This account is no longer available to open. This product information is for existing account holders.
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Up to date rate information can be found on our Interest Rate Notice
Interest is calculated daily and added to your account annually 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 £250,000.
Deposits can be made by post by cheque, standing order or online banking.
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 £1 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.
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.
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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