If you require any further information please call Mark Wiltshaw on
01225 475712 or Noel Broomfield on 01225 475704
Terms & Conditions
This leaflet should be read together with our “Share & Deposit Account General Terms & Conditions”, and “Savings Rates Terms and Conditions” booklets, before applying to open an account. You should read this document carefully to ensure you understand what you are buying and keep it safe for future reference.
General
• Both accounts are available to sole traders, partnerships, incorporated organisations, registered charities and Trusts.
• Both accounts are postal accounts operated solely through Head Office.
• Signatories on the accounts must be over 18.
• The Society reserves the right to withdraw these accounts at any time, without notice, although there are no current plans to withdraw these products.
• English Law applies and the Society will communicate in English in all matters relating to these accounts.
Account Limits
• Minimum opening balance of £25,000.
• Minimum operating balance £25,000.
• Maximum investment £100,000.
Term
• The Business Direct Six month fixed rate bond. The account will transfer to a Business Direct account on maturity.
Withdrawals
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• No withdrawals are permitted before maturity.
Deposits
The initial deposit must be in the name of the account title and can be made by cheque or direct transfer from a UK bank account. No Further deposits allowed.
Interest and Income Tax
• A Fixed rate of interest will be applied to your account.
• Interest will be calculated daily and capitalised on maturity
• Where required by legislation, interest will be credited after deduction of income tax at the appropriate rate specified by law. Subject to the appropriate declaration it is possible for the Society to pay interest gross with no tax deducted. Applicants should discuss eligibility with their tax office and obtain the declaration form.
How to Open an Account
• For sole traders and partnerships we will need a fully completed share account application form. For incorporated organisations, registered charities and Trusts a fully completed deposit application form.
• Personal details are required for each signatory.
• An initial deposit of at least £25,000, by cheque from a UK bank in the name of the business, charity or Trust, one of the Trustees or a Solicitor acting for the Trust or by direct bank transfer.
• Identification will be required for all signatories. An Equifax search will be completed on each signatory, however in the event that a search is incomplete we will contact you to request ID. In which case, either two original forms of identification or certified copies to prove name and verification of address will be acceptable
Additional ID
• For incorporated businesses, a copy of your Certificate of Incorporation will be required, together with a copy (on headed notepaper) of a Board resolution to open a deposit account with Bath Building Society, advising who the signatories will be and the number required to operate the account.
• For charitable organisations, we will require a letter from the Charity’s governing body stating their intention to open a deposit account with Bath Building Society, advising who the signatories will be and the number required to operate the account.
• For partnerships, where there are more partners than named signatories on the account, we will require a letter signed on behalf of the firm advising who the signatories will be and the number required to operate the account. This letter must be signed by a Partner who is not one of the named signatories.
• For Trusts we will require a copy of the trust deed, and identification for the beneficiaries. |
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