Minimum Deposit

£1

Interest Rate (Gross)

2.30%

Interest Rate (AER)

2.30% AER

Withdrawals

Unlimited

Designed for organisations that:

Need easy access to savings

Want to operate the account in branch

Not designed for organisations that:

Want a fixed rate of interest

Product Summary

Account Name

Charities, Clubs & Associations

What is the interest rate?

2.30% 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 £1,000 initial deposit?

£1,023.00

This projection is provided for illustration only and does not consider individual circumstances. This assumes an initial deposit of £1,000, 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 only available to organisations based in the following postcodes: BL, CH, CW, M, OL, SK, WA or WN.

This account is not available to organisations registered as political parties.

 
Opening the account

You can open an account in branch or by downloading an application form from our website and emailing to info@thevernon.co.uk or posting it to your nearest branch.

We will need a copy of the minutes of the meeting at which your organisation passed a resolution to open the account, together with proof of identity for all signatories.

 
Managing the account

You can operate your account in branch.

A minimum of 2 signatories are required to operate the account.

Signatories for Charities should be Trustees or persons authorised to sign by the trustees.

Signatories for Clubs or Associations should be the secretary and treasurer, or other officers authorised to sign by the managing body.

A minimum deposit of £1 is required to open the account. The maximum balance is £500,000.

Deposits can be made in branch by cash, cheque, standing order or online banking.

Can I withdraw money?

Withdrawals from the account can only be made in branch and can be made by cash, cheque, or Faster Payment.

There is no minimum withdrawal amount for this account. However, the minimum balance remaining after a withdrawal must be £1.

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

Additional information

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...

Apply in branch

APPLY IN BRANCH

Book an appointment at your local branch or over the phone to speak to one of our friendly advisors

BOOK AN APPOINTMENT
Guide

DOWNLOAD FORM

Print and complete this form and email to: info@thevernon.co.uk or post to your nearest branch.

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

Got a question about savings?

Jump over to our savings help centre and see if we can answer it for you.


READ MORE
HELP CENTRE

Savings Jargon Buster

There are a few considerations to make when opening a savings account, so we've explained as many terms as we can.


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