The Notice Plus Account was designed for those of you who like to save for the longer term. It acts like a deposit account and as it pays 1% more than the Member Account on the annual dividend, you can watch your money grow into a substantial nest egg over time. It's a great way of maximising your savings and making the most out of our benefits and what's more, this is an additional account, so you can still have instant access from your Member Account as well.
If you're a saver or if you prefer to have a savings account that you just don't touch and that earns a higher return then our Notice Plus Account is the one for you.
At a glance:
- Earn a higher return on your savings.
- 90 days notice for withdrawals.
- Transfer in direct from your Member Account.
- Balance available online giving you round the clock access to your account information.
- Life Cover up to age 65 included at no extra cost to yourself meaning that in the event of your death your savings balance would be doubled. (Terms & Conditions apply)
- Your savings are covered by the Financial Services Compensation Scheme. For more information visit www.fscs.org.uk
What's the difference between this account and the Member Account?
Just like the Member Account, you will receive a return on your money known as a dividend. The dividend rate on the Notice Plus Account is always 1% more than that of the Member Account because like the name suggests, you receive extra for giving a notice period on when you withdraw.
What's the notice period?
The notice period is 90 days, it's easy to let us know, you can do it in writing, by email, over the phone or even in person if you're in the area. Once you have given the notice, you will not need to give us any further correspondence, we will make the necessary withdrawals from there.
Do I already have to be a member to open a Notice Plus Account?
Yes, you do. This account is run in addition to your Main Member Account which remains open and maintained in the same way as always.
How do I open the account?
You can ring, write or come in person to request an application form. You can also apply online and if you're not already a member, you can apply for membership and once that is set up, you can apply for a Notice Plus Account. To apply online now, simply click here.
How do I pay into the account?
Once you have completed your application and filled in a simple transfer slip for your Notice Plus Account, we will transfer the funds across from your Member Account. After the first transfer, any additional transfers can be made over the phone.
When do I receive my dividend?
Unlike the high street banks, all our profits are paid back to our members by way of an annual dividend. The dividend is announced at the Annual General Meeting and paid direct to your account the following working day. It is paid gross of any tax but is not tax free and therefore should be declared on your tax return.
What happens if I need some emergency funds and want to withdraw without giving at least 90 days notice?
We are here to help you in any way we can, so in the event of an emergency, we would not see you struggle. If you do need to withdraw immediately without giving any notice, you are able to do so but you will lose 90 days worth of dividend on the amount withdrawn at the previous year's dividend rate.