Perfect if you...
- Need a savings account for a Club, Society or Association
- Want instant access to your funds
- Want to withdraw your funds as and when you need to
- You must be a Club, Society or Association registered in the UK
- You will need a minimum deposit of £1 to open the account
- The maximum balance of this account is £2,000,000
Sports and Social Clubs account
The interest rate paid on the account will be paid as below:
Current rates valid from 19 August 2020.
Interest is calculated daily and paid gross; without the deduction of tax, into your account annually on 31 December.
If your account falls below the minimum balance for your account type your rate will decrease to a variable rate of 0.05% Gross p.a./AER.
The interest rate for this account is variable and can be changed in accordance with clauses 7.6 – 7.10 (inclusive) of the Savings Terms & Conditions.
The following projection is provided for illustrative purposes only and doesn't take into account your individual circumstances. It assumes no withdrawals or further deposits beyond the opening deposit.
|Opening balance||Gross p.a./AER*||Balance after 12 months|
To be eligible to open this account you must:
- Be a Club, Society or Association registered in the UK with a minimum deposit of £1. The maximum balance of this account is £2,000,000
- Provide us with the Constitution of the Club, Society or Association
- Provide a written authority signed by all officials approving the opening of the account
- Open in branch or by post
Please Note: Before we can open your account, we will confirm your identity using electronic searches & by requesting documentary evidence. We must identify the names of all individuals and beneficial owners, owning or controlling more than 25% of the company shares or voting rights. All parties will be verified by an electronic search.
To manage your account:
- You can open and manage this account at any one of our branches or by post
You can withdraw cleared funds from this account at any time.
Cash withdrawals are allowed up to a maximum limit of £1,000 per day. Cheque withdrawals are allowed up to a maximum limit of £100,000 per day. Money cannot be withdrawn by electronic transfer.
If your account falls below the minimum balance of £1, you will earn a fixed rate of 0.05% gross/AER*, until the account returns to the required minimum balance.
If you decide this account isn’t right for you, you can close your account. Cleared funds will be returned to you with the inclusion of any interest earned.
You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please contact HMRC or visit www.hmrc.gov.uk
Our full Savings Terms & Conditions will be provided to you before opening this account; you can ask us for a copy at any time.
* The gross rate is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually.
Account specific rules and criteria – Effective from 19 August 2020
Where the Savings Terms & Conditions are inconsistent with the account specific rules and criteria, these account specific rules and criteria will apply and will take priority.
- This account is for business monies only. Client funds cannot be held in this account.