Notice Accounts and Monthly Income

Notice accounts provide a secure home for investments where you might want to leave an amount to gather interest for a later period in your life, or you want to put your money to work for you, taking a monthly income from your investment.

All three notice accounts offer both solutions but you should read their key features carefully to ensure that you take out the right type of account to suit your circumstances.

Each account is described in detail to allow you to come to a decision in comfort. After the account descriptions there are details of how to open your account, interest rates and details concerning income tax deductions.

How to open your account with the Society

Accounts can be opened at any Barnsley branch or by post. As part of the account opening procedure, we will carry out electronic verification of your personal identity and address. If this search proves unsuccessful, you will be asked to provide documentary evidence, such as a passport or photo driving licence. Details of the types of documents we are able to accept as evidence can be found in our Customer Guide, available at branch offices.

If you already have a Barnsley account, you may still be asked to provide identification as shown above, if the details we hold regarding your accounts are not recent.

All request for identification conform to regulations which protect you and guard against fraudulent transactions on your account.

I have an annual account - when will I see the interest earned over the year?

Interest is paid to all annual accounts featured in this section on 31st December each year. This payment can be credited directly to the account or paid into another Barnsley account.

I have a monthly income account – when will my nominated account be paid the interest earned?

If you have chosen the option of taking monthly income from your investment, interest will be paid on the last working day of every month, either by transfer to a suitable Barnsley account or direct to your bank account.

Current interest rates will be supplied to you on request and are on display at branch offices.

Income Tax Deductions

Interest will be paid after deduction of income tax at the lower rate or, subject to the required certification, gross. Registration forms are available from any of the Barnsley's branches, or direct from HMRC. If you are a non-taxpayer you will be able to claim repayment of this tax directly from HMRC. You can also claim a repayment of tax if your income falls within the starting rate band and you are eligible to pay less tax than the amount deducted from your interest. Individuals who are liable at the higher rate of income tax will have to pay additional tax on the interest to cover the difference between the tax deducted and the higher rate tax due.

The Barnsley is required to supply HMRC with details of all interest paid or credited to investors each year.

Terms & Conditions

The specific product terms and conditions for each of the Notice Accounts can be found on the individual account pages. The general terms and conditions of all the Notice Accounts can be found here.