Savings Rate Table
Please see the summary boxes below for an outline of all open savings accounts. Please ensure that you read this information carefully and that you also refer to the sections titled ‘Account Features’ and ‘Important Information’.
Please note: savings accounts can be withdrawn without notice at any time.
An outline of each account is given, but the rules and further details are available online and within the brochure or leaflet which should be read before opening an account. The details will assist you in deciding whether you hold the correct account(s) for your requirements.
The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (the “specified rate”). AER stands for Annual Equivalent Rate and Illustrates what the interest rate would be if interest was paid and compounded once each year. The net rate is the rate which would be payable after allowing for the deduction of income tax at the specified rate from the gross rate. The tax free rate is the contractual rate of interest payable where interest is exempt from income tax.
Please note: Under the Personal Savings Allowance (effective from 6th April 2016), basic rate taxpayers will be able to earn £1,000 in savings interest before paying tax. For higher rate taxpayers, this allowance is £500. For further details, please visit www.gov.uk. Interest earned from ISAs does not count towards your personal savings allowance as it is already tax-free.
Charging for Additional Services Shares and Deposits
Telegraphic Transfers: £25.00
Unpaid Direct Debits and Cheques: £7.00
Stopped Cheques: £7.00
All charges are at the discretion of the Society.
The Society requires new customers to agree to assign to charity any windfall benefit to which they might become entitled on any conversion or takeover. The application form and the General Terms and Conditions give further details. 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 Charities Aid Foundation as the charity to benefit from any potential windfalls.
Protecting Your Account
We will treat your account and personal information as private and confidential. There are some things you can do to prevent misuse of your account:
- Never give your account details or security information to anyone unless you know who they are and why they need them.
- Keep information about your account safe.
- Take care when getting rid of information about your account. You can take simple steps such as shredding printed material.
- If you don’t receive your annual statement or any other financial information you are expecting from us, please contact us.
- Check your annual statement carefully.
- Let us know as soon as possible if you change your address or other contact details.
Financial Services Compensation Scheme
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors are covered by the scheme.
Further details of limits and exclusions of FSCS cover can be found on the Financial Services Compensation Scheme website, www.fscs.org.uk.