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Here are the facts...
How do I know if my money is in the right account?
How do I become a 'member' of Newbury Building Society and what does it mean?
How do I open an account?
What identification documents do I need to open an account?
What identification documents do I have to provide if I am a new customer?
Do I have to provide ID if I am an existing customer?
Postal applications
What sort of identification can children and young adults provide?
Non-European Economic Area Nationals
What happens if I change my name or address?
Inactive accounts
What do I do if I cannot provide any of the ID listed?
Branch network?
What is Charitable Assignment?
What happens if I change my mind after I have opened an account?
How is interest paid?
What is the Annual Equivalent Rate (AER)?
How do I invest more money into my savings account? including setting up standing orders
How do I withdraw money from my savings account?
How do I withdraw money from a joint account?
Are there costs required to operate my account?
How do I stop a cheque?
What happens if I am declared bankrupt?
Taking care
Complaints policy
How do I know if my money is in the right account?
We offer all investors a savings and investments review service. To make the most of your savings and investments you need to review them regularly. At our savings and investments review we'll talk through your financial needs and identify ways to help you make the most effective use of your money both now and in the future.
You do not have to be an investor of the Society to take advantage of a review. We are happy to look at your savings and investments with other institutions to see if we can help you make more money by switching to the Newbury. To arrange a review, please call your local branch on 01635 555777.
We also have access to other types of investments through our association with Liverpool Victoria. Please contact us or make an appointment online if you would like us to arrange a meeting for you with a financial adviser.
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How do I become a 'member' of Newbury Building Society and what does it mean?
Most of our savings accounts are share accounts. When you open a share account, you will become a member of Newbury Building Society, which will give you a direct say in how the Society is run.
Being a member also means that you can vote at the Society's Annual General Meeting (AGM). To be eligible to vote at our AGM you must have at least £100 in your savings account on the 31 October (our financial year end) preceding the date of the AGM.
If you have a joint savings account, the first person named on your account is called the 'Representative Joint Holder'. The Representative Joint Holder is the only person on the joint account who is entitled to vote at the Society's Annual General Meeting. Other parties to the account do not have voting rights. You can choose the order in which the joint holders are named on your account when completing your application form.
Full details of your rights as a member are available in the Society's Rules, a booklet available from branches or Head Office.
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How do I open an account?
Whether you wish to open an account at a branch or by post, we will need some information about you and any other account holder.
We will need to know each account holder's:
You will need to sign an application form and may need to provide proof of your name and address (see "What identification documents do I need to open an account?"). You need to bear in mind that if you apply by post, the identification requirements differ (see "Postal application").
We only accept applicants from savers who live in the United Kingdom. Please see our ' Branch network' section for your nearest branch.
back to top
What identification documents do I need to open an account?
To comply with regulations for the prevention of financial crime and money laundering and to help protect our customers against identity theft and fraud, we ask both new and existing customers for proof of name and address.
Wherever possible, we obtain proof of your identity and address through an electronic verification process before the account is opened.
If we cannot verify who you are electronically, we may require you to provide us with documentary proof of your identity and permanent address. (This can happen if you are not on the electoral roll or you have recently moved house). You may therefore wish to have proof of identification available at the time of your application to avoid any delay.
Please note there are additional identification requirements for applications by post (see Postal Applications).
We have grouped acceptable documents as follows. Please note that we can only accept original documents or copies certified by a UK solicitor, accountant, Financial Services approved person or general pracitioner.
*This document can be used to verify either a person's identity or address, but not both.
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What Identification documents do I have to provide if I am a new customer?
When you open an account at one of our branches, if we are unable to verify your identity by electronic means, you may need to provide one item from Group one to prove your name and one item from Group two to prove your address.
If you are opening a joint account in a branch, any named account holders who are not present will be treated as if they were applying by post (see "Postal application").
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Do I have to provide ID if I am an existing customer?
You will need to provide your current passbook. If we are unable to verify your identity by electronic means, you may also need to provide one item from either of Group one to prove your name or Group two to prove your address.
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Postal applications
When an account is opened by post, it should be opened with a cheque drawn from your personal bank or building society account in the UK. The details must match with those of the account you are opening. When opening a joint account, the cheque may be drawn on an account in the name of one of the account holders.
If we are unable to verify your identity by electronic means, your application and funds will be returned to you and you may need to provide one item from Group one to prove your name and one item from Group two to prove your address. Alternatively, you may wish to include proof of identification with your application to avoid any delay.
Please note that we can only accept original documents or copies certified by a UK solicitor, accountant, Financial Services approved person or general practitioner. Customers are encouraged not to send original documents such as driving licences or passports through the postal system in case they are intercepted.
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What sort of identification can children and young adults provide?
Children and young adults also need to provide proof of identity and address if they are opening an account for themselves but we do not use electronic verification for this process. We understand that most children and young people will be unable to provide the types of identification listed in Group one and Group two, so the following documents are an extended list to help them when opening an account.
*This document can be used to verify either a child's identity or address, but not both.
If you are opening an account as a nominee on behalf of a child (under 16) and the child's address is the same as yours, proof of address identification will not be needed for the child.
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Non-European Economic Area Nationals
If you are not an European Economic Area National, you may be asked to provide your passport for identification purposes.
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What happens if I change my name or address?
If you change your name or address, please let us know as soon as possible so that we can change the details on your account. In order to protect your account, we will ask you to provide acceptable proof to verify the change before we make any amendments to your personal details. For example:
Change of name: We will ask for a marriage certificate, Deed Poll or Decree Absolute.
Change of address: You will need to provide one item from Group two to verify the change of address (see "What Identification Documents Do I Need to Open an Account?").
You will also need to provide your current passbook.
If we discover that we do not hold correct information, we may make your account dormant (inactivate it) to protect us both. If you have money in a dormant account, it will always be your property (or if you die, it will form part of your estate). This is the case no matter how many years pass.
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Inactive accounts
Please be aware that in some circumstances, (for example if you have not carried out any transactions during the last 18 months), we may ask you to provide further identification in order to protect your interests. Ideally, this should be a passport or photo-type driving licence.
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What do I do if I cannot provide any of the ID listed?
We realise that some people may not be able to provide any of the documents listed in the two groups. Not everyone has a passport or driver's licence and bills may be held in a partner's name. If this is the case, don't worry - there are alternative ways to confirm your details. Explain the situation to a member of staff at your local branch and they will be able to help you.
If you are opening an Individual Savings Account, you will need to provide your National Insurance number. This can be found on your National Insurance card, a payslip or P60.
Other documentation is required for limited companies, registered charities, clubs and individuals operating an account on behalf of another e.g. power of attorney (please see the relevant savings account information for full details).
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Branch network
We have branches in:
Berkshire
Hungerford
Newbury
Thatcham
Wokingham
Hampshire
Alton
Andover
Whitchurch
Oxfordshire
Abingdon
Didcot
Click here to find your local branch
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What is Charitable Assignment?
Newbury Building Society has been successfully run as a mutual building society for members, since 1856.
To deter speculative account opening by savers hoping to receive windfall payments in the event of a future take-over, the Society introduced a charitable assignment requirement. This means that new customers opening share accounts will be required to agree to assign any future windfall benefits to the Charities Aid Foundation for a period of five years from the date they open their first account with us.
Charitable assignment only applies to customers who became members by opening share accounts after 20th February 2000. If you were an existing shareholding member on 20th February 2000 and have continuously maintained a shareholding account with us, you are not affected by the scheme.
The full details of the scheme and its exemptions are available from your local branch of Head Office.
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What happens if I change my mind after I have opened an account?
If you change your mind about your new account with us within 14 days of opening it, please speak to us about switching to a more suitable account. If you decide to close the account within this 14 day period, we'll close it for you without any charges. We'll also pay you any interest that your money earned whilst it was with us. The 14 day cooling off period may not apply to fixed rate or branch based Child Trust Fund accounts (if available). For Individual Savings Accounts, the period is 30 days not 14, so you have extra time to decide.
When you open your account, we acknowledge it in writing, giving you the cancellation options. You can return the slip attached to our acknowledgement letter to us or contact us in writing to "cancel" your account.
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How is interest paid?
Interest is calculated on a daily basis and paid on a specific date, depending on the terms of your savings account. When a further investment or a withdrawal is made, interest is adjusted in the background, so that when it is paid, these transactions are taken into account.
Example:
Day 0
e.g. Monday
Starts when we receive the cheque
>
Day 2
e.g. Wednesday
Interest is paid from this day
>
Day 6
e.g. Tuesday
Cleared funds are now available
(The above example is based on a normal working week without Bank Holidays).
The minimum amount that can be withdrawn by cheque is £25 unless otherwise stated in the conditions of your savings account.
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How do I withdraw money from a joint account?
When you open a joint account you will be asked how you want to operate it. You make the decision as to whether withdrawals can be made by any of the account holders in their own right, or whether more than one or all signatures are required. This decision also applies to account amendments and closure.
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Are there costs required to operate my account?
Newbury Building Society charges savers for a limited number of services relating to savings accounts. Our tariff of charges relate to services that would normally be beyond that expected for the running of a building society savings account. The tariff will be revised from time to time.
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How do I stop a cheque?
If you make a withdrawal by cheque and it is made payable to a third party, then we must have the third party's consent to stop the cheque. They need to confirm in writing that they have not received or presented the cheque for payment. If the cheque is made payable to you, we need your written authority to stop it.
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What happens if I am declared bankrupt?
We will receive a bankruptcy notice from the Insolvency Service, instructing us to freeze your account. We will not be able to make any withdrawals from the account, without authority from the Insolvency Service. This would apply to all accounts held by you, including joint accounts with other account holders.
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Taking care
We recommend that you check your passbook each time it is updated. If there is an entry that seems to be wrong, you should tell us as soon as possible so that we can investigate it. Regular checks on standing orders will help you be sure the money is going where you want it to.
If you lose your passbook or it is stolen from you, please tell us as soon as possible, so that we can make the necessary arrangements to secure your money.
Take care when storing or getting rid of information about your account. People who commit fraud use many methods, such as 'bin raiding' to get this type of information. You should take simple steps such as shredding printed material.
When you request a cheque, it will help to prevent fraud if you ask for extra information to be added to the payee line, particularly if it is being paid to a large organisation. For example, if you need a cheque made payable to XYZ Bank it could be made payable to 'XYZ Bank, account number xxxyyzzz'.
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Complaints policy
We want to satisfy our customers every time but we realise that sometimes things go wrong. If you are not satisfied with some aspect of our service, then let us know and we will do our best to put things right.
We have an internal complaints procedure, which tells you how we deal with complaints. A copy of our complaints procedure is available on our website or from any of our offices.
It is our intention to settle all complaints promptly and fairly. Most complaints we are unable to settle may be referred to the Financial Ombudsman Service. Before your complaint can be referred to the Financial Ombudsman, it must have been through our internal complaint procedure.
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How do I become a 'member' of Newbury Building Society and what does it mean?
How do I open an account?
What identification documents do I need to open an account?
What identification documents do I have to provide if I am a new customer?
Do I have to provide ID if I am an existing customer?
Postal applications
What sort of identification can children and young adults provide?
Non-European Economic Area Nationals
What happens if I change my name or address?
Inactive accounts
What do I do if I cannot provide any of the ID listed?
Branch network?
What is Charitable Assignment?
What happens if I change my mind after I have opened an account?
How is interest paid?
What is the Annual Equivalent Rate (AER)?
How do I invest more money into my savings account? including setting up standing orders
How do I withdraw money from my savings account?
How do I withdraw money from a joint account?
Are there costs required to operate my account?
How do I stop a cheque?
What happens if I am declared bankrupt?
Taking care
Complaints policy
How do I know if my money is in the right account?
We offer all investors a savings and investments review service. To make the most of your savings and investments you need to review them regularly. At our savings and investments review we'll talk through your financial needs and identify ways to help you make the most effective use of your money both now and in the future.
You do not have to be an investor of the Society to take advantage of a review. We are happy to look at your savings and investments with other institutions to see if we can help you make more money by switching to the Newbury. To arrange a review, please call your local branch on 01635 555777.
We also have access to other types of investments through our association with Liverpool Victoria. Please contact us or make an appointment online if you would like us to arrange a meeting for you with a financial adviser.
back to top
How do I become a 'member' of Newbury Building Society and what does it mean?
Most of our savings accounts are share accounts. When you open a share account, you will become a member of Newbury Building Society, which will give you a direct say in how the Society is run.
Being a member also means that you can vote at the Society's Annual General Meeting (AGM). To be eligible to vote at our AGM you must have at least £100 in your savings account on the 31 October (our financial year end) preceding the date of the AGM.
If you have a joint savings account, the first person named on your account is called the 'Representative Joint Holder'. The Representative Joint Holder is the only person on the joint account who is entitled to vote at the Society's Annual General Meeting. Other parties to the account do not have voting rights. You can choose the order in which the joint holders are named on your account when completing your application form.
Full details of your rights as a member are available in the Society's Rules, a booklet available from branches or Head Office.
back to top
How do I open an account?
Whether you wish to open an account at a branch or by post, we will need some information about you and any other account holder.
We will need to know each account holder's:
| · | Full name and address; |
| · | Residential status; |
| · | Daytime contact number; and |
| · | Date of birth. |
You will need to sign an application form and may need to provide proof of your name and address (see "What identification documents do I need to open an account?"). You need to bear in mind that if you apply by post, the identification requirements differ (see "Postal application").
We only accept applicants from savers who live in the United Kingdom. Please see our ' Branch network' section for your nearest branch.
back to top
What identification documents do I need to open an account?
To comply with regulations for the prevention of financial crime and money laundering and to help protect our customers against identity theft and fraud, we ask both new and existing customers for proof of name and address.
Wherever possible, we obtain proof of your identity and address through an electronic verification process before the account is opened.
If we cannot verify who you are electronically, we may require you to provide us with documentary proof of your identity and permanent address. (This can happen if you are not on the electoral roll or you have recently moved house). You may therefore wish to have proof of identification available at the time of your application to avoid any delay.
Please note there are additional identification requirements for applications by post (see Postal Applications).
We have grouped acceptable documents as follows. Please note that we can only accept original documents or copies certified by a UK solicitor, accountant, Financial Services approved person or general pracitioner.
| Group one - documents to verify your name | |
| · | Current FULL, signed passport |
| · | Current FULL UK photocard driving licence with counterpart form (D740)* |
| · | Current FULL EU photocard driving licence |
| · | Current FULL UK driving licence (old style, paper version)* |
| · | Benefit book or most recent evidence of entitlement to state benefit* |
| · | HM Revenue & Customs Tax code notification/tax assessment/statement of account (Not P45 or P60)* |
| · | Current building society investor passbook |
| · | National Insurance card showing name and National Insurance number, plus P60 or payslip that is no more than 3 months' old |
| · | Shotgun licence/Firearms certificate |
| · | Construction Industry Self-employed: HM Revenue & Customs tax exemption certificate CIS6 and registration cards CIS4P and current CIS4T |
| · | Registered disabled person's card with photo (no more than 10 years' old) |
| Group two - documents to verify your address | |
| · | Current UK photocard driving licence with counterpart form (D740)* |
| · | Current FULL UK driving licence (old style, paper version)* |
| · | Benefit book or most recent evidence of entitlement to state benefit* |
| · | Local authority Council Tax bill (valid for current year) |
| · | Utility bill (telephone, gas, electric, water) not more than 3 months' old (mobile telephone bill not acceptable) |
| · | Bank statement/Credit card statement not more than 3 months' old |
| · | Savings/Investment statement (not Newbury Building Society) |
| · | HM Revenue & Customs Tax code notification/tax assessment/statement of account (not P45 or P60)* |
| · | Mortgage/Life Assurance statement not more than 3 months' old (not Newbury Building Society) |
| · | Current rent card/tenancy agreement from a local housing association |
| · | Solicitor's or mortgage lender's letter where account holder has moved within last 3 months |
| · | Insurance document not more than 3 months' old |
| · | Record of home visit during week of opening a Newbury Building Society account |
*This document can be used to verify either a person's identity or address, but not both.
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What Identification documents do I have to provide if I am a new customer?
When you open an account at one of our branches, if we are unable to verify your identity by electronic means, you may need to provide one item from Group one to prove your name and one item from Group two to prove your address.
If you are opening a joint account in a branch, any named account holders who are not present will be treated as if they were applying by post (see "Postal application").
back to top
Do I have to provide ID if I am an existing customer?
You will need to provide your current passbook. If we are unable to verify your identity by electronic means, you may also need to provide one item from either of Group one to prove your name or Group two to prove your address.
back to top
Postal applications
When an account is opened by post, it should be opened with a cheque drawn from your personal bank or building society account in the UK. The details must match with those of the account you are opening. When opening a joint account, the cheque may be drawn on an account in the name of one of the account holders.
If we are unable to verify your identity by electronic means, your application and funds will be returned to you and you may need to provide one item from Group one to prove your name and one item from Group two to prove your address. Alternatively, you may wish to include proof of identification with your application to avoid any delay.
Please note that we can only accept original documents or copies certified by a UK solicitor, accountant, Financial Services approved person or general practitioner. Customers are encouraged not to send original documents such as driving licences or passports through the postal system in case they are intercepted.
back to top
What sort of identification can children and young adults provide?
Children and young adults also need to provide proof of identity and address if they are opening an account for themselves but we do not use electronic verification for this process. We understand that most children and young people will be unable to provide the types of identification listed in Group one and Group two, so the following documents are an extended list to help them when opening an account.
To verify a child/young adult's name | |
· | Birth Certificate (under 18's) |
· | Passport in child's name or parent's passport and showing child (up to age 16 and registered on passport before 1998) |
· | National insurance card with signature(under 20's) |
· | Current medical card (under 16's)* |
· | Child benefit book or recent government agency notification containing child's name (under 18's)* |
· | Citizen card (under 18's) |
To verify a child/young adult's address | |
· | Current library card (under 18's) |
· | Letter from local education authority or college confirming hall of residence address (dated within the last 3 months) |
· | Parent's address verification (under 18's) |
· | Child benefit book or recent government agency notification containing child's name (under 18's) |
· | Current medical card (under 16's) |
If you are opening an account as a nominee on behalf of a child (under 16) and the child's address is the same as yours, proof of address identification will not be needed for the child.
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Non-European Economic Area Nationals
If you are not an European Economic Area National, you may be asked to provide your passport for identification purposes.
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What happens if I change my name or address?
If you change your name or address, please let us know as soon as possible so that we can change the details on your account. In order to protect your account, we will ask you to provide acceptable proof to verify the change before we make any amendments to your personal details. For example:
Change of name: We will ask for a marriage certificate, Deed Poll or Decree Absolute.
Change of address: You will need to provide one item from Group two to verify the change of address (see "What Identification Documents Do I Need to Open an Account?").
You will also need to provide your current passbook.
If we discover that we do not hold correct information, we may make your account dormant (inactivate it) to protect us both. If you have money in a dormant account, it will always be your property (or if you die, it will form part of your estate). This is the case no matter how many years pass.
back to top
Inactive accounts
Please be aware that in some circumstances, (for example if you have not carried out any transactions during the last 18 months), we may ask you to provide further identification in order to protect your interests. Ideally, this should be a passport or photo-type driving licence.
back to top
What do I do if I cannot provide any of the ID listed?
We realise that some people may not be able to provide any of the documents listed in the two groups. Not everyone has a passport or driver's licence and bills may be held in a partner's name. If this is the case, don't worry - there are alternative ways to confirm your details. Explain the situation to a member of staff at your local branch and they will be able to help you.
If you are opening an Individual Savings Account, you will need to provide your National Insurance number. This can be found on your National Insurance card, a payslip or P60.
Other documentation is required for limited companies, registered charities, clubs and individuals operating an account on behalf of another e.g. power of attorney (please see the relevant savings account information for full details).
Branch network
We have branches in:
Berkshire
Hungerford
Newbury
Thatcham
Wokingham
Hampshire
Alton
Andover
Whitchurch
Oxfordshire
Abingdon
Didcot
Click here to find your local branch
back to top
What is Charitable Assignment?
Newbury Building Society has been successfully run as a mutual building society for members, since 1856.
To deter speculative account opening by savers hoping to receive windfall payments in the event of a future take-over, the Society introduced a charitable assignment requirement. This means that new customers opening share accounts will be required to agree to assign any future windfall benefits to the Charities Aid Foundation for a period of five years from the date they open their first account with us.
Charitable assignment only applies to customers who became members by opening share accounts after 20th February 2000. If you were an existing shareholding member on 20th February 2000 and have continuously maintained a shareholding account with us, you are not affected by the scheme.
The full details of the scheme and its exemptions are available from your local branch of Head Office.
back to top
What happens if I change my mind after I have opened an account?
If you change your mind about your new account with us within 14 days of opening it, please speak to us about switching to a more suitable account. If you decide to close the account within this 14 day period, we'll close it for you without any charges. We'll also pay you any interest that your money earned whilst it was with us. The 14 day cooling off period may not apply to fixed rate or branch based Child Trust Fund accounts (if available). For Individual Savings Accounts, the period is 30 days not 14, so you have extra time to decide.
When you open your account, we acknowledge it in writing, giving you the cancellation options. You can return the slip attached to our acknowledgement letter to us or contact us in writing to "cancel" your account.
back to top
How is interest paid?
Interest is calculated on a daily basis and paid on a specific date, depending on the terms of your savings account. When a further investment or a withdrawal is made, interest is adjusted in the background, so that when it is paid, these transactions are taken into account.
Calculation of Interest - examples (both assume no change in interest rate)
Interest for the year:
Funds in account x interest rate/100
e.g. balance of £10,000, interest rate of 4.2% = 10,000 x 4.2/100 = £420
Interest for a specific period:
Funds in account x interest rate/100/number of days in year x number of days for the period
e.g. balance of £25,000, interest rate of 3.85%, interest paid monthly (and calculating it for June) = 25,000 x 3.85/100/365(days) x 30(days) = £79.11
Interest is normally paid into your account so that it can start earning interest straightaway. However, we can arrange for it to be paid into another Newbury Building Society account or into your bank account, depending on the conditions of the savings account you have chosen.
We pay interest on your investment from the day we receive the funds, except for cheque deposits where interest is paid from the second bank working day after the date of deposit (bank working days exclude Saturdays, Sundays and Bank Holidays). For example, if a cheque is deposited on Monday, interest will be paid from Wednesday. If the cheque is not honoured, we will know this within six bank working days after the date of deposit; the funds will then be removed from your account and no interest will be payable. After six bank working days, you are protected from loss if the cheque is not honoured and the money cannot be reclaimed without your consent unless you are a knowing party to fraud.
Interest is normally paid or credited after the deduction of income tax, at the lower rate of 20% or subject to the required certification, gross. Where the tax deducted exceeds the tax liability (if any) a claim may be made to the HM Revenue & Customs for repayment of tax. Where the tax deducted is less than the tax liability the extra liability will need to be declared to the HM Revenue & Customs by the account holder.
The 'gross' interest rate is the contractual rate of interest payable before deduction of income tax specified by law (currently 20%). The 'net' interest rate is the interest rate payable after allowing for the deduction of Income tax. The 'tax-free (exempt)' interest rate quoted is the contractual rate payable where interest is exempt from income tax.
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What is the Annual Equivalent Rate (AER)?
AER stands for 'Annual Equivalent Rate'. The AER illustrates what the interest rate would be if interest was paid and compounded once each year. Every advertisement for a savings product which quotes an interest rate will contain an AER, so you can compare more easily what return you can expect from your savings over time.
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How do I invest more money into my savings account?
You can make additional investments into your account (subject to account conditions) at any of our branches, regardless of where your account was opened.
You can make payments into your account from your online accounts. The sort code of our Bank, Nat West, is 62 28 74; and the account number is 00000000 (there is no specific number as it is just a collection account). Enter your savings account number as the reference.
You can pay standing orders into your account via our bank. Please ask for a standing order form at your branch, otherwise contact your bank and quote the sort code of our bank Nat West, which is 62 28 74; and the account number which is 00000000 (there is no specific number as it is just a collection account) and your savings account number as the reference. You will also need to tell your bank that the standing order is for Newbury Building Society. We are unable to accept direct debits into or out of our savings accounts.
Cheques need to be payable to the account holder(s) or 'Newbury Building Society' followed by the account number or the account holder(s) name(s). Coins must be bagged up according to the denomination stated on the bags. As coin transactions take longer to process, a maximum of three bags of coins will be accepted in any one transaction.
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How do I withdraw money from my savings account?
Depending on the conditions of your account, you can withdraw up to £350 in cash per day, per account and up to £200,000 by cheque. Cheque withdrawals over £200,000 may take up to 48 hours because they are authorised by Head Office.
Withdrawals can only be made on cleared funds. As we are not a clearing bank, we collect your cheque and then clear it via another financial organisation. Our cheque clearing process takes six bank working days excluding the day of deposit (bank working days exclude Saturdays, Sundays and Bank Holidays). Newbury Building Society cheques are treated as cleared funds and can be drawn against immediately.We pay interest on your investment from the day we receive the funds, except for cheque deposits where interest is paid from the second bank working day after the date of deposit (bank working days exclude Saturdays, Sundays and Bank Holidays). For example, if a cheque is deposited on Monday, interest will be paid from Wednesday. If the cheque is not honoured, we will know this within six bank working days after the date of deposit; the funds will then be removed from your account and no interest will be payable. After six bank working days, you are protected from loss if the cheque is not honoured and the money cannot be reclaimed without your consent unless you are a knowing party to fraud.
Interest is normally paid or credited after the deduction of income tax, at the lower rate of 20% or subject to the required certification, gross. Where the tax deducted exceeds the tax liability (if any) a claim may be made to the HM Revenue & Customs for repayment of tax. Where the tax deducted is less than the tax liability the extra liability will need to be declared to the HM Revenue & Customs by the account holder.
The 'gross' interest rate is the contractual rate of interest payable before deduction of income tax specified by law (currently 20%). The 'net' interest rate is the interest rate payable after allowing for the deduction of Income tax. The 'tax-free (exempt)' interest rate quoted is the contractual rate payable where interest is exempt from income tax.
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What is the Annual Equivalent Rate (AER)?
AER stands for 'Annual Equivalent Rate'. The AER illustrates what the interest rate would be if interest was paid and compounded once each year. Every advertisement for a savings product which quotes an interest rate will contain an AER, so you can compare more easily what return you can expect from your savings over time.
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How do I invest more money into my savings account?
You can make additional investments into your account (subject to account conditions) at any of our branches, regardless of where your account was opened.
You can make payments into your account from your online accounts. The sort code of our Bank, Nat West, is 62 28 74; and the account number is 00000000 (there is no specific number as it is just a collection account). Enter your savings account number as the reference.
You can pay standing orders into your account via our bank. Please ask for a standing order form at your branch, otherwise contact your bank and quote the sort code of our bank Nat West, which is 62 28 74; and the account number which is 00000000 (there is no specific number as it is just a collection account) and your savings account number as the reference. You will also need to tell your bank that the standing order is for Newbury Building Society. We are unable to accept direct debits into or out of our savings accounts.
Cheques need to be payable to the account holder(s) or 'Newbury Building Society' followed by the account number or the account holder(s) name(s). Coins must be bagged up according to the denomination stated on the bags. As coin transactions take longer to process, a maximum of three bags of coins will be accepted in any one transaction.
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How do I withdraw money from my savings account?
Depending on the conditions of your account, you can withdraw up to £350 in cash per day, per account and up to £200,000 by cheque. Cheque withdrawals over £200,000 may take up to 48 hours because they are authorised by Head Office.
Example:
Day 0
e.g. Monday
Starts when we receive the cheque
>
Day 2
e.g. Wednesday
Interest is paid from this day
>
Day 6
e.g. Tuesday
Cleared funds are now available
(The above example is based on a normal working week without Bank Holidays).
The minimum amount that can be withdrawn by cheque is £25 unless otherwise stated in the conditions of your savings account.
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How do I withdraw money from a joint account?
When you open a joint account you will be asked how you want to operate it. You make the decision as to whether withdrawals can be made by any of the account holders in their own right, or whether more than one or all signatures are required. This decision also applies to account amendments and closure.
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Are there costs required to operate my account?
Newbury Building Society charges savers for a limited number of services relating to savings accounts. Our tariff of charges relate to services that would normally be beyond that expected for the running of a building society savings account. The tariff will be revised from time to time.
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How do I stop a cheque?
If you make a withdrawal by cheque and it is made payable to a third party, then we must have the third party's consent to stop the cheque. They need to confirm in writing that they have not received or presented the cheque for payment. If the cheque is made payable to you, we need your written authority to stop it.
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What happens if I am declared bankrupt?
We will receive a bankruptcy notice from the Insolvency Service, instructing us to freeze your account. We will not be able to make any withdrawals from the account, without authority from the Insolvency Service. This would apply to all accounts held by you, including joint accounts with other account holders.
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Taking care
We recommend that you check your passbook each time it is updated. If there is an entry that seems to be wrong, you should tell us as soon as possible so that we can investigate it. Regular checks on standing orders will help you be sure the money is going where you want it to.
If you lose your passbook or it is stolen from you, please tell us as soon as possible, so that we can make the necessary arrangements to secure your money.
Take care when storing or getting rid of information about your account. People who commit fraud use many methods, such as 'bin raiding' to get this type of information. You should take simple steps such as shredding printed material.
When you request a cheque, it will help to prevent fraud if you ask for extra information to be added to the payee line, particularly if it is being paid to a large organisation. For example, if you need a cheque made payable to XYZ Bank it could be made payable to 'XYZ Bank, account number xxxyyzzz'.
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Complaints policy
We want to satisfy our customers every time but we realise that sometimes things go wrong. If you are not satisfied with some aspect of our service, then let us know and we will do our best to put things right.
We have an internal complaints procedure, which tells you how we deal with complaints. A copy of our complaints procedure is available on our website or from any of our offices.
It is our intention to settle all complaints promptly and fairly. Most complaints we are unable to settle may be referred to the Financial Ombudsman Service. Before your complaint can be referred to the Financial Ombudsman, it must have been through our internal complaint procedure.
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Important savings information
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