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 In such cases, withdrawals will be subject to the loss of 30 days' interest on the amount withdrawn.
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 Funds lodged by cheque may not be withdrawn until 6 banking days after lodgement to the account.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.
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.
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.
The balance must not drop below the minimum of £25,000.
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
Interest will be credited to your account as at close of business on the maturity date or can be transferred to another Progressive account the following banking day.
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 completion of a declaration and undertaking under the Income and Corporation Taxes Act 1988. Otherwise, interest will be paid or credited after deduction of income tax at the appropriate rate.
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.
Interest is calculated daily from the day after the account is opened to the day before you withdraw your money.
Changes in the Society's interest rates will tend to follow movements in the Bank of England repo 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.
