You should read this document carefully in conjunction with our Savings terms and conditions booklet to ensure you understand the features and conditions of what you are buying and keep it safe for future reference. Our savings accounts are only available to UK residents.
|What is the interest rate?
||Interest rate band
0.75% Gross / AER variable
- If the balance falls below the minimum operating balance, a variable rate of 0.25% gross/AER will be paid.
- Interest is calculated daily and paid monthly into the account.
|Can Newbury Building Society change the interest rate?
- The rate can be changed in accordance with our Savings terms and conditions. These can be accessed in branch and online at www.newbury.co.uk.
- You will be notified of any material downward rate change by letter or secure message.
|What would the estimated balance be after 12 months based on a £1,000 deposit?
||Interest rate band
- This estimation assumes the monthly interest is compounded into this account.
- This estimation is for illustrative purposes only and does not reflect individual circumstances.
|How do I open and manage my account?
- Available to those aged 55 and over.
- This account can be opened and operated in branch, via the post or online.
- Account holder must be resident within our operating area as defined in 'Important notes' below.
- The minimum opening and operating balance is £500.
- The maximum balance is £1,000,000.
|Can I withdraw money?
||Withdrawals can be made:
- Up to £500 cash per day in branch.
- By cheque against cleared funds in branch or by post.
- By electronic payment in branch to your nominated account.
- Via the myaccounts online service to your nominated account.
- By CHAPS for electronic payments to third parties.
- Tax Status - From 6 April 2016, HMRC introduced a Personal Savings Allowance for individuals and as a result interest on savings is paid gross of tax. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. For further information go to WWW.GOV.UK
- We will require identification for all parties on a savings account, please see ID for customers leaflet for full details.
- Our local operating area is AL, BA, BH, BN, BS, DT, EX, GL, GU, HA, HP, HR, KT LU, MK, NN, OX, PO, RG, RH, SG, SL, SM, SN, SP, SO, TA, TW, UB, WD, WR.
- You can register with myaccounts, our online service, to view your accounts online, use secure messaging and request online withdrawals to your nominated bank account. Online withdrawal and electronic payment requests for sums up to £5,000 made between 9am and 5pm on Business Days (Monday to Friday excluding Bank Holidays), will be processed on the same day. Requests for sums over £5,000 and up to the maximum £50,000 made between 9am and 3pm on Business Days, will be processed the same day. Requests after 3pm will be processed on the next Business Day.
- Online withdrawal access is not available to accounts with an attorney, nominee or executor. These types of accounts can be opened and operated in branch.
- For more information regarding our online service, electronic payment and CHAPS service see our Savings terms and conditions. These can be accessed in branch and online at www.newbury.co.uk.
- There are no charges for the normal operation of this account. See our Savings terms and conditions for more information.
- Account holders will be issued with a Member Loyalty Card enabling discounts and special offers from local traders who participate in our scheme.
Gross rate is the contractual 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 compounded once each year.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE