Access X4 Business Deposit Account
Key features
- This is a variable rate product
- Minimum opening amount and balance £1,000.
- Maximum account balance £250,000 subject to the overall Society limit of £750,000.
- Four withdrawals per account year (1st April-31st March) are allowed without notice or penalty, subject to the Society’s daily limits
- Available to new and existing members and depositors aged 18 years and over residing in the United Kingdom.
- A passbook will be issued when the account is opened.
This savings account may be right for you if …
- you’re happy with a variable interest rate
- you’d like to be able to add to your account
- you’re wanting to use the account to save
- you’re account is in the name of a business, club, entity listed in the help sheet
- you’re happy to operate your account with a passbook via the branches or the post
- Rate
- 2.70%
- Interest paid
- Annually
Summary information
What is the Interest Rate?
-
- Interest is variable and the rate is currently 2.70% Gross/AER*.
- Interest is calculated daily and will be paid annually on the 31st of March.
- Interest can be credited to the account, paid to a bank or transferred to another account with the Society (except ISAs). Interest can only be paid to an account held in the business name.
- A full list of our current interest rates can be found on our Interest rate poster.
Can the Loughborough Building Society change the Interest Rate?
-
- We may change interest rates at any time.
- For further information about why we may change the rate and how we will tell you about a change, please refer to section 7.4 of the Society’s General Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
-
- Based on the current interest rate, if you deposited £1,000 in this account, after 12 months you would have £1,027.
- Please note that these projections are provided for illustration purposes only and assume that no other changes take place on the account.
How do I open and manage my account?
-
- To open an account, you need to provide a completed application form, the minimum investment of £1,000, proof of the entity’s identity and address together with proof of identity and address for all signatories.
- Maximum account balance £250,000 subject to the overall Society limit of £750,000.
- Available to new and existing members and depositors aged 18 years and over residing in the United Kingdom.
- This account can be operated via branch and post.
- A passbook will be issued when the account is opened.
Can I withdraw money?
-
- Four withdrawals per account year (1st April-31st March) are allowed without notice or penalty, subject to the Society’s daily limits
- All withdrawals are subject to maintaining the minimum account balance of £1,000.
- The account may be closed, even if 4 withdrawals have been made.
- A passbook must be presented when a withdrawal is requested
Additional Information
-
- Where interest is to be paid to another account with the Society or to a bank account, the account holder must specify this and provide full details.
- Interest is payable gross (no tax is deducted).
- *Gross means the contractual rate of interest payable before the deduction of income tax. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
How to apply
Opening an account is easy and you can do that in any of our branches or by post.
Simply download, print and complete the application form. Then return your completed form, items to prove the entity’s identity and address, the necessary identification for all signatories to the account and opening cheque to your preferred branch or post it to Loughborough Building Society, 56 Woodgate, Loughborough, LE11 2TZ, alternatively, you can scan your completed, signed application and identity documents to [email protected]. An electronic payment can be made once the account is opened.
Cheques must be payable to the account holder.
For postal applications we will accept photocopy or scanned documents, not photographs. The copy must be a clear, readable version of the full original document.
You should read all the product information to ensure this account is right for you and also the Financial Services Compensation Scheme Information Sheet and our General Terms and Conditions.
Download application form
Financial Services Compensation Scheme
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. It’s important that you read the FSCS Information Sheet. It provides basic information about the protection of your savings deposits.
Still need help?
Our help section is full of useful information, but if you can’t find what you need you can pop into one of our branches. Or if you’d rather just chat, give us a call.
Call us on 01509 631960
Monday – Friday
9am – 5pm
Weekends and bank holidays
Closed