PREMIUM PLUS

A savings account which offers a higher rate of interest to those investors who wish to deposit a minimum of £1,000. An additional advantage is the facility for immediate withdrawals without loss of interest, provided £10,000 or more remains in the account.

Account name

Premium Plus

Interest rates (AERs)

Annual interest	Gross	Net	AER
£1,000 - £9,999	0.50%	0.40%	0.50%
£10,000 - £24,999	1.00%	0.80%	1.00%
£25,000 - £49,999	1.50%	1.20%	1.50%
£50,000 +	1.75%	1.40%	1.75%

Monthly interest
£1,000 - £9,999	0.50%	0.40%	0.50%
£10,000 - £24,999	1.00%	0.80%	1.00%
£25,000 - £49,999	1.49%	1.19%	1.50%
£50,000 +	1.74%	1.39%	1.75%

The interest rate is variable. It is calculated on a daily basis and is paid either annually on the 31st March or monthly at the end of each month. Alternatively, interest can be paid directly to your bank account or to another Vernon account.

If the balance falls below £1,000 (£5,000 if interest is paid monthly) we will reduce the rate of interest payable to the rate of interest paid on the Instant Access account.

Tax status

Interest is either paid net after deduction of income tax or gross, subject to an individual certifying their eligibility using the HMRC form R85. If you are unsure of your eligibility to receive gross interest you can visit the HMRC website to find out more and to obtain the form R85.

Withdrawal arrangements

Withdrawals may be made without notice and without penalty providing a minimum balance of £10,000 remains in the account. Otherwise 60 days’ notice is required or 60 days’ interest on the amount withdrawn will be lost. A notice of withdrawal will be deemed to have lapsed if the withdrawal has not been made within 14 days of the date specified and a further notice period of 60 clear days will be required.

Access

Post / branch

Minimum/ maximum limits

Minimum:

Annual interest, £1,000

Monthly interest, £5,000

Maximum

£250,000

Other conditions

Please note that as a Society which aims to deliver products and services to local people we only accept applications from investors who live within a 25 mile radius of Stockport.

How To Apply

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 identification documentation. Click here for details of our identification requirements.

The service I receive at my local branch is always first class, it is a pleasure to go in - long may it continue!
Mrs W, Bramhall

Need help? Call us

0161 429 6262

or we’ll call you, click here...

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Vernon Building Society is authorised and regulated by the Financial Services Authority (registration number 195475). It holds the following authorisations: to advise on and arrange mortgage business; to arrange general insurance business; and to introduce mortgage, general insurance, life assurance and investment business. You can check this on the FSA's website www.fsa.gov.uk/pages/register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit www.moneyadviceservice.org.uk

Vernon Building Society • 19 St Petersgate • Stockport • SK1 1HF

Tel: 0161 429 6262 • Fax: 0161 429 6996 • Email: info@thevernon.co.uk