treasurers 60 deposit
Are you investing on behalf of an organisation?
Click here for the summary box - key product information for this savings account.
If you are investing on behalf of an organisation, we are offering a 60 day notice deposit account which may be suitable. Our Treasurers 60 Deposit account is only available to unincorporated bodies e.g. sports clubs, charities, partnerships, and solicitor's client accounts.
If you do need access to your money at any time, you can give us 60 days' notice to withdraw from your notice account without losing interest. Alternatively you can make a withdrawal or close this account without giving us 60 days’ notice but you will loose 60 days’ gross interest at the rate applicable to the account on the amount withdrawn.
So if you want a a 60 day notice deposit account, our Treasurers 60 Deposit account could be for you.
What are the full terms and conditions?
- Account name:
- Treasurers 60 Deposit
- Minimum amount to open the account:
- £10,000.00
- Maximum Investment:
- £1,000,000.00
- Investment conditions:
- Deposits can be made at any branch, agency or by post. The minimum deposit is £10,000. The maximum deposit is £1,000,000 per organisation. If the balance in the account falls below £10,000, interest will be earned at the £1+ level of the Society’s Instant Access Account.
- Withdrawal conditions:
- Withdrawals can be made at any branch, agency or by post subject to branch or agency withdrawal limits. You can make a withdrawal or close this account without penalty by giving us 60 days’ notice. Alternatively you can make a withdrawal or close this account without giving us 60 days’ notice but you will loose 60 days’ gross interest at the rate applicable to the account on the amount withdrawn.
- Notice period:
- Withdrawal/closure allowed subject to 60 days' notice or loss of 60 days' gross interest.
- Interest payment:
- We work out interest every day and add it to the account on 31 December each year. It can be added to this account or paid to a bank account. If the interest earned is added to the account it is subject to both the withdrawal and maximum balance conditions.
- Eligibility:
- The account is only available to unincorporated bodies e.g. sports clubs, charities, partnerships, and solicitor's client accounts.
The Society will not accept more than four signatories per account. In the event of any amendment to the signatories, the Society will require Minutes of the meeting confirming the changes. In addition each new signatory must comply with the Society’s verification procedures. - Notes:
- If you are investing on behalf of an organisation and are unsure of its status you are advised to seek legal advice or, where appropriate, to consult the organisation's supervisory or regulatory body. A Treasurers 60 Deposit Account has deposit and not share status. Depositors do not have membership or voting rights of the Society, but are bound by the Society's General Terms and Conditions which apply to deposit accounts. These are set out in a seperate leaflet available upon request.
Current interest rates
| Amount | Gross * | Gross AER # | Net * |
|---|---|---|---|
| £10000+ | 1.50% | 1.50% | 1.20% |
Please make sure that you have read and fully understand the full terms and conditions before you decide to open this account. If you need any further information please telephone 01325 366366, email sales@darlington.co.uk or contact your local branch.
You should also read our general terms and conditions which you can download to the left of this page and which also form part of the terms and conditions of this account.
We are part of the Financial Services Compensation Scheme.
* - The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, and the net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate. Interest will be payable net after the lower rate of income tax has been deducted or, subject to the required certification, gross. Where the tax deducted exceeds an investor's tax liability (if any), a claim may be made to the Inland Revenue for repayment of tax. For individuals whose income falls within the lower or basic rate bands, the tax deducted will match their liability to tax on the interest and they will have no more tax to pay on it. Individuals who are liable at a rate of income tax will have to pay an additional tax on the interest to cover the difference between the tax deducted and the higher rate of tax due.
# - A.E.R. stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.
