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Single Access Saver

Back
  • Single Access Saver

    • Overview
    • Interest Rates
    • How to Apply
    Full Details
    • What is the interest rate?
      1.35% Gross/AER
    • Can Buckinghamshire Building Society change the interest rate?
      Yes, interest rates are variable and we can change them at any time. Any changes will be made in accordance with Section 7 of our General Terms and Conditions which sets out when we can vary the interest rate and how and when we will notify you.
    • What would be the estimated balance after 12 months based on a £1,000 deposit?
      The estimated balance after 12 months based on an initial deposit of £1000 would be £1013.50

      This estimation assumes that £1000 is deposited on 1 January with no deposit, or withdrawal transactions made and interest subsequently paid gross at 31 December.

      This projection is provided for illustrative purposes only and does not take into account the individual circumstances.
    • How do I open and manage my account?
      Open an account with a minimum of £100 in person or by post. Accounts can be opened in single or joint names. Transactions can be made at our branch or by post. You can pay money in at any time up to a maximum overall balance of £500,000.
    • Can I withdraw money?

      One withdrawal is allowed between 1st Jan- 31st Dec each calendar year, without notice or penalty after which no further withdrawals are permitted until the next  year. A second withdrawal within a calendar year will result in the account automatically closing. 

      Withdrawals can be made in cash at our branch, or by cheque or bank transfer to your nominated bank by writing to us and sending us your passbook. Cash withdrawals are subject to a daily limit of £500 and £3,000 on 3 days notice. Faster payment transfers are limited to £100,000 and must be into a nominated account.

    • Additional information

      Interest is paid annually at 31 December.

    Effective: 26th June 2019
    Balance Gross PA/AER Monthly Gross Monthly AER
    £100 1.35% - -
    Previous rates effective: n/a
    Gross PA/AER Monthly Gross
    - -

    If the balance falls below £100, a variable rate of 0.10% Gross / AER will be paid. Interest is calculated daily and paid annually at 31 December into this account or a nominated account as stated on your application form.

    To Open an Account

    Download and complete the application form and return it to us by post or to the branch.

    Financial Services Compensation Scheme

    You must read the Information Sheet which gives all the details of the FSCS and how you are covered.

    The FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA).

    Verifying your Identity

    In order to help you to keep your money safe from fraud we verify the identity of all customers opening a new savings account with the Society. Click here to see the list of required ID documents.

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to 2 decimal places. Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC.

How much can I save?

  • You will need a minimum amount of £100 to open this account.
  • The maximum balance with the Society is £500,000.

What do I need to know before opening this account?

  • This account can be opened in a single or joint names and can only be held by UK residents.
  • This account may not be operated by an adult on behalf of a child. A child over the age of 7 may open and operate the account themselves.
  • Accounts may not be operated by a third party unless a Power of Attorney is in place.

How can I take my money out?

  • One withdrawal is allowed between 1st Jan- 31st Dec each calendar year, without notice or penalty after which no further withdrawals are permitted until the next  year. A second withdrawal within a calendar year will result in the account automatically closing. 
  • Withdrawals can be made in cash at our branch, or by cheque or bank transfer to your nominated bank by writing to us and sending us your passbook.
  • Cash withdrawals are subject to a daily limit of £500 and £3,000 on 3 days notice.
  • Faster payment transfers are limited to £100,000 and must be into a nominated account in your name.

Can I cancel?          

We operate a 14 day cancellation period from the date you open the account. If you change your mind you will receive back your original capital plus any interest accrued.

Tax Residency

We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.

How will my interest be paid?

The interest rates are variable and we can change them at any time. Interest can be paid annually at 31 December into the account or into your nominated account as stated on your application form. You can also have monthly interest paid into your nominated account.

Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC.

  • Basic rate taxpayers can earn up to £1,000 interest on savings tax free.
  • Higher rate taxpayers can earn up to £500 interest on savings tax free.
  • Additional rate taxpayers will pay tax on all savings interest earned.

 

 

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to 2 decimal places. Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC.

How much can I save?

  • You will need a minimum amount of £100 to open this account.
  • The maximum balance with the Society is £500,000.

What do I need to know before opening this account?

  • This account can be opened in a single or joint names and can only be held by UK residents.
  • This account may not be operated by an adult on behalf of a child. A child over the age of 7 may open and operate the account themselves.
  • Accounts may not be operated by a third party unless a Power of Attorney is in place.

How can I take my money out?

  • One withdrawal is allowed between 1st Jan- 31st Dec each calendar year, without notice or penalty after which no further withdrawals are permitted until the next  year. A second withdrawal within a calendar year will result in the account automatically closing. 
  • Withdrawals can be made in cash at our branch, or by cheque or bank transfer to your nominated bank by writing to us and sending us your passbook.
  • Cash withdrawals are subject to a daily limit of £500 and £3,000 on 3 days notice.
  • Faster payment transfers are limited to £100,000 and must be into a nominated account in your name.

Can I cancel?          

We operate a 14 day cancellation period from the date you open the account. If you change your mind you will receive back your original capital plus any interest accrued.

Tax Residency

We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.

How will my interest be paid?

The interest rates are variable and we can change them at any time. Interest can be paid annually at 31 December into the account or into your nominated account as stated on your application form. You can also have monthly interest paid into your nominated account.

Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC.

  • Basic rate taxpayers can earn up to £1,000 interest on savings tax free.
  • Higher rate taxpayers can earn up to £500 interest on savings tax free.
  • Additional rate taxpayers will pay tax on all savings interest earned.

 

 

Further Information

To Open an Account

Download and complete the application form and return it to us by post or to the branch.

Financial Services Compensation Scheme

You must read the Information Sheet which gives all the details of the FSCS and how you are covered.

The FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA).

Verifying your Identity

In order to help you to keep your money safe from fraud we verify the identity of all customers opening a new savings account with the Society. Click here to see the list of required ID documents.