CHARITIES & CLUBS

Our intention to retain mutual status goes hand in hand with our determination to support local charities and organisations. Having developed strong links with such groups, we have endeavoured to design a savings account specifically tailored to suit their needs.

Account name	Charities, Clubs & Associations account
Interest rates (AERs)	Gross Net AER £1 - £99,999 2.00% 1.60% 2.00% £100,000 - £250,000 2.20% 1.76% 2.20% The interest rate is variable. It is calculated on a daily basis and is added to your account annually on the 31st March.
Tax status	Interest is either paid net after deduction of income tax or gross, subject to an organisation certifying their eligibility. If you require further clarification please contact your local tax office.
Conditions for bonus payment	Not applicable
Withdrawal arrangements	Withdrawals may be made without notice and without penalty.
Access	Post / branch
Minimum/ maximum limits	Minimum: £1 Maximum: £250,000

Operating the account

The account will be held in the name of your charity, club or association and can be operated by at least 2 and up to 4 nominated persons.

The account signatories should be: 

CHARITIES

Trustees or persons authorised to sign by the trustees.

CLUB OR ASSOCIATION

The Secretary and Treasurer or other officers authorised to sign by the managing body.

These requirements are in place in order to protect the organisation and prevent fraud. It is essential that the Society is notified of any changes to the officials authorised to operate the account, or of any changes which might alter the tax status of the organisation.

Opening an account with the Vernon could not be easier – simply read through our Terms & Conditions, complete an application form and take or post it to your nearest branch along with your initial investment and proof of identity documentation for each named signatory on the account.

In addition we will also need a copy of the minutes of the meeting at which the resolution to open the account was passed.

Click here for details of our identification requirements.