Minimum Deposit

£10,000

Interest Rate (Gross)

3.30%

Interest Rate (AER)

3.30% AER

Withdrawals

35-Days Notice Required

Designed for organisations that:

Want to earn interest on savings

Can provide 35 days’ notice to withdraw

Can maintain a balance of at least £10,000

 

Not designed for organisations that:

Want a fixed rate of interest

May need immediate access to the funds

Want to save more than £750,000

Product Summary

Account Name

35-Day Notice Charity Account 

What is the interest rate?

3.30% Gross*/AER*

Interest is calculated daily and added to your account annually on the 31st March.

Can the 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 ‘General Savings Account Terms and Conditions’ explains when we can do this, and how we’ll let you know.

What would the estimated balance be after 12 months based on a £10,000 initial deposit?

£10,330.00

This projection is provided for illustration only and does not consider individual circumstances. This assumes an initial deposit of £10,000, no further deposits or withdrawals being made over a 365-day period starting from the 1st April, and that the interest rate does not change.

How do I open and manage my account?

Eligibility
 

This account is available to UK organisations whose principal office is domiciled in the UK and are registered with the Charity Commission for England & Wales, the Office of the Scottish Charity Regulator, or the Charity Commission for Northern Ireland. Restricted to one account per registered charity.

 
Opening the account

To open an account, speak to our Customer Services Team on 0161 429 6262.

Alternatively, you can download an application form from our website and send it with all relevant documentation and identification to:

A minimum deposit of £10,000 is required to open the account.

From the date the account is opened, you have 14 days in which to change your mind and close it without notice or penalty.

We will need a copy of the minutes (certified by the Secretary) of the meeting at which your organisation passed a Resolution to open the account. These will need to confirm the details of those individuals authorised to open the account and confirm the details of all relevant account signatories for transactions (unless the minutes record a Delegated Authority to the named individuals to determine the account signatories from time to time), a copy of the Charities Commission Registration (England & Wales, Scottish Charities Regulator or Charity Commission for Northern Ireland) and a Bank Statement in the name & address of the Registered Charity.

Proof of identity is required for the Appointed Officers (Chair, Treasurer, & Secretary) and for all Appointed Signatories.

Account opening authority should be given by at least 2 individuals holding the role of Chair, Treasurer, or Secretary.

 
Managing the account

A minimum of 1 signatory is required to operate the account. A maximum of 6 signatories can be registered on the account.

The initial deposit to open the account and all subsequent deposits must be made by bank transfer.

The maximum balance is £750,000 plus any interest that is added to the account.

Deposits cannot be made by other entities within a corporate group structure, unless these entities are also individually registered with the relevant Charity Commission/Regulator. Please speak to us as an alternative product may be available.

A statement for the account will be issued monthly by email. 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 using the amendment form and authorised by the Appointed Officers.

Can I withdraw money?

Withdrawals from the account must be transacted by bank transfer to the nominated account at a UK Bank in the name of the account holder. A minimum balance of £10,000 must remain after a withdrawal.

Withdrawal requests from the Authorised Signatory(ies) can be submitted by email, attaching a scanned copy of our 3rd party withdrawal form. Requests can also be submitted by post.

You must notify us in writing or email, specifying the amount you wish to withdraw, 35 days before making a withdrawal. If this falls on a non-working day, the withdrawal will be made on the next working day. Withdrawals without notice are not permitted.

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

Additional information

If the Charity is listed on the Financial Conduct Authority’s Financial Services Register, funds are not protected by the Financial Services Compensation Scheme. Please refer to a copy of our FSCS Depositor Information and Exclusions sheet for further details.

The information contained in this summary box forms part of the terms and conditions of the account and should be read in conjunction with our General Savings Account Terms & Conditions.

 
*Interest rate terms explained:

AER

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

Gross

The interest rate without tax deducted.

It's easy to apply...

Help

SPEAK TO US

Get in touch with us to request more information or request a meeting with a Relationship Manager to discuss your savings needs in more detail.

You can call on: 0161 429 6262 or email at: customerservices@thevernon.co.uk

Apply in branch

READY TO APPLY?

Print and complete this form and email to: customerservices@thevernon.co.uk.

DOWNLOAD FORM

GOT A QUESTION? GIVE US A CALL

 

0161 429 6262

Financial Services Compensation Scheme

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?

Learn more about the FSCS
HELP CENTRE

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