Falcon 120

Falcon 120 is designed as a secure home for lump sum investment with the ability to take your interest annually or, if you want your investment to work for you as a cash provider, monthly. The account offers attractive tiered rates of interest with flexibility that offers instant access withdrawals dependent upon your balance.

Deposits and withdrawals

You can invest in a Falcon 120 account at any time as long as your minimum opening balance is £5,000 or more. At this level your account will be classed as an annual income account.

If you wish to take up the option of monthly income the minimum balance required here is £10,000.

You can add to your account at any time and the current rate of interest is applied immediately. The accounts tiered levels offer the incentive of a better rate at £25,000, £50,000 and £100,000. Ask for a copy of our interest rates to see those currently applicable. Rates are variable on this account and can down as well as up.

Withdrawals are available with simple instant access if the withdrawn amount leaves your balance over £50,000. Alternatively, your other option is to give the Society 120 days notice of your intended withdrawal and you will not incur penalties. Should you require access before the 120-day period is complete, the funds are still available but your withdrawal will incur penalties as seen in the terms and conditions towards the end of this section.

Terms and conditions specific to the Falcon 120 account.

Minimum Investment Monthly £10,000
Annual £5,000
Maximum Investment £1,000,000
Notice required for withdrawals 120 days
How interest is paid Credit/Transfer
When interest is paid (Annual) 31st December
(Monthly) Last working day of the month

Withdrawals are available under instant access terms provided that a balance of £50,000 remains in the account after withdrawal. Withdrawals that take this figure below the amount will be split, with the amount that takes the balance below £50,000 incurring 120 days loss of interest at the prevailing rate.

See section 4 in General Terms and Conditions.

If the balance of a Falcon 120 Monthly income account drops below £10,000 payment will be stopped and the balance transferred without penalty, to a Falcon 120 account paying annual interest.

If the balance on a Falcon 120 Annual Income account drops below £5,000, the account will be closed and the balance transferred to a Falcon Instant Access account with the loss of 120 days interest on the closing balance.

September 2006