You should read this product information carefully in conjunction with our Savings Terms and Conditions and ID for customers to ensure you understand the features and conditions of what you are buying. Our savings accounts are only available to UK residents. We recommend you contact your local branch to make an appointment before delivering your completed application form.
Savings FeaturesPLEASE NOTE: From Thursday 12 March 2020, we will be making changes to the interest rates of some of our savings accounts. Please visit the savings homepage for further details.
- What is the interest rate?
Interest rate bandInterest rate
- If the balance falls below the minimum operating balance, a variable rate of 0.25% gross/AER will be paid.
- Interest is calculated daily and paid monthly or upon closure. Interest can be credited to this account, or another Newbury Building Society account or your bank account.
- Rate of interest payable depends on individual circumstances and may be subject to change in the future.
0.40% Gross/AER variable
- Can Newbury Building Society change the interest rate?
- The rate can be changed in accordance with our Savings terms and conditions. These can be accessed in branch and online at www.newbury.co.uk.
- You will be notified of any material downward rate change by letter or secure message.
- What would the estimated balance be after 12 months based on a £1,000 deposit?
Interest rate bandEstimated balance
- This estimation is for illustrative purposes only and does not reflect individual circumstances.
- This estimation is based on a deposit of £1,000 being made on 1 Nov and assumes the monthly interest is compounded into this account.
- How do I open and manage my account?
- Account can be opened in single or joint names.
- If you are opening your account online, the initial deposit must be made after the account has been approved and within 14 calendar days.
- Minimum age requirement is 55, for all account holders.
- The minimum opening and operating balance is £500.
- The maximum balance is £1,500,000.
- This account can be opened and operated in branch, via the post or online.
- Account holders must be resident within our operating area as defined in 'Important notes'.
- Can I withdraw money?
- Withdrawals can be made:
- Up to £500 cash per day in branch.
- By cheque against cleared funds in branch or by post.
- By electronic payment in branch to your nominated account (up to £50,000).
- Via the myaccounts online service to your nominated account (up to £50,000).
- By CHAPS for electronic payments to your nominated account (over £50,000).
- 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.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE.
- Our savings accounts are available to residents within our local operating area, defined as within the following postcodes: AL, BA, BH, BN, BS, DT, E, EC, EX, GL, GU, HA, HP, HR, KT, LU, MK, N, NN, NW, OX, PO, RG, RH, SE, SG, SL, SM, SN, SO, SP, SW, TA, TW, UB, W, WC, WD, WR. We accept savings applications from existing members regardless of their postcode. We do not accept savings applications from new or existing members who live outside of the UK.
- We will require identification for all parties on a savings account, please see ID for customers for details.
- You can register with myaccounts, our online service, to view your accounts online, use secure messaging and request online withdrawals to our nominated account. Online withdrawal requests for sums up to £5,000 made between 9am and 5pm on business days (Monday to Friday excluding Bank Holidays), will be processed on the same day. Requests for sums over £5,000 and up to the maximum £50,000 made between 9am and 3pm on business days, will be processed the same day. Requests after 3pm will be processed on the next business day.
- Online withdrawal access is not available to accounts with a nominee or executor. These types of accounts can be opened and operated in branch.
- For more information regarding our online service, electronic payment and CHAPS service see our Savings terms and conditions.
- There are no charges for the normal operation of this account. See our Savings terms and conditions for more information.
- Account holders will be issued with a Member Loyalty Card enabling discounts and special offers from local traders who participate in our scheme.
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.