Easy Access Deposit Account - Terms and Conditions

1) To open a new account the minimum balance must be £500. The maximum investment is £250,000.  A minimum balance of £1 must remain in the account for it to stay open.
 
2) Interest is calculated daily on your account and will be credited 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 the withdrawal

3) You have 14 days from when you receive written confirmation that your application has been processed, in which to cancel the Easy Access Deposit Account. After this period, you will need to give 30 days notice in writing of a withdrawal that will take the balance below £500 or if you wish to close the account. (Members of Liverpool Victoria Friendly Society are not required to give notice.)
 
4) 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.
 
5) You may not make more than twelve withdrawals per year, commencing from the date the account is opened. 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.

6) Withdrawals must be made in writing and may not be made against the proceeds of cheques invested for less than seven working days.

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

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

9) We may vary interest rates and require notice to be 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, immediately close your account 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.