Savings Accounts for Business

Transcription

1 Savings Accounts for Business Branch Saver Notice Saver Direct Access Savings

2 Savings Accounts for Business Branch Saver Notice Saver Direct Access In this Product Features leaflet we have set out the features and benefits of the accounts we offer for corporate entities including: Limited Liability Partnerships (LLP s), Limited Companies, Housing Associations and Charities, so that you can decide whether one of the accounts featured in this leaflet will suit your organisation s needs. You will find the variable interest rate details, the General Conditions booklet and an application form as separate enclosures to this leaflet. How to contact us For more information please call us or us (see last page for relevant contact details), alternatively please visit our website ncbs.co.uk/savings In summary For ease of use we have listed a short summary of the three accounts that are available to choose from. Our Branch Saver deposit account is ideal if you want to have easy access to your savings via our branch in Epsom. Branch Saver key features: Save from 1,000 up to 500,000 Traditional passbook account for use exclusively at our Epsom branch Add to your savings by cash, cheque or direct credit from your organisation s bank account Withdrawals available by cash, cheque or transfer to another National Counties account Unlimited number of withdrawals, subject to cleared funds being available Interest paid annually on 1 February. Our Notice Saver deposit account is suitable for savings that will not need to be used in the short term. Notice Saver key features: Save from 1,000 up to 500,000 Add to savings by post, direct credit from your organisation s bank account or by visiting our Epsom branch Withdrawals available with no penalty after 45 days notice All withdrawals will be paid directly into the organisation s pre-nominated bank account Tiered variable interest rate Unlimited number of withdrawals, subject to cleared funds being available Interest paid annually on 1 June each year. Our Direct Access deposit account is ideal if you wish to have easy access to your savings via our branch or through the post. Direct Access key features: Save from 1,000 up to 500,000 Add to savings by post, direct credit from your organisation s bank account or by visiting our Epsom branch Up to twelve withdrawals are available without notice or penalty each calendar year Withdrawals available by post or at our Epsom branch Withdrawals can be paid directly into the organisation s pre-nominated bank account Tiered variable interest rate Interest paid annually on 1 February. The Financial Conduct Authority is a financial services regulator. It requires us, National Counties Building Society, to give you this important information to help you to decide whether our Savings Accounts for Business is right for you. You should read this leaflet carefully so that you understand the key product features for this account, and then keep it safe for future reference. For more information please call us or us (see last page for relevant telephone numbers), alternatively please visit our website ncbs.co.uk/savings 2

3 Opening an account You can open a Direct Access or Notice Saver account by post or by visiting our branch in Epsom. The Branch Saver account must be opened and operated at our branch in Epsom. Who can open this account? Accounts can be opened by Limited Companies, LLP s, Housing Associations or Charities. The organisation must be UK based for tax purposes. Our savings accounts for business are not designed for use as a current account. As such we reserve the right to close an account where it appears to be used for this purpose. What do you need to do? The chosen account will be opened when we receive the: Fully completed Deposit Account application form Opening investment: minimum 1,000, maximum 500,000 Evidence of identity for each authorised signatory, Director, Partner, Shareholder (as applicable) Satisfactory evidence of the organisation. If the account is to be opened by cheque, please make it payable to National Counties Building Society, followed by your organisation s name and cross it account payee only. Unless your organisation has an existing open National Counties account, we will require at least one cheque to be drawn against the organisation s account to allow the new account to be opened. If you are unable to provide a cheque, and the funds are to be drawn from another bank or building society account, please ensure that the cheque is endorsed on the reverse, by the drawing cashier, to the effect that the funds are drawn from an account in your organisation s name. Identification requirements We are required by law to verify the name and address of all new members, and make enquiries about the organisation and it s ownership structure. Limited companies will need to supply the original or certified copy of the Certificate of Incorporation, or Memorandum and Articles of Association, and, if appropriate, Certificate of Incorporation on Change of Name, together with a certified copy, on headed notepaper of a Board resolution to open the account, specifying who the signatories will be and the number required to operate your account. Limited Liability Partnerships will need to supply the original or certified copy of the Partnership Agreement, or Certificate of Incorporation, together with a certified copy on headed notepaper of a Member resolution to open your account, specifying who the signatories will be and the number required to operate your account. Registered Charities will need to supply the registered charity number and a letter from the charity s governing body stating their intention to open the account with the Society, specifying who the signatories will be and the number required to operate your account. New signatories Unless you are a sole Director, there must be at least two signatories on the chosen account. To check the signatories identities we will make searches at a credit reference agency that will supply us with information, including details from the Electoral Register. The searches will not be seen or used by lenders to assess ability to obtain credit. If we are unable to verify identities by this method we will be unable to open your account until we receive further identification. In this instance we will advise you of the additional documentation required. Existing If the organisation s signatories already have an open National Counties savings or mortgage account, their signature matches our records and their name and address haven t changed, they will not need to provide further evidence of their identity. 3

4 Adding to your savings For all accounts you may save from a minimum of 1,000 up to a maximum of 500,000. Please note that for the Branch Saver you can only transact on the account at our Epsom branch. By bank transfer You can send additional savings directly from your organisation s bank account. You will need the following details: Payee: National Counties Building Society Payee s bank sort code: Payee s bank account number: Payee s reference: Your organisation s ten digit National Counties account number By cheque Cheques can be sent through the post and should be made payable to National Counties Building Society followed by your organisation s account number and crossed account payee only. By cash Cash deposits will only be accepted in person at our Epsom branch (up to 2,000 per organisation, per day). If your organisation has more than one National Counties savings account this amount may be split across them all, subject to additions being accepted, but can not exceed this limit in total. Availability of funds paid in Please refer to Section nine of our General Conditions booklet for more information about when money paid in becomes available for withdrawal or transfer. Taking money out Withdrawal terms are specific to each account type and may be made in the following ways: Cash withdrawals of up to 300 per day may be made at our Epsom branch, subject to the organisation s signatory requirements (specified at application) being met. Cheque withdrawals will be by crossed cheque, payable to the organisation and sent to the registered account address. Cheques payable to third parties are not available. The maximum withdrawal immediately available by cheque from our branch is 50,000. Cheques for larger amounts can be requested in writing and will be returned to the registered address on the account or be available for collection from our branch after 11am on the working day after the withdrawal request is received. Please tell the cashier which option you require at the time your withdrawal instruction is given. Direct credit withdrawals will be paid to the organisation s pre-nominated UK bank or building society account. These automated payments will be sent via the Faster Payments Scheme provided it is available and the sort code of the receiving bank or building society can receive payments through the Faster Payments Scheme. The payment will reach the destination bank or building society no later than the end of the next working day, or possibly sooner. Please refer to Section 10 of the General Conditions booklet for more information, including details of the cut-off times applying to withdrawal requests. To register new bank or building society details please send us an original statement for the account, issued within the last three months, and showing your organisation s name as the account holder. Cash at our branch (max. 300) Cheque at our branch (max. 50,000) Cheque by post Direct credit to bank account Branch Saver Notice Saver Direct Access All withdrawals are subject to sufficient cleared funds being available. 4

5 Branch Saver All withdrawals must be made at our Epsom branch. The account passbook must be presented each time a withdrawal request is made and the authorised signatories must be present in person. Notice Saver All withdrawals are paid by direct credit to the organisation s pre-nominated bank or building society account and are available without penalty after 45 days notice. As immediate withdrawals are not allowed the Notice Saver account could be unsuitable if immediate access is needed to the money invested. If a proposed withdrawal would reduce the balance below 1,000 the Notice Saver must be closed or the amount of the withdrawal reduced. Notice for a withdrawal can be given in writing or by visiting our Epsom branch, subject to the organisation s signatory requirements (specified at application) being met. Once notice has been given for a withdrawal it may be cancelled but not varied. This means that an increase in the amount, or a change to the date, of the withdrawal requires a further 45 days notice to be given. Direct Access Withdrawal instructions can be given by post or by visiting our Epsom branch, subject to the organisation s signatory requirements (specified at application) being met. Up to 12 withdrawals are available without notice or penalty each calendar year, subject to cleared funds being available in your account. This annual limit applies to all withdrawal transactions, including transfer(s) to other National Counties accounts. The closure of your account is classed as a withdrawal. Interest The account you choose will pay a variable rate of interest which we are able to alter with immediate effect. The interest earned, which is paid annually on 1 June for the Notice Saver and 1 February for the Branch Saver and Direct Access, will be added to the account. If you prefer, interest can be paid to another account held by the organisation with us or directly to your organisation s pre-nominated bank or building society account. Interest is paid gross for all organisations, subject to the Society satisfying itself that the interest is being paid to a corporate body. Account terms We reserve the right to withdraw these accounts or to change the interest rate available for new accounts at any time and without prior notice. The full terms of these accounts comprise the details set out in this Product Features leaflet and in the separate General Conditions booklet. Membership Holders of deposit accounts are not members of the Society but are bound by our Rules, which are available on request. Complaints We always try to provide a first-class service. Occasionally however, things can go wrong. If they do, we ll try to put them right. If you have a complaint you should contact us and we will endeavour to resolve the matter quickly and satisfactorily. In the first instance contact should be made by telephone or in writing with our Savings Account Service Team at our Principal Office. A leaflet detailing how we deal with complaints is available on request from our Savings Account Service Team, our branch office or our website If we do not resolve your complaint internally to your satisfaction, you may be able to refer it to the Financial Ombudsman Service. The service was set up by Parliament and is free for customers to use. They will look at the facts of what s happened in a dispute between customers and financial firms. They may decide that a firm has dealt with a complaint fairly and will explain why to the 5

6 customer or they may decide that the firm has done something wrong and they will then tell the firm to put things right. A copy of the explanatory leaflet published by the Financial Ombudsman Service is available on request or further information is available on their website Financial Services Compensation Scheme Eligible deposits with the Society are protected by the Financial Services Compensation Scheme (FSCS). This savings product is covered by the FSCS. Key product information for accounts available for Limited Companies, LLP s, Housing Associations or Charities. Account name Branch Saver Notice Saver Direct Access Interest rates (AERs) Tax status Conditions for bonus payment For current interest rate details please refer to the separate insert to this leaflet or visit our website ncbs.co.uk/interest-rates Interest is paid gross for all organisations, subject to the Society satisfying itself that the interest is being paid to a corporate body No bonus paid Withdrawal arrangements Withdrawals available at our branch All withdrawals subject to 45 days notice. Immediate withdrawals not available 12 withdrawals per calendar year are available without notice or penalty Access Branch Branch or Post Branch or Post This leaflet can be provided in alternative formats on request. Contact us New Business Enquiries Call us: us: savings.newbusiness@ncbs.co.uk Existing Account Enquiries Call us: us: savings.service@ncbs.co.uk National Counties Building Society Ebbisham House 30 Church Street Epsom Surrey KT17 4NL Web: Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference No D/032/0715/MKTG