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A deposit account is an account held at a building society or bank that lets you deposit money, keep it secure, and withdraw money in accordance with the account terms. Some accounts will also earn interest, like the accounts we offer here at the Society carefully designed for businesses, charities and local councils.
This article will cover how deposit accounts work, the types available at Hinckley and Rugby Building Society, interest, protection for your savings and information to help you choose the right account for your financial needs.
What is a deposit account, and how does it work?
A ‘deposit account’ is the umbrella term for accounts where money is placed with a deposit-taking institution, covering both everyday transactional accounts as well as savings accounts.
Setting up a deposit account: Complete an application form, provide the necessary documents and make the minimum deposit.
Basic mechanics: Place your money into a deposit account; funds will be held securely, and in some accounts you will receive interest on your balance.
Debtor-Creditor Relationship: Deposited funds represent a liability owed by the building society to the customer.
Deposit accounts available at Hinckley & Rugby Building Society
At Hinckley and Rugby Building Society, we provide a range of deposit accounts; these include the following. Interest rates can change, so please click the links to our product pages in the table below for the current rate.
Please note that organisations holding a Society deposit account do not receive membership rights with the Society. If you’d like more information, please speak to a member of our team.
Key benefits of holding a deposit account
There are a range of benefits when it comes to placing your money into a deposit account; these include:
- Peace of mind and capital security: We are covered by the Financial Services Compensation Scheme (FSCS), which protects eligible deposits up to £120,000.
- Interest earnings: Our deposit accounts offer competitive interest rates, helping you to maximise the returns on surplus funds.
- A range of options: Choose from a variety of carefully designed accounts depending on the type of organisation and how often you need access to your money.
- Easy account management: We have made our accounts simple to open and operate – reducing the admin burden.
How to choose the right deposit account for your goals
When it comes to choosing the right deposit account for your needs, you need to carefully consider various factors, including how often you need to access your savings, whether you prefer a fixed or variable rate and whether you can meet minimum investment requirements. Our team will take the time to understand your needs and goals and talk you through our account options and how they work, so you can make an informed decision about your savings. Give us a call on 0800 434 6343.
How Hinckley and Rugby Building Society can help you
At Hinckley and Rugby Building Society, we have been supporting borrowers and savers for over 160 years. We remain committed to retaining our high-street presence and supporting our local areas by offering face-to-face services in our high-street branches, as well as tailored savings for the organisations that help our communities to thrive.
Still wondering, ‘What is a deposit account?’ or would like to chat through our options? Our friendly team is here to help. You can explore our range of FSCS-protected deposit accounts or get in touch with us at Hinckley & Rugby Building Society. We will guide you through finding the right account and getting your savings working for you.
