RegularSaver. The RegularSaver is a great way to save for something special because you can make one annual withdrawal without loss of Bonus. You can vary the amount you save each month too, so long as you save between £20 and £500 every month.
Key Product Information for our Savings Account(s)
|Account Name||RegularSaver (Issue 2)|
|Interest Rates (AERs)||0.05% Gross§ p.a./AER† (variable) excluding 3% conditional Bonus.
3.05% Gross§ p.a./AER† (variable) including 3% conditional Bonus.
|Tax Status||The gross rate(s) of interest shown will be payable net of the appropriate rate of income tax (which may be reclaimed by non-taxpayers) or, subject to the required certification, gross. The tax treatment depends on the individual circumstances of each customer and may be subject to change in the future.|
|Conditions for bonus payment||3% Bonus payable annually on 1 March provided you make one payment between £20 and £500 each month and make no more than one withdrawal per Bonus period. The Bonus period runs from 1 March to 28 February in each year (29 February in a leap year).|
|Withdrawal arrangements||One withdrawal is permitted each Bonus period. If a second withdrawal is required you will not qualify for a Bonus in respect of that period.|
|Access||Account can be opened and operated through any of our branches or by post.|
Rates correct as at 18 December 2012.
The minimum monthly payment is £20 and the maximum monthly payment is £500. The minimum investment and operating balance is £20. In the event that the balance falls below the minimum operating balance, the basic investment rate of interest, which is currently 0.05% Gross § p.a./AER† (variable) shall apply.
Interest is paid annually on 1 March.
Interest can either be credited to the account ot transferred either to another building society/bank account or to another account held with the Society.
Based on the interest rates and level of Bonus payment quoted above, if you open your account on 1 March and you save £500 per month for 12 consecutive months, you will receive gross interest of £98.60 on 1 March the following year, providing you do not make more than one withdrawal during the Bonus period which runs from 1 March to 28 February in each year (29 February in a leap year).
§ Gross means the rate of interest payable before the deduction of income tax at the rate specified by law. † AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.