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SIPP instant access

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  • SIPP instant access

    • Overview
    • Interest Rates
    • How to Apply
    Full Details
    • Account name
      SIPP instant access
    • What is the interest rate?
      £1+      0.75% gross pa / AER
    • Can Buckinghamshire Building Society change the interest rate?
      Yes, interest rates are variable and we can change them at any time. We will inform you before we do this. Section 7 of our General Terms and Conditions has full details.
    • 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 £1,007.50.

      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.

    • How do I open and manage my account?
      Open an account by cheque or bank transfer via a SIPP Trustee and save from £1 to £500,000. Joint accounts are not permitted.
    • Can I withdraw money?
      Yes, you can take money out whenever you need to via the SIPP Trustee by cheque or bank transfer. Cash and third party cheque or transfer withdrawals are not permitted.
    • Additional information
      Interest is paid annually at 31 December into the account.
    Effective: 01 May 2019
    Balance Gross PA/AER
    £1 0.75%
    Previous rates effective: 01 July 2018
    Gross PA/AER
    0.50%
    If the balance falls below £1, a variable rate of 0.10% Gross / AER will be paid.

    Interest is calculated daily and paid annually at 31 December into this account.

    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.

How much can I save?

  • You will need a minimum amount of £1.00 to open this account.
  • The maximum balance with the Society is £500,000.

What do I need to know before opening this account?

  • SIPP accounts must be operated through a SIPP Trustee.
  • Joint accounts are not permitted.
  • This is a deposit account which does not confer membership of the Society.
  • The opening investment must be by cheque or bank transfer.
  • The account may not be opened with cash.
  • We do not accept any overseas bank transfers.

How can I take my money out?

  • You can take money out whenever you need to via the SIPP Trustee. You can withdraw by cheque or bank transfer by writing to us and sending your passbook.
  • Withdrawals can only be made to the SIPP account holder.
  • Cash withdrawals are not permitted.
  • We do not permit cheques or bank transfers to third parties.
  • Faster payment transfers are limited to £100,000.

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 is paid annually at 31 December into the account. If the balance falls below £1, a nominal rate of 0.10% gross pa / AER will be paid.

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.

How much can I save?

  • You will need a minimum amount of £1.00 to open this account.
  • The maximum balance with the Society is £500,000.

What do I need to know before opening this account?

  • SIPP accounts must be operated through a SIPP Trustee.
  • Joint accounts are not permitted.
  • This is a deposit account which does not confer membership of the Society.
  • The opening investment must be by cheque or bank transfer.
  • The account may not be opened with cash.
  • We do not accept any overseas bank transfers.

How can I take my money out?

  • You can take money out whenever you need to via the SIPP Trustee. You can withdraw by cheque or bank transfer by writing to us and sending your passbook.
  • Withdrawals can only be made to the SIPP account holder.
  • Cash withdrawals are not permitted.
  • We do not permit cheques or bank transfers to third parties.
  • Faster payment transfers are limited to £100,000.

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 is paid annually at 31 December into the account. If the balance falls below £1, a nominal rate of 0.10% gross pa / AER will be paid.

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.