7 Day Notice Credit Union Deposit Account
What is the interest rate?
|Interest is variable and paid annually on 30 September and automatically capitalised to the account. Where the balance goes below the minimum opening and operating balance (£10,000), no interest will be earned.
|£10,000 - £10,000,000
Can the West Brom change the interest rate?
We may change the interest rate we pay on the 7 Day Notice Credit Union Deposit Account 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.
All our interest rates are available in our branches and on our website.
If you would like to find out more please read Sections 5d) and 5e) of your General Terms and Conditions.
What would the estimated balance be after 12 months based on a £10,000 deposit?
If you saved £10,000 in the 7 Day Notice Credit Union Deposit Account the estimated balance after 12 months would be £10,005.00.
This example assumes the initial deposit of £10,000 is made on 1 November 2016 and no further deposits or any withdrawals are made and there are no changes to the interest rate paid on the account over the 12 months. It is provided for illustrative purposes only and does not take into account your individual circumstances.
How do I open and manage my account?
This account can only be opened and used over the telephone or through the post. You cannot use this account at a branch or online.
You can open the 7 Day Notice Credit Union Deposit Account with a minimum deposit of £10,000. The maximum balance is £10,000,000 and the minimum operating balance once the account is open is £10,000.
Additional deposits can be made at anytime up to the maximum allowed.
Can I withdraw money?
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notice period for withdrawals, or immediate access subject to a charge equivalent to seven days interest on the amount withdrawn.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 authorised by one of the authorised representatives by telephone.
You will be able to access your interest once it has been paid into your account on 30 September each year subject to the notice period.
Interest on this account is paid Gross, without the deduction of tax.