Short-Term Wholesale Funding

The Society takes short-term wholesale funds in the form of time deposits, for a period of between one month and five years. The minimum deposit size is £250,000.

A time deposit is a wholesale money market investment which offers a fixed rate of interest for a fixed term. Interest is paid gross on maturity. Each deposit is dealt on a contract basis and as such early withdrawals cannot be made. On maturity the time deposit can be renewed at the then current rates.

Time deposits are only available to business customers, which include local authorities, government departments, universities, colleges, pension schemes, trusts, partnerships, clubs, associations, charities, churches, societies, limited companies, unlimited companies, limited partnerships and limited liability partnerships who are running a designated business. All new counterparties are required to complete a New Counterparty Application Form, accept our Treasury Terms & Conditions and retain a copy of the Financial Services Compensation Scheme Information Sheet before the Society can accept time deposits. These documents are available below.

For further information or indicative interest rates, please contact our Dealing team on 0345 266 1054.

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