| What is the interest rate? |
Total Balance
Up to £999.99
£1,000 to £20,000
Over £20,000 |
+Gross Rate%
1.55
1.60
2.00 |
^AER%
1.55
1.60
2.00 |
| 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:
- 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. |
| What would the estimated balance be after 12 months based on a £100 deposit? |
£101.55
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? |
£1,016.00
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. |
| What would the estimated balance be after 12 months based on a £20,000 deposit? |
£20,400.00
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? |
- To open an account simply call into Penrith Building Society with identification of all signatories together with a Certificate of Incorporation or Certificate to Trade and an account opening mandate and complete the relevant application forms. Alternatively an application pack can be posted to you (Cumbria based applicants only). Details of identification requirements can be obtained from our branch or on our website
- Minimum investment £100
- Maximum investment £150,000
- This account is available to UK corporate bodies, solicitors client accounts and trust and trustee accounts, (with the exception of discretionary trusts) based in Cumbria and can be opened in branch or by post
- Copies of documents must be *certified
- The Society’s total limit on combined savings should not exceed £250,000
- You can make payments into your account at any time by cash or cheque at our office during our normal opening hours by bank transfer or by post
- Cheques made payable to the Society will only be accepted for payment into an account if they contain details (such as the name(s) of the account holder(s) or the account number)
- You will receive a passbook to help keep track of your savings
- Payments into your account can only be made in £ sterling
- If you would like to talk to us about your account you can
- speak to a member of staff at our branch office at 7 King Street, Penrith, Cumbria. CA11 7AR
- Call one of our team on 01768 863675
- Visit our website www.penrithbs.co.uk
|
| 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:
- In person at our branch
- By written postal request
|
| 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).
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