Falcon 120

Falcon 120 is designed as a secure home for lump sum investment with the ability to take your interest annually or, if you want your investment to work for you as a cash provider, monthly. The account offers attractive tiered rates of interest with flexibility that offers instant access withdrawals dependent upon your balance.

Deposits and withdrawals

You can invest in a Falcon 120 account at any time as long as your minimum opening balance is £5,000 or more. At this level your account will be classed as an annual income account.

If you wish to take up the option of monthly income the minimum balance required here is £10,000.

You can add to your account at any time. The account's tiered levels offer the incentive of a better rate at £25,000, £50,000 and £100,000. Take a look at our interest rates to see those currently applicable. Rates are variable on this account and can go down as well as up.

Withdrawals are available with simple instant access if the withdrawn amount leaves your balance over £50,000. Alternatively, your other option is to give the Barnsley 120 days notice of your intended withdrawal and you will not incur any loss of interest. Should you require access before the 120-day period is complete, the funds are still available but your withdrawal will incur loss of interest as seen in the terms and conditions towards the end of this section.

Terms and conditions of the Falcon 120 account

This section contains the particular terms of the Falcon 120 Account (the "Specific Product Terms") and the general terms and conditions (the "General Terms").

Read together, the Specific Product Terms and the General Terms (a link to which is set out below), explain and govern how your account works. In particular, General Terms 4, 5 and 12 explain the circumstances in which we may change the interest rates and the terms and conditions to your account and any charges relating to your account and how we will tell you about those changes. It is important that you read all of the terms applicable to your account before you decide whether to open it. If there is any inconsistency between the Specific Product Terms and the General Terms, then the Specific Product Term will apply.

If you open an account it will be with Yorkshire Building Society (trading as Barnsley Building Society). Barnsley Building Society is operated under its own brand with its own products and as a trading name of Yorkshire Building Society. References in the Specific Product Terms or in the General Terms to "you" and "your" are to the account holder. References to "we", "our" or to "the Barnsley" are to Yorkshire Building Society trading as Barnsley Building Society.

As you will be a member of Yorkshire Building Society, the Society's Rules will apply to you. A copy of the current Rules is available on request. Further information about membership and other issues can be found in the Yorkshire Building Society leaflet entitled "Your Society" available in all Barnsley branches.

Specific Product Terms

Investment: Minimum Investment Monthly £10,000, minimum Investment Annual £5,000
Maximum Investment £1,000,000

Withdrawals: Withdrawals : Withdrawals are available with notice where interest is paid in full or payable on demand with loss of interest (the number of days being dependent upon account type) on the amount withdrawn. For notice withdrawals, a period of 7 days' grace is allowed at the end of the notice period, after which notice will have to be resubmitted if loss of interest is to be avoided.
Instant access withdrawals without loss of interest are available provided that balances remain above the relevant account preset threshold limits. Withdrawals that take the balance below these limits will be split and charged as follows:
The portion of the withdrawal between the existing balance and the pre-set limit will be without loss of interest. The remainder of the withdrawal taking the balance below that limit will incur the stated account day's loss of interest at the prevailing rate.
We can only provide cheque withdrawals by post. For larger amounts, prior notice may be required.

Notice required for withdrawals 120 days. Withdrawals are available under instant access terms provided that a balance of £50,000 remains in the account after withdrawal. Withdrawals that take this figure below the amount will be split, with the amount that takes the balance below £50,000 incurring 120 days loss of interest at the prevailing rate.

Interest: Interest will be added directly to the account or transferred to another suitable account with the Barnsley. ANNUAL OPTION: Interest may be credited to the account or paid to another suitable account with the Barnsley. MONTHLY OPTION: Interest may be paid to another suitable account with the Barnsley, paid direct to your bank account or credited to the account. ADDITIONAL INTEREST becomes payable when an account balance reaches the tiered levels. Please refer to the account sections for these levels or refer to the interest rate sheets available at branches. Conversely, when an account balance falls below these levels, the interest rate payable will be reduced accordingly.

Balance requirements: If the balance of a Falcon 120 Monthly income account drops below £10,000 payment will be stopped and the balance transferred without penalty, to a Falcon 120 account paying annual interest.

If the balance on a Falcon 120 Annual Income account drops below £5,000, the account will be closed and the balance transferred to a Falcon Instant Access account with the loss of 120 days interest on the closing balance.

Monthly Income Option: This is available on these accounts with balances of at least £10,000 and will be paid on the last day of each month either to a suitable account with the Barnsley or to a bank account. Accounts will receive the first interest payment on the last day of the same month, unless they are opened within the last 5 working days of a month, in which case the initial interest payment will cover the period from the date the account is opened to the end of the following month. Thereafter, the amount of each monthly payment will be based on the number of days in the month.

Click here to view the General Terms and Conditions of all the Barnsley Savings Accounts.