Limited Issue 3 Yr Loyalty Bond Issue 24 ( Monthly Income ) (Maturing 01/12/2011) - Terms & Conditions
Opening an Account
You can do this in person at any of the Society's branches or agencies.
Progressive Branches & Agencies Locations
You will be given a passbook to help you keep a record of your transactions.
In order to protect your interests, and to comply with legislation, formal identification such as a current driving licence or full passport will be required when opening a new account, together with proof of your home address - a recent electricity bill, for example.
Identification Requirements
Balance Requirements
A minimum opening balance of £5,000 is required. Maximum investment of £50,000.
No additions are permitted.
Withdrawals
Although this type of account is not designed for withdrawals, we realise that unforeseen circumstances do occasionally arise. In such cases, withdrawals will be subject to the loss of 180 days' interest on the amount withdrawn.
Whenever you wish to make a withdrawal from your account it will be necessary to produce your passbook.
If you make a cash lodgement you can withdraw against it immediately. Funds lodged by cheque may not be withdrawn until 6 banking days after lodgement to the account. If you think that you may need access to the funds before this period you should speak to the branch staff before lodgement. It may be possible to make a special presenation, but there may be a charge which will be advised to you at the time of the request.
Providing you have sufficient funds you may withdraw up to £250 in cash or larger amounts by cheque at any time from any branch and from many of our agents.
All withdrawals are subject to branch and agency limits. Amounts exceeding these limits will be posted on to you by cheque. You may be asked to produce identification when making a withdrawal.
The balance must not drop below the minimum of £5,000
In the event of the death of an investor or one of the joint investors (other than trustees), immediate withdrawal is permitted without loss of interest.
Maturity
Prior to maturity we will contact you in order to advise you of our current Bond rates and to establish what plans you have for the closing balance of your Bond. If we receive no instructions from you the quoted fixed rate of interest will cease to apply on the date of maturity and the balance of your Bond will be rolled over into a new Fixed Rate Bond with a similar term and at the interest rate prevailing at that time. The new Bond will be an instant access account for 14 days after which the normal terms and conditions apply in relation to withdrawals.
Interest
Monthly interest must be credited to another Progressive account or bank account. The interest is credited on the first banking day of each month.
Interest will be compounded as at close of business on 1st Dec or can be transferred to another Progressive account, the following banking day.
Members who opt to have their interest credited to their bank account will receive this via BACS automated transfer 3 banking days after 1st Dec.
Interest is calculated daily from the day after the account is opened to the day before you withdraw your money.
We will deduct income tax at the lower rate from interest paid unless you are an eligible non-tax payer and have completed HM Revenue & Customs Form R85 for interest to be paid gross (without tax deducted). For joint accounts interest can be paid net (with tax deducted) to one account holder and gross to the other. If you pay income tax at the higher rate, you will have to pay any additional tax on your interest.
HM Revenue & Customs registration forms and details of who may qualify to have interest paid without deduction of income tax are available from your local Progressive branch.
The Society is required each year to supply to the HM Revenue & Customs particulars of all interest paid or credited to investors.
Our relationship with you will be governed by the Law of Northern Ireland. We will communicate with you in English.
