Instant Access

Choosing the right account that offers you both the best instant access terms and the most effective interest rate is important to your savings future growth. This leaflet contains information on accounts that offer some level of instant access in all cases, however there may be some restrictions that could exclude your investment. Please refer to the account selector seen below for further details.

Each account is discussed within this leaflet to allow you to make a judgement as to the type of account that might be best suited to your circumstances and then on page 10 there are details of how to open your account, interest and details of income tax deductions.

General Account Information

How to open your account with the Society

Accounts can be opened at any Society branch or by post. As part of the account opening procedure we will carry out electronic verification of your personal identity and address. If this approach proves unsuccessful, you will be asked to provide documentary evidence, such as a passport or photo driving licence. Details of the types of documents we are able to accept as evidence can be found in the Customer Guide leaflet, available at branch offices and also on our web site.

If you are an existing Society member, you may still be asked to provide identification as shown above, if the details we hold regarding your accounts are not recent.

All requests for identification conform to regulations which protect you and guard against fraudulent transactions on your accounts.

When will my account show the interest earned over the year?

Interest is paid to all accounts featured in this leaflet on 31st December each year. These payments can be either credited directly to the account or paid into another Society account. Current interest rates will be supplied to you on request but are also available at branch offices and on our web site.

Income Tax Deductions

Interest will be paid after deduction of income tax at the lower rate or, subject to the required certification, gross. Registration forms are available from any of the Society's branches or agencies, or direct from the Inland Revenue. If you are a non-taxpayer you will be able to claim repayment of this tax directly from he Inland Revenue. You can also claim a repayment of tax if your income falls within the starting rate band and you are eligible to pay less tax than the amount deducted from your interest. Individuals who are liable at the higher rate of income tax will have to pay additional tax on the interest to cover the difference between the tax deducted and the higher rate tax due.

The Society is required to supply the Inland Revenue with details of all interest paid or credited to investors each year.

General Terms and Conditions

specific to all accounts discussed within this leaflet

Investment: Each account is subject to an initial investment and additional sums of any amount may be invested up to the account maximum. For specifics see the special section regarding limits for each account type.

Cooling Off Period: If, after careful consideration, you decide that you are not happy with your choice of savings or investment account(s) and you bring this to our attention within 14 days of your initial receipt, we will help you to either switch accounts or return your money with any interest earned over that period*. We will ignore any notice periods and additional charges in these cases.

*Please note: Cheques paid in within the 14 day period will have to clear before a refund can be given.

Withdrawals: These are payable on demand up to £500 in cash or up to the account balance by cheque to be available immediately at any Branch Office. For larger amounts, prior notice will be required.

Interest: This is calculated on a daily basis, including the day of receipt but excluding the day of withdrawal and paid on 31st December each year. Interest will be added directly to the account. Accounts with tiered rates are discussed within each account section.

Interest Rates: We reserve the right to amend interest rates at our discretion using one or more of the following methods:
a. Advertisements in the Yorkshire Post and Derbyshire Times Newspapers.
b. Notice in Branch Offices.
c. Individual notification to investors.
d. Internet via Society website.

Amendments: We reserve the right to amend Terms and Conditions of issue at our discretion. Should the change be to your disadvantage, we will tell you about it personally at least 30 days before we make the change.

September 2006