Union Home Saver

FAQs - Union Home Saver

• How do I open an account?

  You can open a Union Home Saver account with a minimum sum of £​100 or more and benefit from an attractive rate of interest straight away. You can open this account in one of the following ways:
  
  1. 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 sum of £​100.
  
  2. Complete the application form and post it to us together with a copy of your most recent bank statement. We will then email you to let you know when the account is ready for you to make your initial bank transfer for a minimum sum of £100. 
  
  We will then make the necessary checks, required by law, to verify the names and addresses of new customers. We will do this through credit reference agencies where we can and this search will not be seen or used by others when you are applying for credit.  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 our identity requirements can be found here.

  Accounts can be opened in the names of up to two people providing you are aged 16 years or over. Although joint accounts can be convenient, it is important to understand the consequences of having an account in more than one name. These are set out in the General Terms and Conditions which can be found on our Savings Terms and Conditions Page.

• When will interest be paid?

  Money paid into your account by electronic transfer will earn interest from the day we receive it and amounts paid in by cheque will earn interest from the day after receipt. Interest rates are variable and, when a change occurs, you will be advised of the new rate. The interest rate which currently applies to this account can be found in the leaflet 'Current Rates on Open Schemes' and above under 'Benefits to you'. Interest is paid annually on 31 December and will be added to your account or transferred to your nominated bank account.

• How will interest be paid?

  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 ​click here.

• How and when will the cashback be paid?

  The £500 cashback with the ​Union Home Saver will be sent directly to your nominated bank account upon completion of the mortgage. The additional £100 cashback based on NEU membership will be sent to your solicitor with the mortgage funds. 
  
  Please note: The ​Union Home Saver account must have a minimum balance of £1,000 at the time of mortgage completion and must have held this minimum balance for a period of at least 12 months. The mortgage application cannot be submitted via a mortgage intermediary. 

  For joint accounts, only one cashback is payable. The cashback is only payable once on completion of the first mortgage with the Society.

• Can I make withdrawals?

  Withdrawals may be made at any time by giving 35 days' ​notice online or by post. Immediate withdrawals may not be made unless the funds are to be used towards a mortgage with Teachers Building Society. 
  
  When you wish to make a withdrawal, all you have to do is write to us at the following address:
  
  FREEPOST
  Teachers Building Society
  Allenview House
  Hanham Road
  Wimborne
  Dorset 
  BH21 1​​BR
  
  On receipt of your request, your account will be put on notice. We will then write to you to confirm the date that the transaction will be processed and the funds will appear in your account on the next working day. These funds will be transferred to your nominated bank account by the Faster Payments Service. Please note that a cheque withdrawal service is not available with this account.
  

• 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 £100?

  If your balance falls below £​100, 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 documentation will I receive?

  The terms and conditions which apply to our savings accounts are set out in the ​Savings Account Terms and Conditions which can be found on our Savings Terms and Conditions Page. Special conditions may apply to particular types of accounts and you will find these in the booklets or sheets dealing with those accounts. When the account is opened, a receipt will be forwarded. You will also receive a paying-in slip for future savings. While your money is invested with us, we will send you an annual statement for each period ending 31 December shortly after the end of each year. The statement details all transactions that have taken place that year, and any interest earned.

• 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.

• Will I receive a windfall payment if you convert?

  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 provides further details.Details can also be found in our Savings Account Terms and Conditions which can be found on our Savings Terms and Conditions Page. 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​.

• 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. For more information see our ​Savings Account Terms and Conditions which can be found on our Savings Terms and Conditions Page.

• How do I close my account?

  If you wish to close your account, please write to us at the following address:
  
  FREEPOST
  Teachers Building Society
  Allenview House
  Hanham Road
  Wimborne
  Dorset 
  BH21 1BR 
  
  On receipt of your request, your account will be put on notice. Immediate closures may not be made unless the funds are to be used towards a mortgage with Teachers Building Society. We will then write to you to confirm the date that your account will be closed and your funds will appear in your account on the next working day. These funds will be transferred to your nominated bank account by the  Faster Payment Service.

• Is the Society a participant of the Financial Services Compensation Scheme?

  Yes, the Society is a participant in the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.

  For further information click here.

  To find out more and to check that your finances are protected, click here.