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The new Gold Saver is a 90 day fixed notice account that gives you a higher rate of interest on your savings. Issue 1 of the account is now open to members who have held a Clockwise membership account for at least 12 months, with a balance of £5,000 or more in savings on 30th June 2019.

The minimum deposit is £5,000.

If you meet the above criteria and wish to transfer savings held in your Clockwise membership account or Clockwise ISA to your new Gold Saver account, please download, print and complete the form from this page, ensuring you have signed it. Then return; by post to Clockwise Credit Union, 1 St. Nicholas Place, Leicester LE1 5LB, or upload your form through the Clockwise website portal by logging into your account on this website.

 

Download Application Form

Terms & Conditions

• To open an account, you can only make lump sum transfers from an existing Clockwise savings account. Minimum deposit is £5,000 and maximum balance is £50,000 (maximum balance is subject to change).

• Interest due will be paid within five working days of the end of the notice period.

• All funds held with Clockwise are covered by the Financial Services Compensation Scheme (refer to website for current information).

• Requests to withdraw can be made at any time and will be held until the end of the notice period.

• It is not possible to withdraw from this account until the end of the notice period. We may, at our discretion, allow withdrawals in cases of hardship or exceptional circumstances you could not have reasonably foreseen – terminal illness, bankruptcy etc. In such circumstances  you will need to contact us in writing and we will consider each case individually.

• You have the right to cancel the agreement and close your account within 14 calendar days from the date of your initial deposit. The funds will be transferred into your instant access account, no interest will be paid, and the funds withdrawn as per our normal closure procedure.

• At the end of the notice period and after interest has been paid, you will be offered the option to place your funds into a further fixed notice period account (subject to the product being on offer), or have the funds transferred to your instant access account.

• If the withdrawal request is for a partial withdrawal of funds which leaves the balance below £5,000, the account, will be closed, and any remaining funds transferred to your instant access savings account.

• Clockwise reserve the right to change the rate of interest and will give 90 days notice to that effect.

 

Terms & Conditions

(Active from 03/09/2020)

  1. To open an account, you can only make lump sum transfers from an existing Clockwise Credit Union savings account. The minimum deposit is £5000 and the maximum balance is £50,000 (maximum and minimum balance are subject to change)
  2. Interest is paid quarterly, on a fixed date as specified by the Credit Union
  3. All funds held with Clockwise Credit Union are covered by the Financial Services compensations scheme (which presently covers fund held up to the value of £85,000)
  4. Requests to withdraw funds can be made at any time in writing, online or over the phone and the 90-day notice period will start from the first day of notification of your intention to withdraw funds. This will be held until the end of your 90-day notice period, at which point funds will be transferred to you the nominated account
  5. It is not possible to withdraw from this account without giving 90 days’ notice of your intention to do so. We may, at our discretion, allow withdrawals in cases of hardship or exceptional circumstances you could not have reasonably foreseen – terminal illness, bankruptcy, etc. In such circumstances, you will need to contact us in writing, and we will consider each case individually
  6. You have the right to cancel the agreement and close your account within 14 calendar days from the date of your initial deposit. Following the initial 14 days you will need to provide 90 days’ notice if you wish to close or withdraw funds as per point 4. The funds will be transferred into your instant access account, no interest will be paid, and the funds will be withdrawn as per our normal closure procedure
  7. The account runs on a rolling 90-day period. Should you wish to close your Gold Saver account or transfer funds to another account, you will need to provide 90 days’ notice for your intention to do so. If you do not provide notice, your account will renew for a further 90 days on the most current terms and conditions (please see our website for details).
  8. If the withdrawal request is for a partial withdrawal of funds which leaves the balance below £5000, the account will be closed, and any remaining funds transferred to your instant-access savings account
  9. To open the account, you will need to complete a paper application form, available to download from our website or the branch on request
  10. The interest rate to be fixed by the Board. Changes to the interest rate will be provided in writing, either by email or letter, allowing for at least 30 days’ notice
  11. Clockwise reserves the right to change or amend these terms and conditions, if we do change the terms and conditions of this account you will be informed in writing and given 90 days’ notice of the change.
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