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Withdrawn/Closed Accounts

Withdrawn/Closed Accounts

How to Apply

0.00 %Gross/AER

  • Invest from £10
  • Instant Access
  • Apply online, in branch or by post

Summary Box

Interest rate bands

Balance Interest Rate (Gross/AER)
£70,000 + 1.25%
£30,000 – £69,999 1.05%
£20,000 – £29,999 0.95%
£10 – £19,999 0.85%

The interest rate you receive will depend on your balance.
Once your balance increases or reduces to the next tier, you will receive that rate on your savings.

The interest is paid annually and will be credited to your account after close of business on 1 January.

Can the interest rate change?

Yes, the rate is variable. We can increase or decrease the interest rate as described in our Savings Service Agreement.

If we are decreasing the interest rate we will notify you at least 14 days before the change takes effect.

Estimated balance after 12 months based on a range of deposits

Balance Interest Rate (Gross/AER)
£70,000 £70,875
£30,000 £30,315
£20,000 £20,190
£1,000 £1,008.50

These examples are based on the minimum lodgement for each interest rate tier made on account opening and assumes no further deposits or withdrawals are made throughout the year and that the interest rate does not vary during the 12 month period.

How do I open and manage my account?

The account is available to existing Members and new customers resident in the UK who are aged 16 years and over.

There is a minimum lodgement of £10 required to open the account.

You can save up to a maximum of the annual ISA allowance (£20,000 for the current tax year). You can transfer existing ISA funds into the account.

The account can be opened and operated at any of the Society’s branches, agencies or by post.

Can I withdraw money?

Yes, this is an instant access account, withdrawals are allowed.

You can withdraw up to £250 in cash and larger amounts must be withdrawn by cheque.

Additional information

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. This will enable you to compare more easily the return you can expect from your savings over time.

This is a tax free account which means the interest paid is exempt from income tax.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings Service Agreement. You can obtain a copy of these documents in the ‘How To Apply’ tab.