Closed Issue - Clients' Reserve
Overview
An account created to meet the needs of solicitors and accountants with clients’ money to deposit.
You may open any of our range of business accounts and our charity account no matter where you live in the UK.
Key features:
- Can be operated on the
- Tiered rates of interest - the more you save the more you could earn
- The interest rates that we pay on this account may go up and down from time to time
- The ability to operate on a designated basis by solicitors and accountants or on an undesignated basis by solicitors only1
- Interest paid annually on the 1st January
- Easy access to your money without notice or loss of interest on the amount withdrawn
- Minimum investment of £100
- Maximum investment of £500,000. Larger amounts considered on request
- Deposit account, you will not become a member of the Society on opening and will not have any associated rights.
1. You should indicate, on your application form, the basis upon which the account is to be operated:
Designated Accounts: An application card must be completed for each client whose funds are to be deposited by a solicitor or an accountant, and a separate account number and passbook will be issued in each case. Designated accounts should be set up where closure interest is required when total withdrawals of individual investments are made. Interest will be paid net after deduction of tax.
Undesignated Accounts: Funds will be deposited into a single account and interest will be paid gross, without deduction of tax at the appropriate rate. The interest cannot be paid into the same account but must be paid into a Norwich and Peterborough Treasurer's Trust Account in the same name of the solicitor or to an account held at another building society or bank. It will be necessary for solicitors to have in place appropriate systems so that interest can be correctly apportioned to each client. Withdrawals of the capital invested for individual clients will not generate closure interest, but the account will remain open and interest on all money invested in the account will be paid on 1st January each year.
Designated and undesignated accounts are not designed as banking accounts. Large volumes of cash or cheques should not be paid in or withdrawn on a regular basis. We reserve the right to close any investment account that is, in our opinion, being used for banking purposes or in other circumstances not in accordance with its terms and conditions or the Society's Rules.