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How do I open and manage my account?
This product can be opened or managed in branch or by post. Please refer to the Savings Accounts for Businesses, Charities and Organisations General Terms and Conditions.
Eligibility Criteria:
- Only one 120 Day Notice Business Deposit Account is permitted per customer.
- Be a Limited Company registered in the UK.
- Have less than 250 employees, annual turnover of less than £35m and a balance sheet total of less than £18m.
- Have an existing UK bank/building society account in the name of the organisation to open the account.
- The maximum number of signatories is four, one of which must be the Company Director.
- All signatories must be aged 18 or over and permanently residing in the UK for tax purposes (excluding Channel Islands and the Isle of Man), at the time of your application.
- Provide a valid business and personal email addresses and a mobile number.
- Have a minimum deposit of £1,000 and a maximum balance of £500,000.
Please Note: Before we can open your account, we will confirm your identity using electronic searches and requesting documentary evidence. We must identify the names of all individuals who own or control 25% of shares, voting rights, capital, or profits, and those who exercise control of the management of the organisation and those who exercise significant influence or control over the organisation. All parties will be verified by an electronic search. The opening investment must be made by cheque in the organisations name or by electronic transfer from the organisations bank account stated on the application form. The account may not be opened with cash.
To manage your account:
- No cash transactions are permitted on this account.
- Payments can only be made to and from your nominated bank account.
- The maximum balance is £500,000 and the overall maximum holding by any one Limited Company in respect of all Business savings accounts with the Society is £500,000.
- Transfers in from other Chorley Building Society Business Accounts held in the same Limited Company name are permitted.
This is a limited issue and the Society reserves the right to withdraw this product without notice at any time.
Can I withdraw money from this account?
All withdrawal or closure requests are subject to 120 days notification being received by the Society.
Please read the following conditions regarding withdrawals and closures:
Giving notice
- You can give notice by telephone, post in branch or through Chorley Online.
- Online requests can only be paid to your nominated bank account or to another of your Chorley accounts held in your sole or joint names.
- Your request must state the amount you wish to withdraw.
During the notice Period
- The notice period is 120 days.
- Only one notice request can be active at any time.
- Notice periods cannot be carried forward.
When your notice expires
- The withdrawal can only be processed on receipt of the completed Business Withdrawal Form which must be signed in accordance with the business mandate, as requested on your application (e.g., one or two signatories).
- Once your notice period ends, you have 7 calendar days to withdraw your money.
- If your request is by branch or post, you can withdraw all or part of the amount requested, up to the amount specified in your instruction. However, online request amounts can’t be changed.
- If you do not withdraw your funds within the 7 days, you will need to submit a new notice request.
Transfers to another account
- If you transfer your money to another Chorley account with a longer notice period, no notice is required and no penalty applies.
- If the transfer is to another Chorley account with a shorter notice period, you must give 120 days’ notice.
How your money will be paid
- Branch and postal requests can be paid to another Chorley account, by cheque or by chaps * (*subject to a £25 fee).
- Cheques requested by post will normally be issued within two working days of the notice period ending and sent by first class post.
- Online withdrawal and closure requests will normally be processed on the first working day after the notice period expires.
Other conditions
- A penalty cannot be paid instead of providing the notice.
Withdrawal conditions apply; please refer to section 12 of the Savings Accounts for Businesses, Charities and Organisations General Terms and Conditions.
