This account is no longer available to open. This product information is for existing account holders.
Business Reserve / Limited Company Reserve
Up to date rate information can be found on our Interest Rate Notice
Interest is calculated daily and added to your account annually or paid to a bank account in the name of the business on the 31st March.
Yes, the rate is variable. That means we can move it, up or down.
Section 10 of our ‘Terms & Conditions for Savers’ explains when we can do this, and how we’ll let you know.
You can operate your account by post and through our Online Services.
The maximum balance allowed in this account is £500,000.
Deposits can be made by post by cheque, standing order or online banking.
Each time a transaction is carried out on your account we will issue a transaction advice slip giving details of the transaction and a balance update.
Withdrawals by post can be requested by completing a withdrawal slip and posting to us using the prepaid envelopes provided. If you need more stationery to continue making withdrawals, please contact our Customer Services team on 0161 429 6262 or by emailing customerservices@thevernon.co.uk
Withdrawals through Online Services will be sent by Faster Payment directly to your nominated bank account or to another Vernon Building Society account in your name.
The minimum withdrawal you can make from this account is £250.
A maximum of 4 withdrawals are permitted each month.
A minimum balance of £10 must remain after a withdrawal.
Please also refer to section 12 of the Terms & Conditions for Savers brochure for further information.
The information contained in this product summary forms part of the terms and conditions of the account and should be read in conjunction with our Terms & Conditions for Savers.
Firms are required to keep us up to date with any changes to signatories or other changes to the operation of the account.
Did you know that your eligible deposits with the Vernon are protected up to a total of £85,000 (£170,000 for joint accounts) by the Financial Services Deposit Scheme (FSCS), the UK's deposit guarantee scheme?
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