Savings Account
Solicitor deposit
Key features
| Account name | Solictor deposit |
|---|---|
| Interest rates (AERs) |
|
| Tax status | Gross/Net |
| Conditions for bonus payment | n/a |
| Withdrawal arrangements |
Easy access
|
| Access | Branch/post |
Product Info Follows
Current Interest Rate
1.75% Gross / AER
This rate is for balances from £250,000. Other rates are available on our Current interest rates page.
Apply Now
Complete this form and return to your local branch. You should also read Identification for customers and General Investment terms and conditions to ensure you understand the features and conditions of what you are buying.
Download the application form here
Additional information
Minimum opening balance
£500
Minimum operating balance
£500. If the balance falls below the minimum operating balance a nominal interest rate applies (see Current interest rates for more details).
Maximum balance
£1,000,000 (Larger amounts can be deposited through our Treasury department - please phone 01635 555707 for more details).
New investors
Yes
Holder requirements
Available to UK based solicitors and their clients.
Restricted deposit
Unlimited (up to maximum balance).
Charges
Not for the normal operation of the account (see our General Investment terms and conditions PDF for more details).
Additional benefits
This is the only account available to hold funds for Solicitors or their clients.
Important information
As this account is a deposit account (not a share account), when you open it neither you, the Solicitor’s firm or client will become members of Newbury Building Society.
We will not check the identity of your client and you are responsible for verifying the identity of your client or, where applicable, the beneficial owner. If we do not know you, we may check that your Solicitor’s practice is registered on The Law Society website (www.lawsociety.org.uk).
Withdrawals of up to £200,000 are available from your branch. Larger amounts are authorised by Head Office and may therefore take up to 48 hours to process.
Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE
Minimum opening balance
£500
Minimum operating balance
£500. If the balance falls below the minimum operating balance a nominal interest rate applies (see Current interest rates for more details).
Maximum balance
£1,000,000 (Larger amounts can be deposited through our Treasury department - please phone 01635 555707 for more details).
New investors
Yes
Holder requirements
Available to UK based solicitors and their clients.
Restricted deposit
Unlimited (up to maximum balance).
Charges
Not for the normal operation of the account (see our General Investment terms and conditions PDF for more details).
Additional benefits
- FREE postal transaction service (after each postal transaction, you will be sent a pre-paid envelope).
This is the only account available to hold funds for Solicitors or their clients.
Important information
As this account is a deposit account (not a share account), when you open it neither you, the Solicitor’s firm or client will become members of Newbury Building Society.
We will not check the identity of your client and you are responsible for verifying the identity of your client or, where applicable, the beneficial owner. If we do not know you, we may check that your Solicitor’s practice is registered on The Law Society website (www.lawsociety.org.uk).
Withdrawals of up to £200,000 are available from your branch. Larger amounts are authorised by Head Office and may therefore take up to 48 hours to process.
Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE
