Charities and Clubs Direct
Charities and Clubs Direct
Our Charities and Clubs Direct Account is available to Clubs, Societies and Registered Charities who wish to invest their funds into a savings account without the need for current account services and which offers a competitive rate of interest.
You can apply to open this account online, by post, or at any of our branch and agency offices.
Summary Box - Key Product Information
| Account Name | Charities and Clubs Direct |
| Interest rates (AERs) | • The interest rates are tiered • The interest rates are variable – please click here to view the current interest rates |
| Tax Status | • Interest will be paid gross, without the deduction of income tax |
| Conditions for bonus payment | • There is no bonus with this account |
| Withdrawal arrangements | • No notice is required for withdrawals • Withdrawals can only be made via the Society’s online ‘My Accounts’ service, using the organisations login details. • A maximum of 2 BACS withdrawals are permitted each month free of charge. Any further withdrawals by BACS transfer will be charged £1 per withdrawal |
| Access | • You can make deposits by cheque at any of our branch or agency offices or by post. You can also make deposits via a direct debit or standing order or by direct transfer from a UK bank account. Withdrawals must be requested through registration of our ‘My Accounts’ service only |
Additional Product Information
- Minimum opening balance is £5,000
- Maximum investment balance is £500,000
- Further deposits are only permitted via cheque or direct transfer from a UK bank account
- No cash deposits are allowed
Payment of Interest
- Interest on the balance will be calculated on a daily basis and will be credited to the account annually following the close of business on 31 March.
- The interest rates are variable.
- Interest will be paid gross, without the deduction of income tax.
- For details of the current rates, please click here.
Making a Deposit
- Our General Terms and Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.
- The minimum opening investment is £5,000.
- You may add to your savings at any time, but any further deposits are only permitted via cheque or direct transfer from a UK bank account.
- You must maintain a minimum balance of £5,000 in your account at all times.
Making a Withdrawal
- Withdrawals can only be made by electronic transfer using the 'My Accounts' service.
- Once the account has been set up, the organisation will receive a letter confirming the login details which, together with the password and memorable information, will need to be entered each time a withdrawal is required.
- Online withdrawals can only be made to a nominated bank account in the name of the organisation.
- Online withdrawals using the 'My Accounts' system are subject to further terms and conditions.
- If you make a withdrawal which results in the remaining balance of your account falling into a lower tier of interest, you will receive that lower rate of interest from the date of withdrawal.
- A maximum of two BACS withdrawals are permitted each month free of charge.
- Any further withdrawals by BACS transfer will be charged £1 per withdrawal, with the fee being debited from your account balance.
- No notice is required for withdrawals.
It is important that you read the 'General Terms and Conditions for Savings Accounts' and our 'My Accounts' Terms and Conditions before deciding to open an account.
>> Charities and Clubs Direct Terms and Conditions
>> General Terms and Conditions for Savings Accounts
>> Branch and Agency Withdrawal Limits
