Monthly Savings Account
Monthly Savings Account update. We can accepts deposits for the Monthly Savings Account by cheque or electronic transfers. We are currently unable to process any cash deposits in branch, if cash is your only available method to pay in your monthly amount, please let us know and we can annotate your account accordingly. We will allow a “catch up” of any missed subscriptions from March 2020 onwards until we are in a position to accept cash deposits again.
|Summary Box - Key Product Information|
|What is the interest rate?||
Interest is calculated daily and added annually on 31st December at close of business.
***Every subscription must be received during the relevant calendar month and the account must remain open at 31st December in order to receive the bonus payment.
|Can Beverley Building Society change the interest rate?||
Yes, all of our interest rates are variable.
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
|How do I open and manage my account?||
Available to UK Residents and UK Tax Residents. One account per member.
Complete the application form, relevant declaration(s) and provide necessary identification then forward together with the initial deposit (payable to the account holder) to the Society's office.
Your initial deposit must be between £10 and £1,000. No other deposits are possible other than one deposit per calendar month of any amount between £10 and £1,000.
|Can I withdraw money?||
Yes, one notice and penalty free withdrawal per calendar year (1st January to 31st December) is permitted. All other withdrawals are subject to a penalty of 30 days loss of interest on the amount withdrawn.
You can normally make a withdrawal on demand of cash up to £500 and any amount by cheque or Faster Payment, subject to adequate cleared balance and written instruction signed by the relevant signatory(ies).
|Additional Information||*Gross rate – the contractual rate of interest to be paid on a savings account without any deduction being made in respect of personal Income Tax liability **AER - stands for Annual Equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year|