes:  HMRC Approval letter

Once the status of the depositor has been confirmed, interest MUST be paid 'Gross'.

  • A tax statement may be requested each year free of charge.

   A charge will be made if a duplicate statement is requested

 

Conditions for bonus payment

• N/A

Withdrawal arrangements

• Instant access subject to Society limits.

Access

• Branch / Post.  Download an application form to complete and send or bring into a branch with relevant ID and initial deposit.

 

• Minimum Opening Balance: £10.
• Maximum: £500,000. subject to overall Society limit of £750,000.
• 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.
• Details of a Client Account for solicitors are available on request.

Protected Deposits
Firms should take note of the Financial Services Compensation Scheme (FSCS) rules in respect of "pooled" arrangements; in particular, the exclusion from protection of 'non-nominative' deposits and the consideration of identifying underlying depositors.

Further information can be sourced within the FSA Compensation Handbook (COMP) and at www.fscs.org.uk

How to apply

Opening an account with The Loughborough could not be easier – in the product information above is an application form, download and complete this form and take or post it to your nearest branch.

You will also need to bring along identification and your initial investment. All postal applications need to be sent to our Head Office

Alternatively, you can call us on 01509 631 960 or request a call back at a time convenient to you.

 

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