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A deposit account for Companies and Partnerships.
| 1.00% Gross p.a./AER Variable | |
| Interest Tier | Annual |
| £10,000 - £10,000,000 | AER 1.00% Gross 1.00% |
7 Day Corporate Deposit Notice Account (Issue 2)
| Interest Tier | Annual | Monthly | ||
|---|---|---|---|---|
| AER | Gross | AER | Gross | |
| Interest is variable and paid annually on 30 April and automatically added to the account. Where the balance goes below the minimum opening balance (£10,000), no interest will be earned. | ||||
| £10,000 - £10,000,000 | 1.00% | 1.00% | N/A | N/A |
The interest rate is variable, so it can go up or down at any time.
If the interest rate on your account falls, and the balance in your account is £100 or more, we will personally notify you of the change.
For details about why we may change the interest rate, as well as how and when we’ll let you know, please refer to sections 5d) and 5e) of our General Terms and Conditions (which are available in our branches and on our website).
All our interest rates are available in our branches and on our website.
|
Deposit amount |
Estimated value after 12 months |
|
£10,000 |
£10,100.00 |
This example assumes:
This example is provided to help you compare savings accounts and does not take into account any individual circumstances.
You can only open this account by post. You cannot open this account in branch or online. The minimum opening deposit is £10,000 and the maximum balance is £10,000,000. The minimum operating balance is £10,000.
Once opened, you will manage the account over the telephone or by post.
Our savings portal is available for all accounts which have been opened in a branch, by post/telephone or via our website. For more information about how to register for our savings portal and the access our savings portal provides, please visit www.westbrom.co.uk/savingsportal
You can pay any amount into your account, up to the maximum account balance. You can:
There is a seven day notice period for withdrawals, or immediate access subject to a charge equivalent to seven days interest on the amount withdrawn. Subject to providing seven days notice, there is no charge for withdrawals paid by Electronic Payment direct to the designated bank account. Withdrawals paid by CHAPS will incur a charge. Please refer to the Society’s Tariff of Charges leaflet for more details.
The signatures of two authorised representatives are required for any withdrawal other than where payment is made by Electronic Payment direct to the designated bank account.
Withdrawals to the designated bank account can be requested by one of the authorised representatives by telephone or post.
You will be able to access your interest once it has been paid into your account on 30 April each year subject to the notice period.
If you change your mind after you’ve opened your account, don’t worry. If you tell us within 14 calendar days, we’ll give you your money back with interest straightaway.
We pay your interest gross. The gross rate is the interest payable before the deduction of tax. You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account
Gross interest – is the rate of interest payable before the deduction of tax.
AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. All rates quoted are correct as at 12/07/2023.
Anyone wishing to open an account with the West Brom must confirm proof of their identity in accordance with the provisions of any relevant legislation or codes of practice relating to anti-money laundering activities.
For the purposes of opening a 7 Day Corporate Deposit Notice Account (Issue 2), we are required to obtain and record identification for the following:
The following sections highlight the information you will need to provide.
Please note that where the identification or information you provide is insufficient or not valid, we will not be able to process your application.
Corporate – Listed company (including Scottish partnerships, limited partnerships and limited liability partnerships)
Corporate – Unlisted company (including Scottish partnerships, limited partnerships and limited liability partnerships)
Unregulated Partnerships (commercial trading businesses)
Confirming the proof of identity
The Society will check the personal identity electronically; therefore, there is no need to send any personal documents at this stage. If this is not successful we will write to you to ask for further documentary evidence.
Here you will find both Product Specific and General Terms and Conditions.
The information provided in the Summary Box is a summary of the key features of the 7 Day Corporate Deposit Notice Account (Issue 2). You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.
Download and complete your application form, then send it to us at:
FREEPOST THE WEST BROM
(Please note: this freepost address must appear in uppercase and no further address or stamp are required)
Use our branch finder to find your nearest branch.
Your eligible deposits with West Bromwich 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 £85,000 limit are not covered.
