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Gross Interest Deposit Account
If you’re a charity or other organisation with incorporated status (‘limited’ by shares or guarantee^), you’ve just found a savings account that’s perfect for you.
Our Gross Interest Deposit account is designed exclusively for charities, clubs, associations or similar bodies that are 'incorporated', i.e. are limited by shares or guarantee. Limited companies or Partnerships that are not charities, clubs or associations are not permitted to open this account. It comes with a variable rate of interest which rewards your association for saving and there’s the added bonus of no charges when your association wants to make withdrawals.
| Summary Box Key Product Information for our Savings Account |
|
|---|---|
| Account Name | Gross Interest Deposit Account |
| Interest Rates (AERs) | The Interest rates payable are tiered and variable. |
| Tax Status | Interest is paid gross* |
| Condition for bonus payment | No bonus payment exist for this account |
| Withdrawal arrangements |
There are no restrictions on withdrawals. When making a withdrawal, at least two named signatories must sign the withdrawal form |
| Access | Branch and by post |
Features & Benefits
- Minimum balance of £100
- Maximum balance of £1,000,000
- Interest is paid annually on the first working day after 1st January into this account
- Choose between 2 and 4 named people on the account
- Passbook based account
- The flexibility to make deposits or withdrawals any time
- Start earning interest as soon as we open your account
^An incorporated organisation has a legal personality separate from the trustees/members.
*For an explanation of terms such as AER, Gross and Net, please see our glossary 
.
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