Property Lettings & Management Agents Client Deposit Account

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Account Name

Property Lettings & Management Agents Client Deposit Account

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What is the interest rate?

Up to date rate information can be found on our Interest Rate Notice

Interest is calculated daily and paid at the end of each calendar month. This can be added to the account or paid out by bank transfer to an account with another UK financial institution in the name of the firm.

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Can Vernon Building Society change the interest rate?

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.

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How do I manage my account?

You may register up to 6 signatories on each account and you can select whether withdrawals or closure of the account can be actioned by either 1 or 2 Authorised Signatories.

The maximum balance is £2,000,000, plus any interest that is added to the account. (Larger balances can be considered on request).

All deposits must be made by bank transfer.

The balance of the account can be checked by phoning our Customer Services team on 0161 429 6262. Any amends to the set-up of the account or to signatories must be submitted to us in writing.

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Can I withdraw money?

Withdrawals from the account will be transacted by bank transfer to the Client Account at a UK Bank in the name of the firm. A minimum balance of £10 must remain after a withdrawal.

Withdrawal requests from the Authorised Signatory(ies) can be submitted by email, attaching a scanned copy of the request on the firm’s letterhead. Requests can be submitted by post.

There is no notice period for withdrawals and no fees are charged.

Same day withdrawals are provided by faster payment before close of business when the request is received before 12pm Monday-Friday. When received after 12pm, the payment will be made during the next business day.

Please refer to section 12 of the Terms & Conditions for Savers brochure for further information.

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Additional 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.

It is a requirement that each Firm conducts the appropriate Customer Due Diligence on each of their clients/intended Beneficial Owner(s) and to ensure that it continues to meet UK Anti Money Laundering requirements.

Firms are required to keep us up to date with any changes to signatories or other changes to the operation of the account.

This account is an aggregated Non-Designated Client Account (with the firm managing the underlying UK domiciled Beneficial Owners)

Balances held on behalf of clients are eligible for protection under the Financial Services Compensation Scheme, subject to the Scheme Rules. It is the responsibility of the Firm to ensure they are aware of any Client/Beneficial Owner monies that exceed £85,000, via one or more Client Accounts and when aggregated with any sums their Client/Beneficial Owner may have separately deposited with Vernon Building Society, and that their underlying records can demonstrate values attributable to each Client/Beneficial Owner.

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