Reward Saver Issue 3
*THIS IS NOW A CLOSED ISSUE*
Please click here to go to the current issue
A new variable rate account offering an attractive interest rate with a bonus for the first year.
For more information about the account, please see the account summary page
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.
What is the maximum amount I can invest?
The maximum amount you may invest with the Society in one or more accounts is £350,000 (£700,000 for joint accounts)
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. Interest rates are variable and, when a change occurs, you will be advised of the new rate within 30 days.
Can I make a withdrawal from my account in the first 12 months?
One withdrawal in the first 12 months’ from the account opening is allowed without penalty. If you wish to make more than one withdrawal in the first 12 months’, the bonus amount will be removed from the account at the time the withdrawal is made. Easy access to funds is available thereafter with no charge.
How can I make a withdrawal from my account?
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 and that the minimum withdrawal amount is £100. 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 the Special Terms & Conditions for a Telephone Account for full details of this service. In the event of the death of an investor the Reward Saver will be repaid to the Executors or Administrators with no charge. If the account is held in joint names it will be transferred into the name of the survivor(s). Please see our Special Terms & Conditions for Accounts Operated by Telephone for full details of this service.
How long do you 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.
What happens at the end of the first 12 months when the bonus is removed?
The balance will remain in the Reward Saver and this will then become an easy access account where there will be no charge for withdrawals thereafter. You will of course have the opportunity to withdraw or transfer to one of the Society's other savings schemes at that time without charge.
What do you mean by gross, net and AER rate?
The gross rate is the contractual rate of interest payable before deduction of income tax at the rate specified by law (the "specified rate"). The net rate is the rate which would be payable after allowing for deduction of income tax at the specified rate from the gross rate. The Annual Equivalent Rate (AER) illustrates what the interest rate would be if interest was paid and compounded once each year.
Can I make additional payments into the Reward Saver?
Additions can be made at any time.
Can I receive my interest tax free?
Under current legislation, income tax will normally be deducted from your interest at the appropriate rate. If you, or one of the other parties to the Account are non-tax payers the Society will provide, on request, an Income Tax Form R85 to enable gross interest to be paid to the non-tax paying party. Account holders should record the amount of interest paid in respect of the Account, as this information may be required by HM Revenue & Customs.
Will I receive a windfall payment if you convert?
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 potential windfalls.
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.
Complete an application form and post it to us together with a cheque made payable to 'Teachers Building Society a/c (your name)'. When opening an account we are required by law to verify the names and addresses of new customers. Once the account has been opened we will write to you to confirm receipt of your funds.
Is the Society a participant in 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.
All details correct as at 16th September 2009
