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What is the Deposit Account

The deposit account is a University wide facility that allows departments with surpluses (on a variety of eligible sources of funds) to invest those funds. This is generally used for short-term investments where monies held "on deposit" are credited with monthly interest, which increases the department's available resources. Many departments have surpluses that are held on deposit.

Departments are responsible for monitoring their own account and deposit balances and can process deposit movements themselves by means of a General Ledger journal or, in certain instances, request movements to be processed by the Finance Division.

As accounts which hold deposits must not be overdrawn at source of funds level, departmental processing means that funds can be made available straightaway (e.g. to cover an urgent purchase order or payment) instead of having to wait for the transaction to be processed centrally.

Key features of the Deposit Account include:

  • Interest is earned on invested surpluses
  • Interest is credited monthly and is available to re-invest
  • No risk to the capital sum invested

Which surpluses am I allowed to invest in the deposit account?

You may only invest surpluses on the accounts specified below. These surpluses attract either a higher or a lower rate of interest depending on the source of funds. The table below illustrates which Sources of Funds you can invest and which rate of interest they will receive.

Source of Funds Description Eligible for higher interest rate Eligible for lower interest rate
EExx * Specific Central Reserves No Yes
EFxx - EXxx General Donations No Yes
Fxxx Specific Reserves No Yes
Hxxx Specific Donations No Yes
Ixxx Specific Endowments No Yes
Jxxx HEFCE Initiatives No Yes
Kxxx Trust Funds Yes No
Lxxx Appropriation in Aid Yes No
Pxxx Funds for Land & Buildings No Yes
Vxxx CUEF Investment Accounts Yes No

* Special dispensation required.

If you wish to transfer your deposit interest from one account to another use transaction code LXBB on both sides of the journal. NEVER use NBAA in the journal.

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