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!

 

Please note that the Monthly Savings Account variable interest rate and conditional annual bonus rate are changing

from 4 January, 2021. Contact our branch team for more details.

 

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.

This might suit you if

  • You can afford to commit to saving each month, and making only one withdrawal
    per calendar year
  • You are looking to save money gradually for a specific purpose
  • You want to avoid the temptation of dipping into your cash
  • You are looking for a rewarding interest rate to help your savings grow quicker
  • You’d like a passbook, so that you can watch your savings grow
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Monthly Savings Account

0.10%

Variable / Gross*/AER**

Interest rate without bonus (where one or more conditions are not met***)

Find out more

Monthly Savings Account

0.70%

Variable / Gross*/AER**

Interest rate with bonus (includes a bonus of 0.60% where all conditions are met***)

Find out more
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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.

0.10% Gross* / AER** Interest rate without bonus (where one or more conditions are not met***)
0.70% Gross* / AER** Interest rate with bonus (includes a bonus of 0.60% 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.

 

Yes, all of our interest rates are variable.

Refer to the General Savings Terms & Conditions and the Faster Payment Form & the Framework Contract for Payment Services for full details.

0.10% Gross* / AER** £11,006.41

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.

0.70% Gross* / AER** £12,045.47

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.

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.

The account can be managed via post and branch.

Please contact the Society for information regarding Third Party Assistance.

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 General Savings Terms & Conditions and the Faster Payment Form & 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.

How to apply

To apply, please complete the application form below and either call in to our branch or send the completed form with your opening deposit to the Beverley Building Society at 57 Market Place, Beverley, East Yorkshire, HU17 8AA

Forms, guides and Ts & CsDownload Application FSCS Information Sheet and Exclusions List 2020

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