IMPORTANT SERVICE COMMUNICATION
Easy Access Savings for Everyone (issue 1)
Benefits to you
- WE ARE CURRENTLY UNABLE TO ACCEPT NOMINATED ACCOUNTS* WITH THE FOLLOWING BANKS: CLEARBANK, MODULR FS, EQUALS MONEY UK; OR WITH ANY ACCOUNT LINKED OR ASSOCIATED WITH A CRYPTO CURRENCY.
- Rate currently 3.25% gross p.a./AER variable
- Low minimum opening balance of £100
- Easy withdrawals penalty free
- PLEASE NOTE - This product is NOT an ISA
|
Interest rate % |
Product name |
Min opening balance |
Withdrawal options | Save up to (Max) |
|---|---|---|---|---|
| 3.25% Gross p.a./AER Variable | Easy Access Savings for Everyone (issue 1) | £100 | Easy access | £100,000 |
Summary box
Account name
Easy Access Savings for Everyone (issue 1)
What is the interest rate?
Gross p.a./AER variable: currently 3.25%
If your balance falls below the minimum operating amount the interest rate payable on the remaining balance for that calendar year will be equivalent to the Society's Extra Ordinary Account rate: GROSS P.A./AER variable: currently 1.25%.
AER: Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year
Can Teachers Building Society change the interest rate?
The interest rate for this account is variable, meaning that it can be changed at any time in accordance with section 6.4, 6.5 and 6.6 of the applicable terms and conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The estimated balance after 12 months based on a £1,000 deposit would be £1,032.50. This amount is based on the assumption that all terms and conditions for the account are met.
How do I open and manage my account?
This account can be opened by post or online. After the account has been opened, it can be managed by telephone or online. The minimum opening balance and minimum operating balance for this account is £100 with maximum savings of £100,000.
- You can register and log in to your account here once opened
Can I withdraw my money?
Withdrawals may be made at any time and without notice. When you wish to make a withdrawal, you can log into your 'My Accounts' service or contact us via telephone to request the funds. If your account with us is a joint account, either party may request withdrawals by telephone. The Society will then transfer the money to your nominated account by the Faster Payments Service. Your funds will then be available to you on the next working day, so please take this into account when making a withdrawal (this is not suitable if you think you may need the money on the same day).
Will I get charged to operate my account?
The normal day to day operation of your account is free of charge. However there are some additional services that we may charge you for. These are as follows:
• Withdrawals by telegraphic transfer: If you ask us to transfer money to your bank as a same day transfer - £25.00
• Unpaid/returned cheques: If your bank or cheque issuer does not honour your cheque and we reverse the payment from your account - £7.00
Additional information
- Your interest is calculated daily and credited to your account annually (on 31st December)
- This product may be withdrawn at any time and without notice
Open your account online
- Application takes minutes
- Minimum opening/operating balance £100. Maximum savings £100,000
Our terms & conditions
We recommend that you review our savings T's and C's before completing an application form.
FSCS protection for your savings
The Financial Services Compensation Scheme (FSCS) is a free, independent service that protects up to £85,000 of your eligible deposits at Teachers Building Society.