50 Day Notice Deposit Account - Terms and Conditions

1) Interest is calculated daily on your account and paid annually on the anniversary of the account being opened. If this date falls on a weekend or Bank Holiday, payment will be made on the next business day. You will receive interest from the day we process your application, but not for the day of withdrawal.

2) The minimum opening balance is £500.  The maximum investment is £250,000.  For savings of £5,000 or more, you can opt to have your interest paid monthly.  A minimum balance of £1 must remain in the account for it to stay open.

3) All cheques must be drawn from a UK Bank account.

4) You have 14 days from when you receive written confirmation that your application has been processed, in which to cancel the 50 Day Notice Account. After this period you will need to give 50 days notice in writing of a withdrawal or to close this account.  If you need to make an instant withdrawal, which may be approved at our discretion, you will lose 50 days interest on the amount you withdraw. Cash withdrawals are not permitted. Payments will be by cheque to your home address or by Direct Credit (BACS). Please note: That this can take up to 5 working days. Payment can only be made to the Deposit Account holder's bank account & not a 3rd party.

5) Transfers from this account to another Deposit account offered by Liverpool Victoria Banking Services Limited, or an investment product offered by Liverpool Victoria Friendly Society do not require a notice period.

6) Any amendment to the method of calculation will be notified in writing.

7) We will send you a full statement of account at least annually.

8) In the event that we do not hold your current address, we may use an Electoral Roll search in order to ascertain your new address.

9) We may vary interest rates and change notice periods being given before withdrawals, to take account of changes in market interest rates and economic conditions. We also reserve the right to vary these Terms and Conditions in response to market and economic changes and to accommodate changes in system technology.

10) If we vary the Terms and Conditions we will notify you and you may, if you wish, close your  account immediately and withdraw your deposit without penalty, provided that we receive notice of your intention to do so within 60 days of our original notice to you.

11) In line with our money laundering procedures we would like to advise that we may withhold any proceeds or delay any transfer of investments provided until the necessary evidence of identity has been obtained. Interest will start to accrue once your investment has been cleared into your account.