Member Services
Balances in Share accounts receive interest paid gross at the following rates:
(Operating from 27th May 2013)
|
ACCOUNT BALANCES |
INTEREST APPLIED (GROSS) |
| £1.00 |
TO |
£99.99 |
NIL |
| £100.00 |
TO |
£9999.99 |
1.25% p.a. |
| £10000.00 |
TO |
14999.99 |
2.00% p.a. |
| ABOVE £ 15,000.00 |
|
|
2.50% p.a. |
| |
|
|
|
Members should be aware that this interest is taxable and must be declared to the Inland Revenue
NOTICE RE -SHARE CAPITAL
This Society follows a Code of Practice and has to provide a statement to its Members of the nature of their shareholding investment and any change affecting it.
- As a Member you are a Shareholder of Tamworth Co-operative Society Limited. If the Society is unable to meet its debts and other liabilities, you will lose the whole amount held in shares, hence it is known as risk capital. This may make it inappropriate as a place to invest savings.
- The Financial Services Compensation Scheme, which covers Bank and Building Society accounts, does not apply to your share account with the Society, so you cannot claim compensation under the Scheme in the event of the Society not being able to meet requests for withdrawal of shares. This is because the Society does not require authorisation under the Financial Services and Markets Act 2000 to issue withdrawable share capital. Societies are not subject to supervision by the Financial Services Authority for the issue of these shares.
- You may withdraw money from your share account at any time unless the Board of Directors have removed this facility under the Society’s rules.
- Withdrawable share capital does not characterise an investment in the conventional sense. The withdrawable share capital held in your share account may receive interest but the shares do not increase in value. It is primarily for the purpose of supporting your Society rather than making an investment.
- The Financial Ombudsman Service does not apply to your share account or your relationship with the Society.
If you have any questions regarding the Code please address them to: The Chief Executive Officer, Tamworth Co-operative Society Limited, 5 Colehill, Tamworth, B79 7HA. Phone: 01827 63711. Fax: 01827 62999. E-mail: ceo@tamworth.coop.
