Falcon 60

Falcon 60 offers the best of both worlds as you can save with the more attractive rates seen with long term savings plans, yet it still offers easy withdrawals with instant access, where the balance remains over £10,000. You can even adapt your investment to provide you with a monthly income to boost your other income.

Deposits and withdrawals

You can invest in Falcon 60 account at any time as long as your minimum opening balance is £1,000 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 £10,000, £25,000 and £50,000. 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Withdrawals are available with simple instant access if the withdrawn amount leaves your balance over £10,000. Alternatively, your other option is to give the Society 60 days notice of your intended withdrawal and you will not incur penalties. Should you require access before the 60-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. These penalties also apply if your account balance drops below £10,000 and you have opted to take the monthly income option.

Terms and conditions specific to the Falcon 60 account.

Minimum Investment Monthly £10,000
Annual £1,000
Maximum Investment £1,000,000
Notice required for withdrawals 60 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 £10,000 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 £10,000 incurring 60 says loss of interest at the prevailing rate.

Tiers at which next rate of interest is to be paid are £10,000 (annual interest accounts) £25,000 and £50,000.

September 2006