What class of account is available to me?
Share Accounts are accounts that give the account holder(s) membership of the Society. Eligible members (aged 18 or over, with a balance of £100 or over, held at the preceding 31st December and who continue to be investing members at the date of the meeting, and in the case of joint investments, who are and continue to be the first named account holders) are able to attend and vote at our Annual General Meetings. Share accounts can only be opened by:
- Individuals on their own behalf
- Individuals acting on behalf of other Individuals (including Trustee status)
N.B. If any account holder is a Corporate Body, or if the account is being opened on behalf of a Corporate Body, the Building Societies Act prohibits the opening of a share account. It must be a deposit account with no membership. A Corporate Body exists as an entity in its own right and will not necessarily be represented by the same individuals over periods of time.
From 1st March 2000, all new investors opening a share account with the Society are required to assign any potential windfall benefits to charity (currently the Skipton Building Society Charitable Foundation). The assignment would come into effect in the event that the Society announced a change in status within five years of the account being opened. For more information on the charitable assignment.
Deposit Accounts give the account holder priority of payment in the event that an investment institution became insolvent. Depositors are not members of the Society. Deposit accounts can be opened by:
- A Corporate Body acting on its own behalf
- A Corporate Body acting on behalf of other Corporate Bodies or individuals
- Individuals acting on behalf of a Corporate Body
- Individuals as Trustees for other individuals
- Individuals who require a client account (e.g. Solicitors)
- N.B. Individuals acting on their own behalf are now prohibited by the Building Societies Act 1997 from opening a deposit account.
Application Checklist
- SELECT A PRODUCT. It is important that you read and understand the terms and conditions that will apply to your investment. In submitting an application you will confirm your acceptance of those terms. For details of the investments currently available.
- APPLICATION FORM. This must be read carefully and fully completed and signed. It should include your date of birth and National Insurance number. To select and print an application form.
- CHEQUE DETAILS. Your cheque should be made payable to Skipton Building Society re. "name of investor". This is for security reasons. For all accounts not opened in person at a local branch (i.e. postal applications), cheques must be drawn from an agreed personal current account or if issued by a bank or building society, must bear your name or account number and sortcode from which the funds are drawn.
- IDENTIFICATION.
Please refer to the "Proving your identity" leaflet.
Take your completed application form, cheque and identification to your local branch, or send them through the post to the Principal Office, at:
First Class Unit
Skipton Building Society
Principal Office
The Bailey
Skipton
North Yorkshire
BD23 1DN