Existing Member Account

What is the interest rate?

• Rate of interest payable depends on individual circumstances and may change in the future. 
• If the balance falls below the £1 minimum, a variable rate of 1.50% gross/AER will be paid.
• Interest is variable and calculated daily and paid annually on 31 October or upon closure. Annual interest can be credited to this account, to another Newbury Building Society account or your bank account.

Can Newbury change the interest rate?

• Interest rate is variable so can be changed as explained in our Savings Terms and Conditions.
• We will put notices of interest rate changes in our branches and on our website.
• We will let you know if the rates go down by letter, email or by secure message through our myaccounts online system.

What would the estimated balance be after 12 months?

• This estimation is for illustrative purposes only and does not reflect individual circumstances. 

How do I open and manage my account?

• Available to existing members of at least one year.
• One account per customer, to be held by an investor in his or her sole name. Joint accounts are not allowed.
• This account can be opened and operated in branch, via the post or online.
• There is no minimum age to open this account (subject to one year’s membership), however to open and operate this account online the minimum age is 18 years.
• If you are opening your account online, the initial deposit must be made after the account has been approved and within 14 calendar days.
• The minimum opening balance is £50.
• The minimum operating balance is £1.
• If the account is opened online or by post, the account must be approved within 14 days. If the account is not approved within 14 days, we will close the account. The account is approved when we have received the application and the identification requirements have been satisfied.
• Once the account is approved, the account can receive deposits up to the account limit within 5 business days. If no deposits have been received within 5 business days, we will close the account.
• The maximum deposit is £8,000 per tax year (6 April to 5 April).

Can I withdraw money?

Subject to the account terms and conditions, you can withdraw in the following ways:

• By cash in branch (up to £500 per day).
• By cheque in branch or by post (up to the account balance available).
• Online via the myaccounts online service to your nominated account (up to £50,000 per day).
• By faster payment in branch to your nominated account (up to £50,000 per day).
• For a withdrawal over £50,000, this will must be requested in branch or by post and will be paid by CHAPs to your nominated account (up to the account balance available). There is a £25 fee for this service.

Additional information

• Tax status – From 6 April 2016, HMRC introduced a Personal Savings Allowance for individuals and as a result interest on savings is paid gross of tax. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. For further information go to www.gov.uk.
• Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
• AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.