Limited Issue 3 Yr Bond Issue 18 (Maturing 01/10/2013) - 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 £500 is required. 

Maximum investment of £1 Million.

Additions

£500 minimum additional lodgement.

No further additions are permitted after the issue has closed.

Withdrawals

Withdrawals not permitted.

In the event of the death of an investor or one of the joint investors (other than trustees), immediate withdrawal or closure 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.

If your bond rolls over for a new term, any interest, which has accrued, will be credited at the next interest run, close of business on 1st April.

Interest

Interest will be credited to your account as at close of business on 1st April or can be transferred to another Progressive account, the following banking day.

If you opt to have your interest credited to your bank account you will receive this via BACS automated transfer 3 banking days after 1st April.  If you have a balance of over £5,000 you have the option of having your interest paid monthly.
See 3 Year Fixed Rate/Term Bond (Monthly Income)

Amounts paid into your account by cash, direct credit or debit card will earn interest from the day of receipt.  Amounts paid into your account by cheque will earn interest on the day following receipt of the funds. 

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.