7 Day Notice Credit Union Deposit Account

Make your Credit Unions funds work harder

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

Key features

  • 0.05% Gross p.a./AER variable
  • Minimum opening investment and operating balance of £10,000, maximum investment £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 investments by cheque, BACS or CHAPS
  • Withdrawals by BACS 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 on 30 September and automatically capitalised to the account
  • The initial investment must be made by cheque, drawn from the organisation’s bank account, bearing the same name as the account to be opened
0.05% Gross p.a./ AER Variable
Interest Tier Annual
£10,000-£10,000,000 AER 0.05% Gross 0.05%

Key product information for the 7 Day Notice Credit Union Deposit Account

Account name

7 Day Notice Credit Union Deposit Account

Interest rates (AERs)

This account provides a variable rate of interest

Interest Tier Annual Monthly
AER Gross AER Gross
Where the balance goes below the minimum opening balance (£10,000), no interest will be earned
£10,000-£10,000,000 0.05% 0.05% N/A N/A

Tax status

Interest on this account is paid Gross. 

Conditions for bonus payment

N/A

Withdrawal arrangements

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notice period for withdrawals, or immediate access subject to a charge equivalent to seven days interest on the amount withdrawn. There is no additional charge for withdrawals paid by BACS 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 BACS direct to the designated bank account. Withdrawals to the designated bank account can be authorised by one of the authorised representatives by telephone. 

Access

This account is only available Direct. This means that you can open and operate your account through the post or over the phone. You cannot use this account in branch or online.

Important information you need to know

What is a variable interest rate?

Your 7 Day Notice Credit Union Deposit Account has a variable interest rate. This means that we may change the interest rate we pay on your account at any time.

How will I find out about interest rate changes?

All our interest rates are available in our branches and on our website. There are times when we may need to change the interest rate on your account. If this happens, there are a number of ways we will let you know:

  • If the interest rate on your account falls by more than 0.25% at one time, or by 0.50% or more over the previous 12 months, we will notify you
  • If the interest rate on your account falls by 0.25% or less we will advertise the changes in at least one local and one national newspaper, in our branches and on our website

If you would like to find out more please read your General Terms and Conditions.

When interest is paid

Interest on your account is paid annually on 30 September by credit to the account.

Withdrawing your interest

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.

Did you know?

Gross interest – Gross is the rate of interest payable 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 03/08/2016.

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 are required to obtain and record identification for the following:

  • 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 automatically 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.

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.