HomeDeposit accountsCharity Accumulator – 120 Day Notice

Charity Accumulator – 120 Day Notice

This account is suitable for Incorporated and Unincorporated Registered Charities who are looking for a safe place for their money and are happy to give 120 days’ notice in order to withdraw from the account. Charities that choose to open this account can also access support and guidance from Hinckley & Rugby where they need it.

This account is not suitable for charities who are unable to maintain a balance of £1,000. It is also not suitable for charities who need to withdraw from their account with less than 120 days’ notice.

Rate
4.60% Gross /AER
Postcode Restricted
No
Access
Yes Subject to 120 days' notice
Interest
Annually
Minimum Investment
£1,000

About this account

What is the interest rate?

This account offers a variable rate of interest as follows:

Minimum Balance ANNUAL Gross* INTEREST AER**
£1,000 4.60% 4.60%

Interest will be paid to the account on 1 December each year.

Can Hinckley & Rugby Building Society change the interest rate?

We may change interest rates at any time if we reasonably believe that the change is needed, for any of the reasons outlined in the Savings Account Terms and Conditions booklet, Condition 7.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on an initial deposit of £1,000.00, after a 12 month period the estimated balance would be £1,046.00.

These figures are provided for illustrative purposes only and assume that no further deposits or withdrawals are made and there is no change in interest rate. They do not take into account individual circumstances.

How do I open and manage my account?

This account is available to Incorporated and Unincorporated Registered Charities.

This account can be opened and managed by post or at any of our branches and agencies. You can also manage your account by telephone. Complete the application form and the declarations and consents. Take the completed documents, your deposit and the required identification to one of our branches or agencies, or post them to us at the address in this document.

We require at least two signatories operating the account, with a maximum of four. Incorporated charities must have at least one Director as a signatory to the account.

The minimum deposit required to open and maintain this account is £1,000 and the maximum deposit is £500,000. The opening deposit must include or be fully made up of either a cheque drawn on the charity’s bank account, payable to your charity name, or by electronic funds transfer from the charity’s bank account.

Please note, the minimum deposit must be credited to your account within 5 working days of the account being opened. If you fail to do so, you will be required to restart the application process.

Further deposits

You may pay in cash and cheques at any of the Society’s branches or agencies. Additionally, cheques can be accepted by post. Deposits can also be made by electronic funds transfer. To make an electronic funds transfer use sort code 40-05-30 and our account number 74575938 and also quote your Charity Accumulator 120 Day Notice Deposit account number (all 11 digits), which must be used in the roll or reference number field.

Contact our Charity Account Helpline on 01455 894060 if you require any assistance. Opening hours are 9am to 5pm, Monday to Friday (closed on Bank Holidays).

Can I withdraw money?

Withdrawals can be made by cheque or electronic funds transfer to the charity’s nominated bank account.

Withdrawals can be made subject to a 120 day notice period. You can give notice by telephoning the Charity Account Helpline on 01455 894060, at a branch or in writing.

Withdrawals must be made within 14 days of the notice period becoming effective. Instant withdrawals outside of the notice period will not be allowed. The total amount on notice (including all pending notice) must not be more than the balance of the account.

Electronic funds transfer:

When the notice becomes effective, withdrawals up to and including £250,000 will be processed on the first business day, and credited in your bank account the same business day. No charge will be made for this service.

For withdrawals over £250,000 – These funds are sent by telegraphic transfer (CHAPs), there is a charge for this service (please refer to the current tariff of charges in the Interest Rates for Savers leaflet or on the Society’s website hrbs.co.uk/important-account-information/).

Withdrawal requests for an electronic funds transfer to the charity’s nominated bank account can be made by telephoning the Charity Account Helpline on 01455 894060 or by visiting one of the Society’s branches or agencies. All other withdrawal requests can be made by post or by visiting one of the Society’s branches or agencies.

Money can be paid out against a cheque used to open the account from the start of the sixth business day following the day of deposit. Funds will be available for immediate withdrawal for all other types of deposit. Business day means a day other than a Saturday, Sunday or Bank Holiday.

Additional information

Interest is paid gross without tax deducted.

* Gross rate – the annual rate of interest payable without any deduction of tax.

** AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once a year.


Identification Requirements

We need to confirm the identity of the charity and each signatory in order to protect you against fraud and to comply with legislation. You are required to provide the following documentation to open a Charity Accumulator 120 Day Notice Deposit Account:

  • A Resolution authorising named signatories to open the account. The Resolution must include the full names of all signatories and be signed by an official of the charity. We need to confirm the identity of each authorised signatory operating the account. We use an electronic verification system when opening an account. If this is successful, you will not need to do anything. However, in certain cases you will be asked to provide additional proof of identity (for example if you are not listed on the electoral roll or you have recently moved house).
  • We need to confirm the identity of each authorised signatory operating the account. We use an electronic verification system when opening an account. If this is successful, you will not need to do anything. However, in certain cases you will be asked to provide additional proof of identity (for example if you are not listed on the electoral roll or you have recently moved house).

If you are required to provide additional identification, you must supply two items acceptable to the Society to verify your name and address. The Society will be unable to open your account until we have completed identification procedures.

If you think you will need to provide identification, please visit hrbs.co.uk/proving-your-identity/ for details of acceptable documentation or contact the Society’s Charity Account Helpline 01455 894060.

Incorporated Only

  • A list of all the Directors and any senior persons responsible for its operations, including names, titles, addresses, dates of birth and nationalities.
  • Name of individuals who own or control over 25% of the company shares or voting rights, or who otherwise exercise control over the management of the company, or otherwise exercise significant influence or control over the company (persons of significant control). We need to confirm the identity of any individuals listed who are not authorised signatories on the account and will do this using electronic verification if authorisation is provided on the application form.
  • We will also verify the identity of the company with a search at Companies House and the relevant Charity Commission.

Unincorporated Registered Only:

  • We will also verify the identity and operation of the charity with the relevant Charity Commission.
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Complete the form below to request an application form which you can download and print.

Savings Application Form – Deposit
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Name
Name
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e.g. Smith
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e.g. 07123456789
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