Business 90 - Terms & Conditions

• Minimum deposit £25,000
• Term: 90 days
• Variable Rate
• Interest applied at maturity

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 pay money into your account.

You will be asked to provide the relevant identification documentation for the business opening the account - this will depend on the type of organisation but please contact your local branch for further information. 

Additionally, the authorised signatories to the account must provide relevant identification such as a current driving licence or full passport.  Please refer to our 'Proving your Identity' leaflet.

Identification Requirements

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  In such cases, withdrawals will be subject to the loss of 30 days' interest on the amount withdrawn.

Cheque withdrawals will only be permitted to be made payable to the named account holder.  This means that we will not issue cheques in favour of a third party.

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  Funds lodged by cheque may not be withdrawn until 6 banking days after lodgement to the account.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

Whenever you wish to make a withdrawal from your account it will be necessary to produce your passbook.

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 £25000 the Society's Ordinary Share rate applies,
(0.01% gross/AER - 0.01% net as at March 2009)

Maturity

Prior to maturity we will contact you in order to advise you of your current maturity value and to establish what plans you have for the closing balance of your account.  If we receive no instructions from you, your account will automatically be rolled over with the same account number for another 90 day term.  The new account will be an instant access account for 14 days after which the normal terms and conditions apply in relation to withdrawals.    

The maturity letter should be retained for your information, as statements are not issued for this account type.

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

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 posted to your account or can be transferred to another Progressive account the day following your maturity date.

Businesses that opt to have their interest credited to their bank account will receive this via BACS automated transfer 3 working days after maturity date. 

Interest will be paid gross subject to provision of required documentation.  Please contact your nearest branch for details.

Details of the rates on your account are published in the local papers at each interest rate 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. 

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.

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.

All interest rates are variable (with the exception of fixed rate products). Details of our current rate are available from any of our branches or agents.