Premium Return - 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 and to enable you to make payments to your account at any time.

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

Withdrawals

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  Funds lodged by cheque may not be withdrawn until 6 banking days after lodgement to the account.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 presentation, 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.

If the balance falls below £500 the Society's Ordinary Share rate applies,
(0.01% gross/AER - 0.01% net as at March 2009)

If you change your mind

There is a 14-day cooling-off period from the date of opening during which you can opt to close your account for any reason, subject to our normal cheque clearing requirements.  We will return your original investment plus interest earned.

Interest

Premium Return has a tiered interest rate structure. 

This means that when your balance rises into a higher tier, your entire balance earns interest at the rate payable on that tier.  Alternatively, if a withdrawal takes your balance down into a lower tier, your entire balance earns interest at the lower rate.

Interest tiers are reviewed annually and may be altered to maintain the profitability or relative competitiveness of the account.

Details of the balance tiers on your account are published in the local papers at each interest change.  Alternatively, you can obtain the information, at any time, from your local branch.  Details of interest rates (and tiers) paid on all account types during the Society's financial year are also sent to Members on an annual basis. 

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. 

If you withdraw funds from your account interest will be earned on those funds to the day before the withdrawal is made.

Interest will be credited to your account as at close of business on 1st March 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 March.

Changes in the Society's interest rates will tend to follow movements in the official Bank Rate (commonly known as Bank of England Base Rate) but there may be exceptions to this.  An exception may arise, for example, due to a change in the competitiveness of a product or its underlying profitability.

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 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.