Education Community Easy Saver (Issue 1)
WHAT IS THE INTEREST RATE?
Gross/AER: 0.75% (Please note that this rate will be changing to 0.40% on 3rd June 2020)
CAN TEACHERS BUILDING SOCIETY CHANGE THE INTEREST RATE?
The interest rate for this account is variable, meaning that it can be changed at any time in accordance with section 6.4, 6.5 and 6.6 of the applicable terms and conditions. You will be informed in writing if the Society changes the interest rate applicable to your account.
WHAT WOULD THE ESTIMATED BALANCE BE AFTER 12 MONTHS BASED ON A £1,000 DEPOSIT?
The estimated balance after 12 months based on a £1,000 deposit would be £1,007.50. This amount is based on the assumption that all terms and conditions for the account are met.
After the rate change scheduled for the 3rd June 2020, the new rate for this account will be 0.40%, and the estimated balance after 12 months based on a £1,000 deposit would be £1,004.00. This amount is based on the assumption that all terms and conditions for the account are met.
HOW DO I OPEN AND MANAGE MY ACCOUNT?
This account can be opened by post only. After the account has been opened, it can be managed via post or online. The minimum opening balance for this account is £1,000 with a maximum investment of £500,000
CAN I WITHDRAW MY MONEY?
Withdrawals may be made at any time and without notice. When you wish to make a withdrawal, you will need to write to us or log into your 'My Accounts' service to request the funds. The Society will then transfer the money to your nominated account by the Faster Payments Service.
REQUEST APPLICATION PACK
- Daily interest
- Interest paid annually on 31st December
- Available to National Education Union (NEU) associations, schools, pre-schools (including PTAs) and charities supporting the education sector
- This product may be withdrawn at any time and without notice