Clubs & Charities
This account can only be opened & operated via one of our branches.
At the Scarborough, we want to play an active role in our communities – and our Clubs and Charities account is just another way we can get involved. We understand that your organisation needs to make the best use of its money, so we have relaunched this account to give you a financial helping hand.
We will support you by offering such benefits as free coin bags and by allowing you to pay coins into your accounts – providing the bags are full and in the right denominations. We will allow withdrawals to be made without notice or charge and, if you are making a big presentation, we will even lend you one of our large promotional cheques (to arrange this a minimum of two days notice is required) to help you make a great photo opportunity!
What rate of interest will I earn?
Rates effective at 1 May 2008.
| Annual Interest Rates for up to 6 withdrawals | |||
|---|---|---|---|
| Balance | Gross p.a.* | Net p.a.* | AER** |
| £1 - £1,000,000 | 4.50% | 3.60% | 4.50% |
| Annual Interest Rates for 7+ withdrawals | |||
| Balance | Gross p.a.* | Net p.a.* | AER** |
| £1 - £1,000,000 | 3.80% | 3.04% | 3.80% |
All rates are variable |
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How much can we invest?
The Clubs and Charities Account is only available to unincorporated bodies (i.e. clubs, charities and associations). You can open a Clubs and Charities Account with just £1 and can invest up to a maximum of £1,000,000, this amount includes any interest which is credited to your account.
How do we add money to the account?
You can pay cash or cheque into the account at the counter of any Scarborough Building Society Branch. Cheques should be made payable to the Club, Charity or Association. You will need to bring the passbook when making payments at your local Scarborough Building Society Branch.
Can we make withdrawals?
Yes, you can make withdrawals from your Clubs and Charities Account at any time without notice or loss of interest. A minimum of two signatures are required for all withdrawals. You can make six withdrawals each anniversary year, without notice or loss of interest, starting from the day you open the account. If you make more than six withdrawals in a year the rate of interest will change to the ‘6+ withdrawal’ rate.
After the anniversary of the opening of the account the interest rate will move back to the higher rate of interest for ‘up to 6 withdrawals’.
When will we receive our interest?
Interest will be credited to the account on 1 May each year.
Operating Your Account
A mandate from the Club, Charity or Association authorising the opening of the account and confirming authority on those who operate it, must be provided on the organisation’s official letterhead. Alternatively, we can also accept a copy of the Club, Charity or Association’s Constitution.
You must open the account at one of our Branches and you must remember that all subsequent transactions will need to be arranged through one of our branches. This is a share account and on opening the account, the account holder will become an investing member of the Society, in accordance with its Rules.
Up to four people can act as signatories for an account. If a person needs to be removed as a signatory all signatories must sign to remove that person. Likewise to add a new signatory all existing signatories need to sign to add that person.
The Clubs & Charities Account is a share account which means that it enables the first named person on the account to become a member of the Society and subject to the Rules, to vote at the Annual General Meeting. If the first named person is already a Society member they will only have one vote for all their accounts including this one.
Related terms & conditions
Please ensure you have read all the above terms & conditions, as well as all terms and conditions contained within the terms and conditions section.
How can we apply for an account?
- Please ensure you have read and understood all of the above terms & conditions.
- Then please call in to your nearest branch.
- Cheques should be made payable to the Club, Charity or Association.
- Clubs and Charities is only available through the Society's branches and may be withdrawn at any time without notice.
* The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate (the net figures quoted assume liability at a tax level of 20% for illustrative purposes only).
** AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Please note that the account specific Terms and Conditions may preclude you from earning these rates.