Monthly Savings Account
From 2nd January 2018 the variable interest rate on the Monthly Savings Account will increase to 0.40% gross. The annual conditional bonus for 2018 will increase to 0.60% gross. All rates are variable.
|Summary Box - Key Product Information|
Monthly Savings Account
|What is the interest rate?||
0.30% Gross* / AER**
Interest rate without bonus (where one or more conditions are not met***)0.80% Gross* / AER**
Interest rate with bonus (includes a bonus of 0.50% where all conditions are met***)
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.
Refer to our Terms and Conditions for full details.
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
£11,019.24 0.30% Gross* / AER**
This figure is for illustration purposes and assumes a further 10 payments of £1,000 with the last payment missed, no withdrawals and no interest rate changes.
£12,051.97 0.80% Gross* / AER**
This figure is for illustration purposes and assumes a further 11 payments of £1,000 and therefore includes the bonus rate, no withdrawals and no interest rate changes.
|How do I open and manage my account?||
Available to UK Residents and UK Tax Residents. One account per customer.
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 of between £10 and £1,000 will be your agreed monthly subscription and must be maintained for at least six months. Any alteration after that time must be arranged with the Society. No other deposits are possible, the maximum balance limit is £400,000.
The account can be managed via post and branch.
|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 All other withdrawals are subject to a penalty of 30 days loss of interest on the amount withdrawn.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).Refer to our Terms and Conditions for more information on withdrawals.
*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