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.
This might suit you if
Online Account
- You would like the option to operate this account online only
- You would like to save a regular amount each month
- You are happy to receive annual interest
- You do not require a Power of Attorney to run your account
Monthly Savings Account
5.50%
Gross*/AER** Variable
Interest rate with bonus (where all conditions are met***)
1.00%
Gross*/AER** Variable
Interest rate without bonus (where one or more conditions are not met***)
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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
Regular Saver Issue 1
| Interest rate without bonus (where one or more conditions are not met***) | 1.00% Gross* /AER** |
| Interest rate with bonus (includes a bonus of 4.50% where all conditions are met***) | 5.50% Gross* / AER** |
Interest is accrued daily and added once a year on 31st December at close of business.
Each month a deposit between £10 – £150 must be received into the account, the account should see no withdrawals in the year 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.
| £1,659.67
This figure is for illustration purposes and assumes a further 10 payments of £150 with the last payment missed, no withdrawals and no interest rate changes. |
1.00% Gross* / AER** |
| £1,853.84
This figure is for illustration purposes and assumes a further 11 payments of £150 and therefore includes the bonus rate, no withdrawals and no interest rate changes. |
5.50% 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 is £150.
One account per member.
How to open the account
Fill out the online application through our portal.
Pass an electronic identification check, if there is any issues with this we may request physical identification.
Send us between£10 – £150 by bank transfer within 7 days of completing the application.
Managing your account
Each month the account must receive one payment between £10-£150 and also have no withdrawals in the year to be eligible for the Conditional Bonus.
This account is managed online only.
Please contact us if you need assistance from us.
Yes, however if any withdrawals take place the conditional bonus will be lost.
You can normally make a withdrawal on demand via Faster Payment, this will be through the transfer functionality within the online portal.
All Faster Payments must be made to the nominated bank account linked to the account.
Refer to our General Savings Terms and 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.
