Attention: You need JavaScript enabled to use this site.

7 Day Notice Credit Union Deposit Account

A deposit account for Credit Unions.

Key features

  • A variable rate of interest of 1.00% gross p.a./AER
  • Minimum opening and operating balance of £10,000; maximum balance of £10,000,000. (Higher amounts may be accepted at the Society’s discretion – please contact us if you wish to deposit a higher amount)
  • If the balance falls below the minimum opening and operating balance, no interest will be earned
  • You can add to your initial deposit at any time, making further deposits by cheque, Electronic Payment or CHAPS
  • Withdrawals by Electronic Payment can be made at any time to the nominated bank account with seven days notice without charge. Access to your funds without notice will incur a charge equivalent of seven days interest
  • Interest is paid annually and automatically added to the account
  • The initial deposit must be made by cheque, drawn from the organisation’s bank account, bearing the same name as the account to be opened
  • This account can only be opened by post. Once opened, you can manage this account by phone or by post and view it online via our savings portal. You cannot open or manage this account in branch.
1.00% Gross p.a./AER Variable
Interest Tier Annual
£10,000 - £10,000,000 AER 1.00% Gross 1.00%
View details

Summary Box

Account name

7 Day Notice Credit Union Deposit Account

What is the interest rate?

Interest Tier Annual Monthly
AER Gross AER Gross
Interest is variable and paid annually on 30 September and automatically added to the account. Where the balance goes below the minimum operating balance (£10,000), no interest will be earned.
£10,000 - £10,000,000 1.00% 1.00% N/A N/A

Can the West Brom change the interest rate?

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.

All our interest rates are available in our branches and on our website.

What would the estimated balance be after 12 months based on a £10,000 deposit?

Deposit amount

Estimated value after 12 months

£10,000

£10,100.00


This example assumes:

  • You make the deposit on the day you open the account.
  • You don’t pay more money into the account or make any withdrawals.
  • The interest rate stays the same.

This example is provided to help you compare savings accounts and does not take into account any individual circumstances.

How do I open and manage my account?

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:

  • Post us a cheque.
  • Make electronic payments from another bank or building society account or set up a standing order. Our sort code is 40-64-36. You should use this with your 8 digit account number for all electronic payments and standing orders.

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 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 September each year subject to the notice period.

Additional information

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

Did you know?

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.

Important information on identification – 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 Notice Credit Union Deposit Account, we will need:

  • A written resolution of the board of directors on Credit Union headed paper to open the account confirming who has authority to operate it
  • We will electronically identify all signatories to the account. If the electronic search is not successful we will write to you to ask for further documentary evidence

Terms and conditions

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 Notice Credit Union Deposit Account. You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

Apply now

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)

Call us 0345 241 3785

Apply in branch

Use our branch finder to find your nearest branch.

Keeping your money safe

FSCS logo

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.

More info
Back to top