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Corporate 7 Day Notice Account

3.00%

Gross rate / 3.00% AER

Rate Type

Variable

The Corporate Notice account is for UK Corporate Bodies, Solicitors Client Accounts, Partnerships, Incorporated Charities and Limited Companies based in Cumbria.

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Download an application form

To be able to download an application form you must first read the documentation below. Only when you have read the information and fully understand how the account works should you click to download the application form. For sole applications please complete only Account Holder 1 sections

Download an application form

Print, complete and post your application form to:

Penrith Building Society, 7 King Street, Penrith, Cumbria, CA11 7AR

Before posting you should remember to include:

  • Proof of your identity
  • A cheque for your opening deposit from your personal bank account

If you have any questions about opening an account with us please email enquiries@penrithbs.co.uk or call us on 01768 863675.

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What is the interest rate? The interest rate is 3.00%
+Gross Rate% / ^AER%
Interest is variable, calculated daily and paid on the 31st December. This can be added to your account balance, or paid to another bank or building society account by BACS transfer.
Can Penrith Building Society change the interest rate? Yes – the rate of interest paid on your account is variable and may be changed by us. Where we do so, we will give you reasonable notice in advance of the change.

For further details refer to our Savings Terms & Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit? Based on the rate of interest, if you deposited £5,000 in this account, after 12 months the balance would be £5,150.00.
This figure is provided for illustration purposes only. It is based on no transactions or changes to interest rates after the initial deposit.
How do I open and manage my account? Opening your account

  • This account is available to UK Corporate Bodies, Solicitors Clients Accounts, Partnerships, and limited Companies based in Cumbria to open an account simply contact our branch team who will make an appointment for you. An application form is available on our website, this can be completed before your appointment Online Savings – Penrith Building Society
  • Once opened, the account is managed through our online portal
  • As part of our account opening process we will need:
  • Identification and national insurance number when you open your account, details can be found on our website ID-REQUIREMENTS-V1.30.pdf
  • Information about your business, club or charity, please see additional information section below

Savings limits & additional deposits

  • Minimum investment £5,000
  • Maximum Investment £100,000
  • The total limit on your combined savings with us should not exceed £150,000
  • A nominated bank account must be registered at the point of opening. We will only accept Nominated Bank Accounts in the name of your business from financial institutions that hold a UK banking licence
  • The initial account opening deposit must come from your nominated bank account or an existing Penrith Building Society business account within 7 days of your account opening confirmation, this must meet the minimum deposit of £5,000
  • Payment of funds into your account can only be made in £ sterling by bank transfer
  • A monthly statement will be sent to your registered contact’s email address. This will be at the beginning of each calendar month and will detail transactions from the previous month
Can I withdraw money? Yes, withdrawals can be made by giving us 7 days notice. You can do this via secure message on our online portal or by calling into our branch. Once the notice period has been served the funds will be transferred to your Nominated Bank Account.

This account has a maximum of 6 withdrawals per calendar year.

Withdrawals can not be made without serving the 7 day notice period, multiple notice requests are not permitted.
If you have instructed us that more than one signature is required to operate this account, all relevant signatories will need to authorise the transaction. This authority can be provided through our online portal or in branch. We will need all required signatories to confirm the instruction to us within 3 days of the notice being placed on the account, if we do not receive confirmation from all signatories the notice will be cancelled.

A minimum balance of £5,000 must remain in the account to keep it open.

If the 7 day notice period ends on a weekend or Bank Holiday, we will transfer the funds on the following working day.
Additional Information Additional Account Opening Requirements

If none of your chosen authorised signatories are directors we will require at least one of the company directors to provide ID documentation to us, details can be found on our website ID-REQUIREMENTS-V1.30.pdf

In addition to your personal identification we will need to see confirmation of any underlying beneficial owners of the company, this includes those having ownership of control of over 25% of its shares or voting rights AND those with principal control over the company’s assets e.g. Principle or Shadow Directors ( this information can usually be found in your company Accounts).

Charges
We will charge £15 per request for any duplicate statements
We will charge £15 per request for the provision of audit or accountants’ information

Tax treatment depends on individual circumstances and may be subject to change in the future.

+ Gross Rate is the rate of interest payable (without deduction of tax). Businesses are responsible for declaring interest accrued on savings as part of their annual self assessment tax return.
^ AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

We always try to provide a first-class service. Occasionally however things can go wrong. If they do we will try to put them right. If you wish to make a complaint, our complaints procedures are detailed in the Terms & Conditions for Savings Accounts.

If you would like to talk to us about your account you can

        • speak to a member of staff at our branch office at 7 King Street, Penrith, Cumbria. CA11 7AR
        • Call one of our team on 01768 863675
        • Email our savings team at savings@penrithbs.co.uk
        • Visit our website www.penrithbs.co.uk

DOWNLOAD SUMMARY BOX AS A PDF

DOWNLOAD THE TERMS AND CONDITIONS FOR SAVINGS ACCOUNTS
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Your eligible deposits held by a UK establishment of Penrith Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.

Further information is available here »»
(PDF Version)

Or visit www.fscs.org.uk.

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