Regular Savings (3rd issue)

Account Summary Box

Key Product Information for our Regular Savings (3rd issue)
Account Name

Regular Savings (3rd issue)

Interest Rates (AERs)

See Account Levels and Interest

Tax Status

Interest is paid net of basic rate tax*

Conditions for
Bonus Payment

Not applicable

Withdrawal
Arrangements

Providing a minimum balance of £10 remains, 2 withdrawals per calendar year can be made without notice or loss of interest. Additional withdrawals are subject to the loss of 90 days interest on the amount withdrawn. Closure is subject to the loss of 90 days interest on the closing balance if 2 or more withdrawals have been made in the same year.

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Account Levels and Interest

Minimum
Investment
Maximum
Investment
Interest Rate
(AER1/Gross2)
£10 per month £250 per month, £25,000 total balance 2.75%

Interest Payable 31 December

*The 'Net' amount is the amount after deduction of the basic rate of income tax at 20%.

General Information

A variable rate account for investors making regular monthly investments.

The account is available to savers resident in Nottinghamshire, Derbyshire or South Yorkshire and aged 18 years or over at the date of opening the account.

In addition, existing savers and borrowers aged 18 years or over at the date of opening the account who have a minimum of 3 years continuous membership with the Society and who live outside Nottinghamshire, Derbyshire or South Yorkshire also qualify for the account.

Illustrative example - save £250 every month and earn £44.87 gross interest after 12 months. Assumes initial investment made by cash on 1 January and additional investments made on the 1st day of subsequent months.

Interest can be credited to another account with the Society or transferred to your Bank or Giro account.

If no subscriptions are made for 2 months, the rate of interest may be adjusted to the appropriate rate paid on our Prime Access account.

Our savings accounts are only available to non-United Kingdom residents if they are already an existing member.

 

About our Savings Products

Before applying for one of our savings products, please read the General Account Terms and Conditions which offers important information about our accounts.

You can download the document below.

General Account Terms and Conditions

How to Apply

To apply for one of our savings accounts, download an application form.

You can send your application through the post or visit one of our branches to speak to a helpful member of staff who will be able to talk you through the application process.

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1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.

2. The gross rate is the contractual rate of interest payable before the deduction of income tax.

If separate AER/Gross rates are not quoted, both rates are identical.

These account details apply to personal investors only unless stated in the detailed information.

Charitable Assignment

All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.