Minster 30
A flexible 30-day account giving an attractive interest rate on your savings.
Current rates of interest:
For more information about the account, please see the account summary page
Complete and sign the form and post it to:
FREEPOST,
Teachers Building Society,
Allenview House,
Hanham Road,
Wimborne,
Dorset
BH21 1BR
To view the application form you will need to use Adobe Acrobat Reader, if you do not have this installed on your computer please click here to download it.
You must be sure that you have read and understood our complaints procedure, how the account works and that it will suit your requirements.
At Teachers we like satisfied customers. If you are not happy with new account you can switch to another type within 14 days or have your money refunded with interest. See our General Terms and Conditions for further details.
Compensation may be available from the Financial Services Compensation Scheme.
Investment Cheques
Please make your cheque payable to "Teachers Building Society a/c (your name)".
Charitable Assignment Clause
Our application forms contain a Charitable Assignment clause. It is vital that you do not delete this even if you are personally exempt from its provisions. We are unfortunately unable to accept an application form which has been amended in this way.
What is the maximum amount I can invest?
An account may be opened for a minimum sum of £5,000. You receive an attractive rate of interest, with larger balances receiving higher rates. Subsequent payments may be made at any time. The maximum investment in the Society in one or more accounts is £350,000 (£700,000 for joint accounts).
When will interest be paid?
Your savings earn interest for each complete day your funds are with us; many other organisations wait until the funds are cleared. On opening the account you are given the choice of having your annual interest added to your account or paid direct to your bank. The gross rate of interest, which is the contractual rate, is shown on our current rate slip. Interest rates are variable and, when a change occurs, you will be advised of the new rate within 30 days.
When can I withdraw my money?
The account is designed for investors who are prepared to forego instant access for a higher rate of return on their savings. When withdrawals are required, you must give the Society 30 days written notice at the end of which the Society will forward a cheque with no loss of interest. Immediate withdrawals without notice can be arranged but will be subject to a charge equivalent to 30 days gross interest at the current rate on the sum withdrawn. If the minimum balance falls below £5,000, we reserve the right to close the account. In the meantime the interest rate payable on the account will be that applicable to our Extra Ordinary Account.
How long do you need to wait for a cheque to clear?
The central clearing cycle for cheques (and automated payments, including those over the telephone or internet) is 3 working days. Withdrawals may be made against cheque on the 6th working day after it has been paid in. However, your money will be earning interest throughout this time.
Can I receive my interest tax free?
Under current legislation, income tax will normally be deducted from your interest at the appropriate rate. If you, or one of the other parties to the account are non-tax payers the Society will provide on request an Income Tax Form R85 to enable gross interest to be paid to the non-tax paying party(ies). You should record the amount of interest paid or credited to your account as this information may be required by HM Revenue & Customs.
Will I receive a windfall payment if you convert?
The Society intends to continue its operations as an independent mutual building society providing accounts to all genuine saving members. We have, however, had to restrict or delay account opening at times when certain people have taken action to open accounts in the hope of receiving windfall benefits on a conversion. To avoid continued disruption from speculators, the Society requires new investors to agree to assign to charity any windfall benefit to which they might become entitled in the unlikely event of a conversion being announced during the period (usually five years) after opening the account. Existing shareholding members as at 31 March 2000 who have continuously held a share account will not be required to assign any benefits to charity upon opening a new account. The Society has chosen the well-known Charities Aid Foundation as the charity to benefit from potential windfalls.
What documentation do I receive when I open my account?
When the account is opened, a receipt will be forwarded with a statement folder, as well as a paying-in slip for future investments. A withdrawal form and a pre-paid envelope will also be included. Annual statements for the period ending 31 December will be sent to you at the appropriate time, showing the transactions, which have taken place together with the interest earned.
How do I open my account?
Complete the application form and post it to us together with a cheque made payable to "Teachers Building Society A/c (your name)" for a minimum of £5,000. When opening an account we are required by law to verify the names and addresses of new customers. We will make searches electronically and verify names and addresses by using a credit reference agency. However, we may ask you to provide physical forms of identification if the information provided by a credit reference agency is unsufficient. Full details of these requirements are quoted on the application form under the section headed 'Your Information.'
Summary of Account Details
All details are correct as at 1st October 2008
