7 Day Notice Credit Union Deposit Account

A deposit account for Credit Unions – to make your surplus funds work harder.

Key features

  • A variable rate of interest of 0.05% 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 capitalised 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 is only available Direct. This means that you can open and operate your account through the post or over the telephone. You cannot use this account in branch or online.
0.05% Gross p.a./AER Variable
Interest Tier Annual
£10,000 - £10,000,000 AER 0.05% Gross 0.05%

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 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 0.05% 0.05% N/A N/A

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.

Additional information

Interest on this account is paid Gross, without the deduction of tax.

Did you know?

Gross interest – Gross is the rate of interest without the deduction of tax.

AER – stands for Annual Equivalent Rate and this illustrates the amount of interest paid on your account if it were to be paid and compounded once a year. All rates quoted are correct as at 09/11/2016.

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.

Savings guides

From novice savers wanting to understand the very basics of saving money to the seasoned savers just after a little guidance, our range of helpful and informative savings guides will have it covered.

Keeping your money safe

fscs logo

Your eligible deposits with West Bromwich Building Society are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £75,000 limit are not covered.