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LOROS - Issue 4

  • Easy Access 
  • Save £1 - £500,000 
  • Annual Interest
  • Save and Help LOROS

LOROS the Leicestershire and Rutland hospice provides free, high quality, compassionate care and support to
life-limited patients, their family and carers. Care is unique to each individual and provided by a team of dedicated health and social care professionals both at the Hospice and in patients' own homes.
This account is suitable for someone who wants to support LOROS and needs easy access to their savings.

Product Terms and Conditions

Summary Box

What is the Interest Rate?

  Gross* / AER** %
£75,000+ 0.40
£40,000+ 0.35
£20,000+ 0.30
£10,000+ 0.25
£5,000+ 0.20
£500+ 0.15
£1+ 0.10

Interest is paid annually on 31 December and can be added to your LOROS account or paid to your bank account.

*Interest is paid without tax deducted. Some savers will be required to pay tax on savings interest; this should be arranged directly with HMRC through your tax return.

**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.
Can MHBS change the Interest Rate?
This account has a variable rate of interest. We may vary the rate if we reasonably believe the change is needed. For full details please refer to section 12.3 of the General Savings Account Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The estimated balance would be £1,001.50 after 12 months based on £1,000 deposit, further examples are shown in the table below:

  Estimated balance after 12 months
£75,000+ £75,300.00
£40,000+ £40,140.00
£20,000+ £20,060.00
£10,000+ £10,025.00
£5,000+ £5,010.00
£500+ £500.75
£1+ £1.00

This is for illustrative purposes only and is based on no withdrawals or further deposits being made and interest being added to the account.
How do I open and manage my account?
You can open and manage this account online, in branch or by post.
The minimum balance is £1 and the maximum balance is £500,000 (£1m joint).
You can pay into your account by electronic payment, or by cash or cheque.
Customers may hold more than one LOROS account but the maximum holding in all accounts with the Society is £500,000 per person.
Can I withdraw money?
Yes, penalty free withdrawals are available at any time.
You can access your account online, in branch or by post.
Additional Information
Saving in this account will help LOROS because 0.50% of the average balance in the account will be donated to LOROS each year. This donation will be made by the Society, so it won't reduce your account balance or the amount of interest you are paid.

You must be a permanent UK resident.

For under 18s the account must be opened by an adult in the capacity of Trustee and can only be opened and managed in branch or by post.
For full terms and conditions for savings accounts, please see separate leaflet.
In the event of any apparent conflict between these conditions and the General Savings Account Terms and Conditions, these conditions take precedence.
This product may be withdrawn from sale at any time without notice.

This information can be made available in Braille, Large Print and Audio Format. 
Issue Date: 1 December 2016
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