Designated Client Deposit Account
An instant access account for use by Solicitors, Accountants and businesses handling client money.
With Stoud and Swindon's Designated Client Deposit Account you can obtain attractive rates of interest for your clients, even on minimal balances.
|
Designated Client Deposit Account |
|
Min Investment Amount |
Investment Amount |
Gross (%) |
AER (%) |
Net (%) |
|
£100 |
£250,000 to £1,000,000 |
1.25 |
1.25 |
1.00 |
|
£150,000 to £249,999 |
0.75 |
0.75 |
0.60 |
|
£50,000 to £149,999 |
0.50 |
0.50 |
0.40 |
|
£20,000 to £49,999 |
0.25 |
0.25 |
0.20 |
|
£100 to £19,999 |
0.10 |
0.10 |
0.08 |
|
|
Rates effective from 10th August 2009
|
A great save for you and your client
Features
- Outstanding personal service to our Solicitors, Accountants and businesses handling client money
- Investment accounts which provide real value to you and your clients
- Faxed instructions accepted if your firm is registered for our 'Fax Direct' service
Minimum initial investment required to open and operate the account:
Minimum/Maximum deposit:
- £100 minimum
- £1,000,000 maximum
Withdrawals:
- Instant access without incurring any penalty.
- Withdrawals are paid by cheque and can be arranged at any branch of the Society or written instruction by the account holder. Owing to the way the bank clearing system operates, withdrawals cannot be made against cheque credits for six banking days.
- BACS/Telegraphic Transfers payments can also be made via arrangement.
- Faxed instructions accepted if your firm is registered for our 'Fax Direct' service. To apply for our 'Fax Direct' service please complete the relevant application form and send it back to us.
Interest:
- The calculation of interest is based on each complete day of investment, i.e. interest is earned from the day following the deposit up to and including the day prior to the withdrawal. However, for investments made by cheque, interest begins to be earned only on the second working day following receipt. By way of an example, an investment made by cheque on Monday begins to earn interest on Wednesday.
- Interest rates on this account are variable
- Credited annually to the account on 1st August
Tax:
- Interest will be paid or credited after deduction of income tax at the appropriate rate. We are required to pay interest net on this account.
Further information:
- To read the full terms and conditions of this account click here
How do I open a Designated Client Deposit Account?
To open a Designated Client Deposit Account download the
guidance notes, incorporating the application form. Alternatively, to download the application form on its own
click here. Once completed this can be returned to your local
branch, agency or returned to us at the below address.
Stroud & Swindon
PO Box 148
Stroud
Gloucestershire
GL5 3YL
Summary of account:
|
Summary Box
Key Product Information for our Designated Client Deposit Account |
|
Account name |
Designated Client Deposit Account |
|
Interest rates (AERs) |
Current rates are listed above. Interest rates are variable. |
|
Tax status |
Net of income tax |
|
Conditions for bonus payment |
Not applicable |
| Withdrawal arrangements |
Instant access |
| Access |
Branch, Agency or post (Fax if registered for our 'Fax Direct' service) |
Net rates assume the lower rate of income tax of 20%. These figures are rounded and are for illustrative purposes only.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded each year.
GROSS: The gross rate is the contractual rate of interest before the deduction of tax at the appropriate rate specified by law.