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OPG INVESTMENT FACILITIES
OPG can provide two interest-bearing facilities to those customers authorised by HM Treasury to receive interest on their OPG account balances.
Interest Bearing Accounts
- Certain categories of customer can hold interest-bearing current accounts with OPG, subject to approval by HM Treasury.
- Interest is calculated on the balance on the account concerned at the end of each day and paid by the Treasury from the National Loans Fund (NLF) monthly in arrears.
- Interest-bearing accounts should always be in credit, but if an interest-bearing account becomes overdrawn a penal rate of interest will be charged.
- The rate of interest payable (and the penal rate charged) can vary depending on the type of OPG customer. The rates are derived from the weekly tender for Tap Treasury Bills that takes place at the Debt Management Office (DMO) each Friday. The rate is usually fixed on a weekly basis (from the Monday following the tender through to the following Sunday) unless there is a change in the Bank of England Base Rate, which may affect the rate payable immediately.
NLF Temporary Deposit Facility
- OPG customers authorised to operate interest-bearing accounts may earn more competitive rates by investing surplus funds with the National Loans Fund Temporary Deposit facility operated by HM Treasury.
- The scheme allows approved depositors to invest significant sums for periods from 7 days to 6 months at current market interest rates. The minimum investment is £1 Million with sums deposited in round £000 above £1 Million.
- Principal plus accrued interest is credited back to the customers OPG account on the maturity date.
- NHS Customers interested in this facility should contact the Department of Health for more information; other customers should contact the Exchequer Funds and Accounts team in HM Treasury (contact names and numbers are available from the OPG Account Adviser team).
- Transfers to and from the NLF under the scheme must be made by Internal Transfer across OPG accounts.
If you would like more information please contact the Account Adviser team at:
OPG Banking Services
Sutherland House, Russell Way, Crawley, West Sussex, RH10 1UH
Or telephone our Customer Communications Centre on:
0870 197 1404
or email us at:
opgservices@paymaster.co.uk
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