Home > Savings finder > Undesignated Client Deposit (Issue 2)

Undesignated Client Deposit (Issue 2)

Summary Box
Account name	Undesignated Client Deposit (Issue 2)
What is the interest rate?	2.50% Gross* /AER** Interest is paid on the 1st of each month to a previously nominated account.
Can the Society change the interest rate?	The interest rate on this account is variable and the Society may make changes to this rate at any time. We will notify you of any changes in accordance with the Terms & Conditions.
What would the estimated balance be after 12 months based on a £50,000 deposit?	If you were to open this account with £50,000 and no further deposits or withdrawals were made, after 12 months you would earn £1,250 in interest. This would result in a total balance of £51,250. Please note this is an illustration only and does not reflect your specific circumstances.
How do I open and manage my account?	To be eligible for this account: • You need to be a solicitor depositing undesignated client funds. You can open an account: • By contacting us to confirm our requirements. If you change your mind: If you are not happy with your chosen account within 14 days of opening it, we will help you switch accounts or return your savings with interest. How do I manage my account: • You need to keep a minimum of £50,000 in your account. • The overall maximum that can be held in this account is £5,000,000. • The maximum balance represents a total of all balances invested with the Society across any other accounts held by the same depositor. • Deposits can only be accepted electronically from a previously nominated account.
Can I withdraw money?	• Yes, this is an instant access savings account so you can get access to the account when you need it. • A minimum of 2 signatories will be required to authorise all instructions relating to transactions or changes. • Withdrawals will only be made by CHAPS, free of charge, to a previously nominated bank account.
Additional Information	Gross* The rate paid with no income tax deducted. AER (Annual Equivalent Rate) A rate which illustrates what the gross rate would be if the interest was paid and added once each year. Customer complaints Although we do all we can at Suffolk Building Society to provide a first class customer service, sadly from time to time things do go wrong. We are keen to be aware of your concerns as they help us to identify ways in which we can improve the quality of service and possible training needs. We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint please let us know by visiting any branch or agency, or call 0330 123 0723 and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure. You can request a copy of this at any time. Changes to these terms Are detailed in Section 19 of our General Investment Terms and Conditions. Financial Services Compensation Scheme** Suffolk Building Society participates in the Financial Services Compensation Scheme. For full details please ask our staff.

Savings

Open your savings
account.

Enquire Now

Our business savings accounts are currently available to open in branch or by post. If you’re looking for more information on how to open your account we’ve put together a helpful guide.

If you’re ready to open a business savings account by post you’ll need to do the following:

Download, read and accept the product terms and conditions
Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
Read and retain the Privacy Notice
Download the application form by clicking this link. Complete it by typing into the boxes, then print and sign it (handwritten forms are also accepted). You can then email it to us or pop into branch.

We will require proof of your identity to open a new business account. For existing members we may request additional identification, for example if your records with us are incomplete. Read more about what we require for our proof of identity checks by clicking here.

You can either open your account:

In your local branch – please get in touch before you plan to visit us, so we can make sure we allow enough time to open your account and run through the items we will need you to bring.

By post – Completed application forms, along with copies of your identification, should be posted to: Suffolk Building Society, Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.