The Business Notice account is for Sole Traders, SMEs and Unincorporated Charities & Clubs based in Cumbria
The Corporate Notice account is for UK Corporate Bodies, Solicitors Client Accounts, Partnerships, Incorporated Charities and Limited Companies based in Cumbria
The Gross Account is especially for un-incorporated charities, bodies or funds based in Cumbria and who would like to invest without restricting access to their funds.
The Deposit account has been designed specifically for corporate bodies, solicitors clients accounts and trust and trustee accounts, with the exception of discretionary trusts, who are based in Cumbria.
3.25%
Gross rate / 3.25% AER
Rate Type
VariableAccess
With noticeInterest Paid
AnnuallyAvailability
Online
The Business Notice account is for Sole Traders, SMEs and Unincorporated Charities & Clubs based in Cumbria.
To be able to download an application form you must first read the documentation below. Only when you have read the information and fully understand how the account works should you click to download the application form. For sole applications please complete only Account Holder 1 sections
| What is the interest rate? | +Gross Rate %
3.25 |
^AER%
3.25 |
|
| Interest is paid annually on 31 December and can be added to the account balance or paid to the nominated bank or building society account by BACS transfer. |
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| Can Penrith Building Society change the interest rate? | Rates are variable. This means we may increase or decrease the rates at any time.
When we increase the rates, we will tell you about it by placing notices in our Principal Office, on our website or in the local press within three working days of thechange or within 30 days of the change, by letter or other personal notice. Where the change is a reduction in the interest rate, we will give you written notification of the change before it comes into effect. This does not apply to: If your account has a balance of £100 or more at the time the decision is taken to change the interest rate, notification will be provided either: • at least 14 days before the rate change. You will then have a period of 30 days from the date of notification during which you may close or switch your account without having to give any period of notice or having to lose any interest or pay additional charges; or If you do not notify us that you object to a change before the date on which it comes into effect, you will be deemed to have accepted it. The information on our website will be updated within three working days of an interest rate change |
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| What would the estimated balance be after 12 months based on a £1,000 deposit? | £1,032.50
This projection is provided for illustrative purposes only. It is based on no further deposits or withdrawals being made and interest being added to the account. The projected balance is based on the annual interest rate. |
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| What would the estimated balance be after 12 months based on a £20,000 deposit? |
£20,650
This projection is provided for illustrative purposes only. It is based on no further deposits or withdrawals being made and interest being added to the account. The projected balance is based on the annual interest rate. |
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| How do I open and manage my account? |
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| How do I put notice on my account? |
Notice will need to be added to the account for all withdrawal requests. This can be added either by
• Logging onto the @PBS portal and requesting this via the secure messaging Where the account has been set up so that two signatories need to authorise a withdrawal, we will need a second signatory to authorise the transaction. This can be done through a second secure message or through the branch within 3 days of the original request otherwise the notice will be cancelled. |
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| Can I withdraw money? | Withdrawals can be made subject to: • Serving the 7 Day Notice period – no instant access allowed. Only one notice period can be registered on the account at any one time. • If notice falls on a non working day then the transaction will be processed on the next working day after the notice has been served. • Our withdrawal limits – 6 withdrawals per year, leaving the minimum balance of £1,000. If the balance in the account drops below £1,000 then the account will be closed and the balance outstanding together with any interest due will be repaid. • Funds will be credited directly into the Nominated Bank Account only. |
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| Additional Information
Charges |
Tax treatment depends on individual circumstances and may be subject to change in the future.
Additional services are subject to the following charges; The provision of a duplicate monthly statement £15 per request. |
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We will need to see identification for all signatories on the account. ID documentation must confirm full name, residential address and date of birth (ideally a driving licence). Copies of documentation can be emailed to us along with a photograph of the holder for verification purposes. If the account is being opened in branch then original identification documents can be used..
Please Note:
For Sole Traders we would require a copy of your last tax return and a copy of your accounts (if produced) along with personal identification.
For Unlimited Partnerships we would require a copy of your partnership tax return and personal identification for all partners.
For Unincorporated Charities we would require the name of all classes of beneficiaries, charity number, account opening mandate and personal identification for all signatories.
For Clubs and Societies we would require information on the legal status and the purpose of the club/society, a copy of the constitution and full personal identification for all the signatories.
+ Gross Rate is the rate of interest payable (without deduction of tax). Businesses are responsible for declaring interest accrued on savings as part of their annual self-assessment tax return
^ AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
We always try to provide a first-class service. Occasionally however things can go wrong. If they do, we will try to put them right. If you wish to make a complaint, the Society’s complaints procedures are detailed in the ‘Terms & Conditions for Investment Accounts’ booklet and on the Society’s website.
DOWNLOAD KEY PRODUCT INFORMATION AS A PDF
DOWNLOAD THE TERMS AND CONDITIONS FOR SAVINGS ACCOUNTS
3.25%
Gross rate / 3.25% AER
Rate Type
VariableAccess
With noticeInterest Paid
AnnuallyAvailability
Online
The Corporate Notice account is for UK Corporate Bodies, Solicitors Client Accounts, Partnerships, Incorporated Charities and Limited Companies based in Cumbria.
To be able to download an application form you must first read the documentation below. Only when you have read the information and fully understand how the account works should you click to download the application form. For sole applications please complete only Account Holder 1 sections
| What is the interest rate? | +Gross Rate%
3.25 |
^AER%
3.25 |
|
| Interest is paid annually on 31st December and can be added to the account balance or paid to the nominated bank or building society account by BACS transfer. | |||
| Can Penrith Building Society change the interest rate? | Rates are variable. This means we may increase or decrease the rates at any time. When we increase the rates, we will tell you about it by placing notices in our Principal Office, on our website or in the local press within three working days of the change or within 30 days of the change, by letter or other personal notice.Where the change is a reduction in the interest rate, we will give you written notification of the change before it comes into effect.This does not apply to: • interest rate tiers applicable to balances below the minimum operating balance for the account (provided we have clearly told you about the minimum balance requirements); or • fixed rate accounts If your account has a balance of £100 or more at the time the decision is taken to change the interest rate notification will be provided either: • at least 14 days before the rate change. You will then have a period of 30 days from the date of notification during which you may close or switch your account without having to give any period of notice or having to lose any interest or pay additional charges; or • the notification will be provided at least 14 days plus the period of notice applicable to the account (or 30 days if longer than the notice period) before the rate change. In this case the normal notice period for making withdrawals from or closing the account will apply. If you do not notify us that you object to a change before the date on which it comes into effect, you will be deemed to have accepted it. The information on our website will be updated within three working days of an interest rate change. |
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| What would the estimated balance be after 12 months based on a £1,000 deposit? | £5,162.50
This projection is provided for illustrative purposes only. It is based on no further deposits or withdrawals being made and interest being added to the account. The projected balance is based on the annual interest rate. |
||
| What would the estimated balance be after 12 months based on a £20,000 deposit? | £20,650
This projection is provided for illustrative purposes only. It is based on no further deposits or withdrawals being made and interest being added to the account. The projected balance is based on the annual interest rate. |
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| How do I open and manage my account? | • To open an account simply contact the branch to make an appointment or download the application form from our website. Identification of all signatories will be required. Details of identification requirements are contained in the application process or can be obtained from our website. • The account must be linked to a Nominated Bank Account which will be used for all transfers – details and verification of the Nominated Bank Account will be required at account opening. • Minimum investment £5,000. • Maximum investment £100,000. • This account is a 7-day notice account. • This account is available to UK Corporate Bodies, Solicitors’ Client Accounts, Partnerships and Limited Companies based in Cumbria and must be operated online. • The Society’s total limit on corporate savings is £150,000 per organisation. • You can make payments into your account at any time by bank transfer from the Nominated Bank Account only. • Payments into your account can only be made in £ sterling. • Statements will be provided to the registered contact email address at the beginning of each calendar month detailing the transactions carried out in the previous month. • Accounts must be funded with at least the minimum deposit from the Nominated Bank Account within 7 days of the account opening confirmation being received. • If you would like to talk to us about your account, you can o: speak to a member of staff at our branch office at 7 King Street, Penrith, Cumbria, CA11 7AR o: Call one of our team 01768 863675
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| How do I put notice on my account? | Notice will need to be added to the account for all withdrawal requests. This can be added either by
•Logging onto the @PBS portal and requesting this via the secure messaging system Where the account has been set up so that two signatories need to authorise a withdrawal, we will need a second signatory to authorise the transaction. This can be done through a second secure message or through the branch within 3 days of the original request otherwise the notice will be cancelled. |
||
| Can I withdraw money? | Withdrawals can be made subject to: • Serving the 7 Day Notice period – no instant access allowed. Only one notice period can be registered on the account at any one time. • If notice falls on a non working day then the transaction will be processed on the next working day after the notice has been served. • Our withdrawal limits – 6 withdrawals per year, leaving the minimum balance of £5,000. If the balance in the account drops below £5,000 then the account will be closed and the balance outstanding together with any interest due will be repaid. • Funds will be credited directly into the Nominated Bank Account only. |
||
| Additional Information Charges |
Tax treatment depends on individual circumstances and may be subject to change in the future.
Additional services are subject to the following charges; The provision of a duplicate monthly statement £15 per request. |
||
We will need to see identification for all signatories on the account. ID documentation must confirm full name, residential address and date of birth (ideally a driving licence). Copies of documentation can be emailed to us along with a photograph of the holder for verification purposes. If the account is being opened in branch then original identification documents can be used.
Please Note:
When none of the authorised signatories are directors at least one of the company’s director’s personal identification must be obtained and verified.
We will require confirmation of any underlying beneficial owners of the company including those having ownership or control of over 25% of its shares or voting rights, AND
those with principal control over the company’s assets, e.g. Principal or Shadow Directors (information which can usually be found in your company accounts).
+ Gross Rate is the rate of interest payable (without deduction of tax). Businesses are responsible for declaring interest accrued on savings as part of their annual self-assessment tax return.
^ AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
We always try to provide a first-class service. Occasionally however things can go wrong. If they do, we will try to put them right. If you wish to make a complaint, the Society’s complaints procedures are detailed in the Terms & Conditions for Investment Accounts booklet and on the Society’s website.
DOWNLOAD KEY PRODUCT INFORMATION AS A PDF
DOWNLOAD THE TERMS AND CONDITIONS FOR SAVINGS ACCOUNTS
1.75%
Gross rate / 1.75% AER (over £20,000)
1.35%
Gross rate / 1.35% AER (over £1,000)
1.30%
Gross rate / 1.30% AER (under £1,000)
Rate Type
VariableAccess
YesInterest Paid
AnnuallyAvailability
Online
The Deposit account has been designed specifically for corporate bodies, solicitors clients accounts and trust and trustee accounts, with the exception of discretionary trusts, who are based in Cumbria.
To be able to download an application form you must first read the documentation below. Only when you have read the information and fully understand how the account works should you click to download the application form. For sole applications please complete only Account Holder 1 sections
| What is the interest rate? | Total Balance
Up to £999.99 £1,000 to £20,000 Over £20,000 |
+Gross Rate%
1.30 1.35 1.75 |
^AER%
1.30 1.35 1.75 |
| Interest is paid annually on 31st December and can be added to the account balance or paid to another bank or building society account by BACS transfer | |||
| Can Penrith Building Society change the interest rate? | Rates are variable. This means we may increase or decrease the rates at any time. When we increase the rates we will tell you about it by placing notices in our Principal Office, on our website or in the local press within three working days of the change or within 30 days of the change, by letter or other personal notice.
Where the change is a reduction in the interest rate we will give you written notification of the change before it comes into effect. This does not apply to:
If your account has a balance of £100 or more at the time the decision is taken to change the interest rate notification will be provided either:
If you do not notify us that you object to a change before the date on which it comes into effect, you will be deemed to have accepted it. The information on our website will be updated within three working days of an interest rate change. |
||
| What would the estimated balance be after 12 months based on a £100 deposit? | £101.30
This projection is provided for illustrative purposes only. It is based on the minimum balance of £100, no further deposits or withdrawals being made and interest being added to the account. The projected balance is based on the annual interest rate. |
||
| What would the estimated balance be after 12 months based on a £1,000 deposit? | £1,013.50
This projection is provided for illustrative purposes only. It is based on no further deposits or withdrawals being made and interest being added to the account. The projected balance is based on the annual interest rate. |
||
| What would the estimated balance be after 12 months based on a £20,000 deposit? | £20,350.00
This projection is provided for illustrative purposes only. It is based on no further deposits or withdrawals being made and interest being added to the account. The projected balance is based on the annual interest rate. |
||
| How do I open and manage my account? |
|
||
| Can I withdraw money? | Withdrawals can be made on demand during our normal business hours subject to our withdrawal limits and leaving the minimum balance of £100. If the balance in the account drops below £100 then the account will be closed and the balance outstanding together with any interest due will be repaid to the depositor. You must produce your passbook at the time of withdrawal. You can withdraw money in the following ways:
|
||
| Additional Information | Tax treatment depends on individual circumstances and may be subject to change in the future. | ||
+ Gross Rate is the rate of interest payable (without deduction of tax) and you will be responsible for paying tax you owe on interest as per your individual circumstances.
^ AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
* We will need to see original documents, except if they are sent to us by post. In this case we will accept certified copies of documents, provided the original documents are no more than three months old. Certification must be carried out by either a registered solicitor or an employee of a FCA regulated organisation (eg. bank clerk). The person certifying the documents must provide their name, address and telephone number in case there is a query regarding your identity.
Please Note
When none of the authorised signatories are directors at least one of the company’s directors’ identification must be obtained and verified.
We will require confirmation of any underlying beneficial owners of the company including those having ownership or control of over 25% of its shares or voting rights, AND
Those with principal control over the company’s assets, e.g. Principal or shadow directors (information which can usually be found in your company accounts).
1.95%
gross rate / 1.95% AER
Rate Type
VariableAccess
YesInterest Paid
AnnuallyAvailability
Online
The Gross Account is especially for un-incorporated charities, bodies or funds based in Cumbria and who would like to invest without restricting access to their funds.
To be able to download an application form you must first read the documentation below. Only when you have read the information and fully understand how the account works should you click to download the application form. For sole applications please complete only Account Holder 1 sections
| What is the interest rate? | +Gross Rate%
1.95 |
^AER%
1.95 |
|
| Interest is paid half yearly on 30th June and 31st December and can be added to the account balance or paid to another bank or building society by BACS transfer | |||
| Can Penrith Building Society change the interest rate? | Rates are variable. This means we may increase or decrease the rates at any time. When we increase the rates we will tell you about it by placing notices in our Principal Office, on our website or in the local press within three working days of the change or within 30 days of the change, by letter or other personal notice.
Where the change is a reduction in the interest rate we will give you written notification of the change before it comes into effect. This does not apply to:
If your account has a balance of £100 or more at the time the decision is taken to change the interest rate notification will be provided either:
If you do not notify us that you object to a change before the date on which it comes into effect, you will be deemed to have accepted it. The information on our website will be updated within three working days of an interest rate change. |
||
| What would the estimated balance be after 12 months based on a £1,000 deposit? | £1,019.50
This projection is provided for illustrative purposes only. It is based on no further deposits or withdrawals being made and interest being added to the account. The projected balance is based on the annual interest rate. |
||
| How do I open and manage my account? |
|
||
| Can I withdraw money? | Withdrawals can be made on demand during our normal business hours subject to our withdrawal limits and leaving the minimum balance of £25. You must produce your passbook at the time of withdrawal. You can withdraw money in the following ways:
|
||
| Additional Information | Tax treatment depends on individual circumstances and may be subject to change in the future. | ||
+ Gross Rate is the rate of interest payable (without deduction of tax) and you will be responsible for paying tax you owe on interest as per your individual circumstances.
^ AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
* We will need to see original documents, except if they are sent to us by post. In this case we will accept certified copies of documents, provided the original documents are no more than three months old. Certification must be carried out by either a registered solicitor or an employee of a FCA regulated organisation (eg. bank clerk). The person certifying the documents must provide their name, address and telephone number in case there is a query regarding your identity.
Additional Required Information
Your eligible deposits held by a UK establishment of Penrith Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.
Further information is available here »»
(PDF Version)
Or visit www.fscs.org.uk.