2.25 %Gross/AER*
- 40 days' notice for withdrawals
- Invest from £1,000
- Apply in branch
- Gross/AER* - See Jargon Buster
Summary Box
Account name
Trust - 40 Day Notice Account
What is the interest rate?
2.25% Gross/AER
The interest is paid annually and will be credited to your account after close of business on 1 April.
Can Progressive change the interest rate?
Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Savings Service Agreement.
If we are decreasing the interest rate, we will notify you at least 14 days before the change takes effect.
What would the estimated balance be after 12 months based on a £1,000 deposit?
£1,022.50
This is an example based on an initial deposit of £1,000 made on account opening and assumes no further withdrawals are made throughout the year and that the interest rate does not vary during the 12 month period.
How do I open and manage my account?
Available to Trustees, acting for the benefit of the Trust, aged 18 years and above, resident in Northern Ireland only.
Personal details are required for all Trustees and named Beneficiaries.
Please note that all Trustees and Beneficiaries must be UK citizens and resident for tax purposes only in the UK.
The original or certified copy of the Trust Deed must be provided.
There is a minimum lodgement of £1,000 required to open this account.
No additional lodgements can be made to the account.
The maximum balance for the account is £1 million.
The account can be opened and operated at any of the Society’s branches, agencies or by post.
Can I withdraw money?
Yes, 40 days’ notice is required for withdrawals.
The Trustees can withdraw up to £500 in cash in a branch and £250 in cash in an agency, larger amounts must be withdrawn by cheque.
Additional information
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
This will enable the Trustees to compare more easily the return they can expect from the savings over time.
Gross rate quoted is the taxable rate of interest without deduction of income
tax.
The interest rate is correct as of 10th December 2023.
How to apply
Before you apply, please make sure you read the Summary Box, account terms and conditions, Savings Service Agreement and FSCS Information in full. You can save or print a copy of the PDFs for future reference. These documents contain details of your agreement with us for this account and we will rely on them for our relationship with you.
In branch
If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.
Visit your local branch to open this account.
Find your nearest branch