Postal account - In the UK, a building society account in which all transactions are conducted via post. In some cases a pass book is used to record deposits and withdrawals although societies are increasingly acknowledging each of their customer"s transactions with a single statement sheet which depicts the amount deposited or withdrawn and the resulting account balance. Also investors now have to produce proof of identity for security reasons prior to the setting up of the account. Interest is payable usually on a six monthly or annual basis and access to funds varies from instant to several months depending on the interest rate being paid, that is, the higher the rate the longer the access time. Interest is paid net of lower rate tax (currently 20%) but non tax payers can elect to have interest paid gross.
Postal account : in the uk, a building society account in which all transactions are conducted via post. in some cases a pass book is used to record deposits and withdrawals although societies are increasingly acknowledging each of their customer"s transactions with a single statement sheet which depicts the amount deposited or withdrawn and the resulting account balance. also investors now have to produce proof of identity for security reasons prior to the setting up of the account. interest is payable usually on a six monthly or annual basis and access to funds varies from instant to several months depending on the interest rate being paid, that is, the higher the rate the longer the access time. interest is paid net of lower rate tax (currently 20%) but non tax payers can elect to have interest paid gross.
Postal account