Minimum Deposit

£50,000

Interest Rate (Gross)

3.15%

Interest Rate (AER)

3.20% AER

Withdrawals

Unlimited

Product Overview

Our Client Account is your first port of call for a safe and rewarding place to save client funds with a managed account relationship.

This account is available to eligible UK-based firms whose Principal Office is domiciled in the UK and who are members of:

  • The Law Society of England & Wales, Scotland, or Northern Ireland
  • The Society of Licenced Conveyancers
  • RICS
  • Propertymark (ARLA or NAEA).

Key features

  • Non-designated client account
  • Deposit up to £1,000,000
  • Dedicated relationship manager

Is this product right for you?

What are the key features of this product?

This product is available to eligible UK-based firms whose Principal Office is domiciled in the UK and who are members of:

  • The Law Society of England & Wales, Scotland, or Northern Ireland

  • The Society of Licenced Conveyancers

  • RICS

  • Propertymark (ARLA or NAEA).

This product pays a single rate of interest on all your money in the account.

Monthly interest can be paid into this account or out to another account.

This product has a managed transactional service by our team and does not come with a passbook.

You have access straight away to money in the account.

Who is this product designed for?

This product is designed for organisations that:

  • want an aggregated non-designated client account (with the firm managing the underlying UK domiciled beneficial owners)

  • want to access their money straight away without the need to give notice.

  • intend to leave a minimum balance of £50,000.

  • are happy with interest being paid monthly and to have access to the interest paid.

  • understand the interest on the account is variable and therefore can go up or down at any time.

Who is this product NOT intended for?

This product is not intended for organisations who:

  • want a designated account for each client where the name of the account identifies the UK domiciled beneficial owner.

  • want to receive their interest annually.

  • are unable to leave a minimum balance of £50,000 in the account.

  • do not need access to savings straight away and are happy to have restricted access in exchange for a higher rate of interest.

  • want a guaranteed fixed rate of interest.

  • want to lock away their savings for a period of time in exchange for a higher rate of interest.

Does this product deliver "fair value" for customers?

Being a mutual building society, all our products are priced to balance the needs of our Member savers and borrowers and the Society’s operating costs to support the Society’s long-term future.

We deliver a friendly, personalised, person to person service through a local network of 6 high street branches in Stockport and East Cheshire. This is supported by online digital processes and a dedicated telephony service to quickly resolve any enquiries.

Our rates are competitive in comparison to similar organisations. Better rates may be available from other providers who do not offer the same personalised service.

We believe the rate of return and the customer support provided alongside this product, represents fair value for the customers it is designed for.

Product Summary

Account Name

Client Account

What is the interest rate?

3.15% Gross*

3.20% AER**

The interest rate is variable. 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 a Client Account with another UK financial institution in the name of the firm. Interest is paid gross without tax deducted.

*The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

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

Can the Vernon Building Society change the interest rate?

We have the right to vary the rate of interest at any time.

Please see section 10 of our General Savings Account Terms & Conditions for a more detailed explanation, which sets out when we can vary the interest rate and how and when we will notify you if this happens. A copy of the General Savings Account Terms and Conditions are provided when you open the account.

What would the estimated balance be after 12 months based on a £200,000 initial deposit?

£206,399.99

This projection is provided for illustration only and does not consider individual circumstances. This assumes an initial deposit of £200,000, no further deposits or withdrawals being made over a 365 day period starting from 1st April, that the interest rate does not change and that the interest is paid into the account.

How do I open and manage my account?

Eligibility

This account is available to eligible UK based firms whose Principal Office is domiciled in the UK and who are members of:

  • The Law Society of England & Wales, Scotland, or Northern Ireland

  • The Society of Licenced Conveyancers

  • RICS

  • Propertymark (ARLA or NAEA).

By exception, and with our prior agreement, the account may be made available to a UK domiciled Trust, Trust Corporation, or another legal entity established specifically by an eligible firm for the management of Client Funds.

 

Opening the account

To open and manage this account, you can speak to our Customer Services Team on 0161 429 6262 to make arrangements.

Alternatively, you can download an application form from our website and:

By email to customerservices@thevernon.co.uk – submit a scanned copy of the completed application form along with a scanned copy of all relevant identification.
By Post - submit the completed application form with all relevant identification

 

Managing the 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.

This type of account can be operated as an aggregated Non-Designated Client Account (with the firm managing the underlying UK domiciled Beneficial Owners)

A Non-Designated Client Account requires a minimum balance of £50,000 to be maintained and a maximum balance of £1,000,000, plus any interest that is added to the account. A larger level can be considered on request. A firm may only hold one Non-Designated Client Account with the Society.

In the event that the balance of the account reduces to below the minimum level permitted, for whatever reason, Vernon Building Society may require the account to be closed.

The initial deposit to open the account and all subsequent 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.

A statement for the account will be issued monthly by email.

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.

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 for withdrawals.

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 General Savings Account Terms & Conditions for further information.

Additional information

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

It is the responsibility of each Firm, for each account, to ensure that changes to the Firm, its owners/controllers, and authorised account signatories are promptly communicated; and that information required to effect the change is promptly provided.

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.

Under the Rules of the Society, neither the Firm opening the account, its owners/controllers, authorised account signatories or any of the Beneficial Owners will become members of Vernon Building Society, unless they are a Vernon Building Society Member in their own right.

Balances held on behalf of clients in one or more accounts 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.

The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

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

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

Guide

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

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.


READ MORE