Unified banking scheme for branch bank accounts
The branches of the Royal Pharmaceutical Society will soon be able to benefit from higher interest rates on their bank accounts under a unified banking scheme.
The scheme has been recommended by the Society’s internal auditors
as part of the process of moving all Society accounts into the Society’s
banking accounts with NatWest, which is part of the Royal Bank of Scotland
Group, to improve corporate governance. Branches will be free to choose
any local NatWest or RBS branch to hold their accounts and to make any
local arrangements for services.
The scheme will begin to be rolled out in July. The process is expected
to be completed by the end of 2005.
Unified banking has already been tested and approved by the nine branches
taking part in the Society’s “Future branch” pilot.
Under the scheme, branches will receive a higher than usual rate of interest
paid to a special interest bearing account (SIBA). NatWest will provide
a special arrangement allowing them to maintain day-to-day control of
their funds on both a current account and a SIBA.
The SIBA will pay an interest rate of bank base rate less 0.5 per cent.
At present this is 3.5 per cent.
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The
Pharmaceutical Journal