For more information about the account, please see the account summary page
If you have any questions regarding this product or the application form you can contact us:
Complete and sign the form and post it to:
FREEPOST,
Teachers Building Society,
Allenview House,
Hanham Road,
Wimborne,
Dorset
BH21 1BR
To view the application form you will need to use Adobe Acrobat Reader, if you do not have this installed on your computer please click here to download it.
You must be sure that you have read and understood our complaints procedure, how the account works and that it will suit your requirements.
At Teachers we like satisfied customers. If you are not happy with new account you can switch to another type within 14 days or have your money refunded with interest. See our General Terms and Conditions for further details.
Compensation may be available from the Financial Services Compensation Scheme.
Investment Cheques
Please make your cheque payable to "Teachers Building Society a/c (your name)".
Charitable Assignment Clause
Our application forms contain a Charitable Assignment clause. It is vital that you do not delete this even if you are personally exempt from its provisions. We are unfortunately unable to accept an application form which has been amended in this way.
When will interest be paid?
Your savings earn interest from the day after we receive your payment; unlike many other organisations, we don't wait until the funds are cleared. Interest is paid annually on 31 December and will be added to your account or transferred to your nominated bank account.
What interest rate will I receive?
The interest rate which currently relates to this account can be found in the leaflet Current Rates on Open Schemes. You should read this leaflet in conjunction with this brochure.
Can I make withdrawals?
Yes, you can make up to four withdrawals each calendar year without notice or penalty. Please note that the minimum withdrawal amount is £100. If you make more than four withdrawals in the calendar year, the interest rate payable for the remainder of the year will be equivalent to our Extra Ordinary Account rate. This rate will apply from the first day of the month after the fifth withdrawal takes place.
How do I make withdrawals?
Call Save is designed for investors who wish to operate an account by telephone. When you wish to make a withdrawal all you need to do is call us free on 0800 783 2367 and we will transfer the money to your nominated bank account via BACS (Bank Automated Clearing System). Please note a cheque withdrawal service is not available with this account.
All withdrawals will be processed on the day of receipt where the request is received by the Society before 3.30pm on a working day (not being a Saturday, Sunday or a Bank Holiday). Please see our Special Terms & Conditions for Accounts Operated by Telephone for full details of this service.
How do I add money to my account?
You can add money to your account in three ways.
How long do I need to wait for a cheque to clear?
The central clearing cycle for cheques (and automated payments, including those over the telephone or internet) is 3 working days. Withdrawals may be made against a cheque on the 6th working day after it has been paid in. However, your money will be earning interest throughout this time.
What happens if my balance falls below £1?
If your balance falls below £1, we reserve the right to close your account. In the meantime the interest rate payable for the remainder of the year will be equivalent to our Extra Ordinary Account rate.
What steps has Teachers' taken to deal with "windfall" speculation?
The Society intends to continue its operations as an independent mutual building society providing accounts to all genuine saving members. We have, however, had to restrict or delay account opening at times when certain people have taken action to open accounts in the hope of receiving windfall benefits on a conversion. To avoid continued disruption from speculators, the Society requires new investors to agree to assign to charity any windfall benefit to which they might become entitled in the unlikely event of a conversion being announced during the period (usually five years) after opening the account. Existing shareholding members as at 31 March 2000 who have continuously held a share account will not be required to assign any benefits to charity upon opening a new account. The Society has chosen the well-known Charities Aid Foundation as the charity to benefit from any potential windfalls.
How do I open my account?
If you are 16 years or over, simply complete the application form and post it to us together with a cheque made payable to "Teachers Building Society A/c (your name)" for a minimum of £1. When opening an account we are required by law to verify the names and addresses of new customers. We will make searches electronically and verify names and addresses by using a credit reference agency. However, we may ask you to provide physical forms of identification if the information provided by a credit reference agency is insufficient. Full details of these requirements are quoted on the application form under the section headed 'Your Information.'
What happens if I change my mind?
If you are not happy with your new account, you can switch to another type within 14 days, or have your money returned with interest. See our General Terms and Conditions for further details.
If I close my account, can I open another one in the future?
If you close the account for any reason, you will not be able to open a new Call Save account for 12 months.
Is the Society a participant of the Financial Services Compensation Scheme?
Yes, the Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under the Scheme are limited to a maximum of £50,000 per person. Most investors are covered, including individuals and small firms. A small number of categories of shares and deposits are not covered. Although most shares and deposits are denominated in sterling, all other currencies are covered. Further details are available on request from the Society.
Summary of Account Details
All details correct as at 7th July 2010
