Setting cash aside for a rainy day is a great habit to get into, and our regular savings account is designed to help you save up for that dream holiday, wedding or home improvement. Our customers tell us they like the ability to earmark their savings for specific purposes, and the fact this account comes with limited access helps them avoid the temptation of dipping in. This may be ideal for you if you can commit to saving each month, with only one withdrawal per calendar year. And the interest rate isn’t bad either!
The Society is required by the Financial Conduct Authority to provide you with certain key information about this account in the form of a Summary Box. You should read this to enable you to make an informed decision and compare our product with those of other providers. Below, you have the option to download and print or save the full summary box, view elements of it one-by-one, or expand the accordion further down this page and view the full product details in one go.
Please Note: if you choose to open an online account, this can be managed online and in the branch. Should you choose to open a branch account, this must be managed either by visiting the branch, or by post.
This might suit you if
Online Account
- You would like the option to operate this account online only
- You are happy to receive annual interest
- You would like the option to have a passbook
- You do not require a Power of Attorney to run your account
Branch Account
- You would like to operate this account in branch or through post
- You are happy to receive annual interest
- You’d like a passbook to monitor your savings offline
- You may require a Power of Attorney to run your account
Monthly Savings Account
3.40%
Gross*/AER** Variable
Interest rate with bonus (where one or more conditions are met***)
2.90%
Gross*/AER** Variable
Interest rate without bonus (where one or more conditions are not met***)
Monthly Savings Information
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*Gross rate – the contractual rate of interest to be paid on a savings account without any deduction being made in respect of potential 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.*** Every subscription must be received during the relevant calendar month and the account must remain open at 31 December in order to receive the bonus payment.
Need to discuss your circumstances? We’re here to listen.
To speak to a member of our friendly team about your requirements
Summary Box
Monthly Savings
| Interest rate without bonus (where one or more conditions are not met***) | 2.90% Gross* /AER** |
| Interest rate with bonus (includes a bonus of 0.50% where all conditions are met***) | 3.40% Gross* / AER** |
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.
Yes, the interest rate for this account is variable.
Refer to the General Savings Terms & Conditions and the Framework Contract for Payment Services for full details.
| £11,186.79
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. |
2.90% Gross* / AER** |
| £12,221.88
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. |
3.40% Gross* / AER** |
This account can be opened if:
You are resident and tax resident in the UK.
You pay in at least £10.
The maximum you can open the account with in January is £10,000. The maximum you can open the account from February to December is £2,000.
One account per member.
How to open the account
Fill out and sign the application form which can be obtained in branch, on our website or by calling us.
Provide identification (examples in our “Verifying your Identity” list)
Send us at least £10 by bank transfer, cheque payable to yourself or cash.
Managing your account
Each month the account must receive one payment of £10-£2,000 to be eligible for the Conditional Bonus. For the month of January only, the maximum subscription allowance is £10,000.
This account can be managed in branch or by post.
Please contact us if you need assistance from us or someone else.
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.
All interest penalties are deducted from accrued interest on the account. Should there be insufficient accrued interest to deal with the above (i.e. at the beginning of each year) the penalty will be deducted from the capital balance.
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 General Savings Terms & Conditions and the Framework Contract for Payment Services 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 potential 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.
