Qualifying Time Deposit terms and conditions

Terms & Conditions

Bath Investment & Building Society is authorised and regulated by the Financial Services Authority FSA Registration Number 206026

This should be read along with our “Share & Deposit Account General Terms & Conditions”, a copy of which will be provided on request. You should read this document carefully to ensure you understand what you are buying and keep it safe for future reference.

General
The account is available to private individuals, partnerships and incorporated organisations.

All accounts opened will be deposit accounts and investors will therefore not be members of the Society.
A Qualifying Time Deposit is a deposit made by way of a loan of not less than £50,000 which:

a) is to be repaid at a specified time within 5 years of the Qualifying Time Deposit being made,
b) makes no provision for the right to repayment to be transferred,
c) and prevents partial withdrawals of or addition to, the deposit.

English Law applies and the Society will communicate in English in all matters relating to this account.
Joint Accounts

There may be up to 4 joint account holders. As this is a deposit account, no account holder will have voting rights.

Confirmation of the deposit will be sent to the first named joint account holder only.

The conditions of the account will apply to all the joint account holders and they may be liable both individually or as a group.

Account Limits
Minimum investment of £50,000.
Maximum investment £3,000,000.
The deposit will be placed for a fixed period of between 1 and 12 months.
There is no provision for early repayment.

Interest and Income Tax
Interest is paid gross and a rate will be agreed for each individual deposit.
Confirmation of the interest rate and the gross interest to be earned will be advised to the account holder by way of an advice letter that will be posted within 3 days of placing the deposit.
Please note that under Section 17 Taxes Management Act 1970 the Society is required to return to the Inland Revenue details of interest paid on Qualifying Time Deposits.

Opening and Operating An Account
Before funds are placed in a Qualifying Time Deposit you will need to provide the following:
A fully completed deposit account application form,
Two original forms of identification to prove name and verification of address,
In addition, for company applications, a copy of your Certificate of Incorporation,
A separate signed specific authority is required for each deposit.
The amount to be invested, the period of deposit and the interest rate will be agreed with the Society’s Investment Managers on the day the deposit is to be made.
Sufficient cleared funds are to be with the Society before 2.30pm on the day the deposit is to be made. Unless money is being transferred from your existing Bath BS account, funds will need to be transferred to Bath Building Society Bank account at:
Sort Code: 60-02-05
Account number: 59137290
Reference: “QTD” and your account name
You should contact the Investment Team at least 3 days before the maturity date, to advise repayment or re-investment instructions. In the absence of any contact from you we will try and establish contact, but if this has not been possible for any reason before 9am on the maturity date your investment and gross interest will be returned to your nominated account.