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Client Account Online

A safe home for your clients’ money

Terms and Conditions - Effective from 1 April 2022

Our Client Account Online is designed to help professional firms hold client money safely and securely, whilst complying with regulatory obligations.


With separate accounts for each client, it allows you to manage their funds easily and conveniently online.

Is this the right account for you?

This account should only be used for client monies and can only be opened and operated by a solicitor regulated by the Law Society of Scotland, not a private individual.

Withdrawals can only be made via electronic transfer to a nominated bank account.

Withdrawal requests received by 2.00pm will arrive in the solicitors account the following working day. Instructions received after 2.00pm are processed the following working day for next day payment.

For example:
- Request received on Tuesday 1pm will be credited on Wednesday to the solicitor’s account.
- Request received on Tuesday 3pm will be credited on Thursday to the solicitor’s account.

How it works

• Your designated point of contact will discuss your requirements to make sure the account meets your needs.

• You complete an application form and will be requested to provide additional documents, which should be sent to:

Client Account Online Savings
Scottish Building Society
6 Alford Place
Aberdeen
AB10 1YD


• Once an application has been received and assessed, we will contact you to confirm the account can be opened along with any other relevant information, including secure log in details.


• You can start to use your Client Account Online once we have confirmed your account is open.

  • Earn interest daily and paid quarterly (Jan, Apr, Jul & Oct) – current rate 2.00% effective from 1 September 2023

  • No fees or transaction charges

  • Minimum balance £1
  • Maximum balance (on each designated account) £2m

  • Maximum aggregate balance £10m (unless agreed otherwise)

  • Easy online access to the cleared funds available

  • Separate accounts for each client
  • Covered by the Financial Services Compensation Scheme (FSCS)

To find out more about Client Account Online, or for help with your account, email:

 

Our Client Account Online is designed to help professional firms hold client money safely and securely, whilst complying with regulatory obligations.


With separate accounts for each client, it allows you to manage their funds easily and conveniently online.

Is this the right account for you?

This account should only be used for client monies and can only be opened and operated by a solicitor regulated by the Law Society of Scotland, not a private individual.

Withdrawals can only be made via electronic transfer to a nominated bank account.

Withdrawal requests received by 2.00pm will arrive in the solicitors account the following working day. Instructions received after 2.00pm are processed the following working day for next day payment.

For example:
- Request received on Tuesday 1pm will be credited on Wednesday to the solicitor’s account.
- Request received on Tuesday 3pm will be credited on Thursday to the solicitor’s account.

How it works

• Your designated point of contact will discuss your requirements to make sure the account meets your needs.

• You complete an application form and will be requested to provide additional documents, which should be sent to:

Client Account Online Savings
Scottish Building Society
6 Alford Place
Aberdeen
AB10 1YD


• Once an application has been received and assessed, we will contact you to confirm the account can be opened along with any other relevant information, including secure log in details.


• You can start to use your Client Account Online once we have confirmed your account is open.

  • Earn interest daily and paid quarterly (Jan, Apr, Jul & Oct) – current rate 2.00% effective from 1 September 2023

  • No fees or transaction charges

  • Minimum balance £1
  • Maximum balance (on each designated account) £2m

  • Maximum aggregate balance £10m (unless agreed otherwise)

  • Easy online access to the cleared funds available

  • Separate accounts for each client
  • Covered by the Financial Services Compensation Scheme (FSCS)

To find out more about Client Account Online, or for help with your account, email:

 

Our Client Account Online is designed to help professional firms hold client money safely and securely, whilst complying with regulatory obligations.


With separate accounts for each client, it allows you to manage their funds easily and conveniently online.

Is this the right account for you?

This account should only be used for client monies and can only be opened and operated by a solicitor regulated by the Law Society of Scotland, not a private individual.

Withdrawals can only be made via electronic transfer to a nominated bank account.

Withdrawal requests received by 2.00pm will arrive in the solicitors account the following working day. Instructions received after 2.00pm are processed the following working day for next day payment.

For example:
- Request received on Tuesday 1pm will be credited on Wednesday to the solicitor’s account.
- Request received on Tuesday 3pm will be credited on Thursday to the solicitor’s account.

How it works

• Your designated point of contact will discuss your requirements to make sure the account meets your needs.

• You complete an application form and will be requested to provide additional documents, which should be sent to:

Client Account Online Savings
Scottish Building Society
6 Alford Place
Aberdeen
AB10 1YD


• Once an application has been received and assessed, we will contact you to confirm the account can be opened along with any other relevant information, including secure log in details.


• You can start to use your Client Account Online once we have confirmed your account is open.

  • Earn interest daily and paid quarterly (Jan, Apr, Jul & Oct) – current rate 2.00% effective from 1 September 2023

  • No fees or transaction charges

  • Minimum balance £1
  • Maximum balance (on each designated account) £2m

  • Maximum aggregate balance £10m (unless agreed otherwise)

  • Easy online access to the cleared funds available

  • Separate accounts for each client
  • Covered by the Financial Services Compensation Scheme (FSCS)

To find out more about Client Account Online, or for help with your account, email:

 

Questions we get asked

How long will it take to open a Scottish Building Society Client Account Online?

Once an application has been received and assessed, we will contact you to confirm the account can be opened along with any other relevant information.

In addition to this and for security reasons, each signatory will receive two separate communications. One will confirm details of the unique User ID and Username along with the first half of a password. The other will confirm the 2nd half of the password. Both pieces of information are required before you can log on to the account.

You’ll need your unique User ID code and password anytime you log into your account. This helps to keep your account safe and secure.

What other information do I need to give you?

Once the account is opened, each signatory will receive a Memorable Details Form along with the confirmation letter and should be completed and returned as soon as possible.

For security reasons each signatory will include a memorable name, memorable place and memorable date.

You’ll need to provide these details if you ever want to make transactions over the phone for any reason.

Where do I send my application forms?

Client Account Online Savings
Scottish Building Society
6 Alford Place
Aberdeen
AB10 1YD

How will I know when my Client Account Online has been opened?

Once the account has been opened, you’ll receive a letter confirming the account details.

How do I make my initial investment?

You can make your initial investment by Direct Debit Mandate against your nominated account and this will be collected from your nominated account.

Why do I need a nominated account?

You need a nominated account to transfer funds to and from your Scottish Building Society Client Account Online.

The nominated account must be provided by a UK clearing bank or building society. You’ll also be asked to complete a Direct Debit form for your chosen nominated account. We need this to give Scottish Building Society the authority to transfer funds from the nominated account at your request.

Please make sure that any bank/building society you choose to nominate will accept a Direct Debit mandate requesting payments through the faster payments system and originated by Scottish Building Society.

 

How do I transfer money into/out of my Scottish Building Society Client Account Online?

In order to be able to transfer money into the Client Account Online you must have set up individual nominated client accounts. When transferring money in please allow two working days for the funds to reach your account.

Withdrawals can only be made via electronic transfer to a nominated bank account.

Withdrawal requests received by 2.00pm will arrive in the solicitors account the following working day. Instructions received after 2.00pm are processed the following working day for next day payment.

For example, a request received on Tuesday 1pm will be credited on Wednesday to your nominated bank account. A request received on Tuesday 3pm will be credited on Thursday to the solicitor’s account.

 

How do I check my client account balances?

When you log in to your account, you’ll see a summary of your clients’ accounts showing the available balance. You can also view a client customer statement.

What information is shown on my statements?

Your statements will show the following information for each transaction:

  • Date of transaction
  • Status of transaction i.e. cleared/pending
  • Details of transaction
  • Debit/credit indicator
  • Amount of transaction
  • Updated balance on account
When will interest be received?

Interest will be credited to your individual account on a quarterly basis and on closure.

 

 

How do we change address or other details?

If you change your address or wish to change any of the personal details for the signatories, you should write to us on your company letterhead giving details of the changes.

The letter must be signed by 2 signatories on the account. Once we have your instruction, the details will be changed and we will write to you confirm the changes have been made.

 

What documentation is needed to open an account?

The following documents and information are required for identity verification:

• Completed and signed Application form

• ID&V for any Directors/Partners named as a User on the Application Form. Note: no ID&V is required for any Users who are not Directors/Partners.
Find out more about how to provide proof of your identity and address.

• Practicing Certificates for any Directors/Partners named as a User on the Application Form.

• Firm AML Risk Assessment - most recent assessment which was sent to the Law Society. This will help us understand the current AML risks associated with the Client Account Online operated.

• AML Policies and Procedures - latest version.

Read what our Client Account Online customers say about us:

"We are proud to be working along with Scottish Building Society knowing that our client’s money is in safe hands..."

“It is good, in this day and age on ever depleting High Street banking facilities, to have a Scottish Building Society branch nearby and the staff are always friendly, knowledgeable and happy to assist with any queries that we have – be that on a professional business level, or on a personal banking facility level. There is also a very good back office team that we are always able to call upon should we require assistance. We are proud to be working along with Scottish Building Society knowing that our client’s money is in safe hands.”

"We have found the service provided to us by the Head of Client Services, and his team, to be exceptional.."

“We have found the service provided to us by the Head of Client Services, and his team, to be exceptional, with named points of contact who are quick to deal with any queries we may have, always open to suggestions to help improve the current platform and stays connected on a regular basis to make sure we are happy with the service provided.

 The online platform itself is easy to use, accessed by a mixture of passwords and memorable data, the function to open new accounts or lodging/uplifting funds to existing accounts is easy to follow, and there is a clear reporting function which satisfies the requirements of the Law Society of Scotland Accounts Rules.”

"It allows us to manage our clients’ funds easily and conveniently online..."

“We have been using the Scottish Building Society Client Account Online service for many years now. It allows us to manage our clients’ funds easily and conveniently online. The online service is very easy to use and is backed up by a friendly and knowledgeable customer service team.”

"We find it very easy and quick to use..."

We have been using the Client Account facility with the Scottish Building Society for a couple of years now. We find it very easy and quick to use, with the amount each client holds clearly displayed. Funds that are uplifted are in our client account the next day. Opening new clients is very clear and easy to follow, via a step by step process. When closing the accounts, you are able to print off a closing statement on the day. The support from both Reena and Alan has been exceptional. Reena is always just a phone call away and knows the product inside out.”