Minimum Deposit

£50,000

Interest Rate (Gross)

3.15%

Interest Rate (AER)

3.20% AER

Withdrawals

Unlimited

Designed for organisations that:

Manage client funds

Need easy access to funds

Can maintain a minimum balance of £50,000

Not designed for organisations that:

Want a fixed rate of interest

Want to manage the account online

Is this product right for you?

Product Summary

Account Name

Client Account

What is the interest rate?

3.15% Gross*

3.20% AER*

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.

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 £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 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 firm may only hold one Non-Designated Client Account with the Society.

 
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.

A minimum deposit of £50,000 is required to open the account.

The maximum balance is £1,000,000, plus any interest that is added to the account. (Larger balances can be considered on request).

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. A minimum balance of £50,000 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 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.

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.

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.

 
*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

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READY TO APPLY?

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

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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