Branches & agencies
Local Council 90 Day Notice Deposit
Save council funds with 90 days’ notice
Our Local Council 90 Day Notice Deposit Account is a savings account for Parish and Town Councils, offering a variable rate of 2.80% Gross/AER. Councils can save between £1,000 and £500,000 in this account with withdrawals available by giving 90 days’ notice. Interest is paid annually.
| Rate | 2.80% Gross /AER |
|---|---|
| Access | Yes subject to 90 days' notice |
| Interest | Annually |
| Minimum Investment | £1,000 |
Savings are protected by FSCS
Independently reviewed by Smart money people
Is this Local Council 90 Day Notice Deposit Savings Account right for you?
This Local Council 90 Day Notice Deposit Account is good for you if
- You’re saving on behalf of a Parish or Town Council
- Your council has £1,000 or more to save
- You can give 90 days’ notice before withdrawing money
- You don’t need instant access to your council’s funds
- You’re comfortable with a variable rate of interest
Consider something else if
- Your council has less than £1,000 to save
- You require instant access to your council’s funds
- You’re looking for an account for personal, business or charity savings rather than council funds
About this account
Account name: Local Council 90 Day Notice Deposit
What is the interest rate?
This account offers a variable rate of interest as follows:
| Interest Rate | Minimum Balance | Gross* | AER** |
|---|---|---|---|
| Annual | £1,000 | 2.80% | 2.80% |
Interest will be paid 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 £1,028.00
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 can be opened by post or at any of our branches and agencies. Simply complete the application form and take it with your opening deposit* and ID documents, or post them to us at the address in this brochure.
This account can have between two and four signatories.
*The minimum deposit required to open and maintain this account is £1,000 and the maximum balance is £500,000. The opening deposit must be by a cheque drawn on the council’s nominated bank account and payable to your council’s name, or by electronic funds transfer from the council’s nominated bank account. It must be credited to the account within 5 business days of the account being opened, or the application process will need to be restarted. Cash deposits are not allowed to be paid into the account.
You can manage your account at any of our branches or agencies, by phone, or by post. You can also manage your account online: on our app or by using H&R Online on our website (after registering for the service).
Can I withdraw money?
Yes, but with this account you must give us 90 days’ notice. Instant withdrawals (without giving the required notice) are not allowed.
You can give us the required 90 days’ notice in writing, by phone, by visiting a branch or agency, or on our app or by using H&R Online on our website (after registering for the service). Withdrawals will be processed and credited to your bank account on the first business day the funds are available.
Withdrawals can only be made by Faster Payment transfer and will only be sent to the council’s nominated bank account from which the funds to open the account were drawn.
All withdrawals are subject to our daily limits, as outlined in our Savings Account Terms and Conditions booklet.
Note that you cannot give notice to withdraw an amount greater than the balance of your account at the time of giving notice (taking into account any other notice period already being processed).
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.
Councils with an annual budget over €500,000 are not protected under FSCS protection rules. For further information about exclusions, refer to the FSCS website at www.fscs.org.uk
Important Documents
Local Council 90 Day Notice Deposit FAQs
What is a Local Council 90 Day Notice Savings Account?
A Local Council 90 Day Notice Savings Account allows a Parish or Town Council to save while retaining access to the funds, provided the required 90 days’ notice is given before making a withdrawal. Instant withdrawals are not available with this account.
Who can open a Local Council 90 Day Notice Deposit?
This account is designed for Parish and Town Councils looking to save council funds while retaining access subject to 90 days’ notice.
How much can a council save in this account?
The minimum balance required to open and maintain the account is £1,000, and the maximum balance is £500,000.
Can our council withdraw money from the account?
Yes, but you must give 90 days’ notice before making a withdrawal. Instant withdrawals without the required notice are not available.
How can we give 90 days’ notice to withdraw council funds?
Notice can be given in writing, by phone, by visiting a branch or agency, through the mobile app or by using H&R Online after registering for the service.
How are withdrawals from the Local Council 90 Day Notice Deposit paid?
Withdrawals are made by Faster Payment and can only be sent to the council’s nominated bank account from which the opening funds were received.
Is the interest rate fixed on this Local Council 90 Day Notice Savings Account?
No. The Local Council 90 Day Notice Deposit pays a variable rate of interest, which means the interest rate may change. Interest is paid annually on 1 December.
What if our council would prefer a shorter notice period?
You may want to consider one of our other local council accounts available. Visit for more details.
Is the Local Council 90 Day Notice Deposit protected by the FSCS?
Eligible deposits are protected by the Financial Services Compensation Scheme. However, councils with an annual budget over €500,000 are not protected under the scheme. Please refer to the FSCS information provided with the account for further details.
Identification Requirements
Identification Requirements
We need to confirm the identity of the council 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 Local Council 90 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 either the Proper Officer or Responsible Financial Officer.
- 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 the account until we have completed identification procedures.
If you think you will need to provide identification, please see our website for details of acceptable documentation www.hrbs.co.uk/proving-your-identity or contact us on 0800 434 6343.
We will also verify the identity and operation of the council with the relevant Local County Association.
Protecting your money
Your eligible deposits with Hinckley & Rugby Building Society are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Any total deposits you hold above the limit are unlikely to be covered.
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