Eligibility
- Minimum investment of £500
- Maximum balance of £5 million
- Balances greater than £5 million can be held by special arrangement only
Deposits
Deposits can be made by
- Telephone or post
- Cheques from an account held in your client's firm’s name (building society cheques need to be verified by issuing branch)
- Third-party cheques are not permitted
- Regular or occasional transfers by Direct Debit from an existing current account in your client's firm’s name
- Complete a Direct Debit mandate to use this facility
- There must be cleared funds in the account
- Regular monthly transfers of additional funds can be arranged
Withdrawals
- No notice period or charges for withdrawals from easy access (instant transfer) option
- 7 day notice period for the 7 day notice option
- If early withdrawal is agreed we’ll deduct the equivalent of 7 days’ gross interest on the amount withdrawn from the account balance
- Withdrawals will be paid by electronic funds transfer direct to the nominated bank or building society current account
- Instructions can be given by telephone or post
- Minimum transfer is £100
- Transfers from Instant Transfer option are free of charge provided there is one business days notice
- Same day transfer is available if the request is made before 2pm and is subject to an administration charge, currently £25
Interest payments
- Interest is normally paid into your account annually or quarterly, on the first day of January, April, July and October
- A monthly interest payment option is available for balances over £50,000
- Interest can be paid into your account without deduction for tax, subject to the appropriate documentation
Tax
Interest will be paid gross without deduction of base rate tax subject to confirmation of tax status as evidenced by the following
- Company Certificate of incorporation
- Pension Fund Evidence of HM Revenue & Customs (HMRC) scheme reference number
- Association Latest annual accounts signed by auditors or Deed of Constitution
- Individual Appropriately completed HMRC registration form
- Trusts Copy of an HMRC ruling on the Trust
- Charity Evidence of the Charity Registration Number
- Others Please contact our customer service staff
Important notice
Please note that charges, terms and limits may change. We may change the selection of funds that we make available. There may be restrictions on the amount that can be invested in certain funds. Please contact us for details of any restrictions that apply. Tax treatment depends on the individual circumstances of your client and may be subject to change in the future.
