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.
- Account name
- Solicitor deposit
- What is the interest rate?
Interest rate bandInterest rate£250,000+0.25%£100,000+0.25%£50,000+0.25%£25,000+0.25%£500+0.25%
- Interest is variable and calculated daily and paid annually on 31 October or upon closure. Annual 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.
- If the balance falls below the minimum operating balance, a variable rate of 0.15% gross/AER will be paid.
- Can Newbury Building Society change the interest rate?
- You will be notified of any material downward rate change by letter or secure message.
- 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.
- What would the estimated balance be after 12 months?
Interest rate bandEstimated balance
- This estimation is for illustrative purposes only and does not reflect individual circumstances.
£250,625.00 (based on a £250,000 deposit)
£100,250.00 (based on a £100,000 deposit)
£50,125.00 (based on a £50,000 deposit)
£25,062.50 (based on a £25,000 deposit)
£1,002.50 (based on a £1,000 deposit)
- How do I open and manage my account?
- If you are opening your account without a deposit, the opening deposit must be made after the account has been approved and within 14 calendar days. Once the deposit is received, we will send the passbook to you. If the opening deposit is not received within 14 calendar days, then the account will be closed.
- The minimum opening and operating balance is £500.
- The maximum balance is £1,500,000.
- This account can be opened and operated in branch or via post.
- Solicitor must be resident within our local operating area as defined in 'Important notes'.
- Account must be for client monies, not business.
- 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).
- 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: RG, OX, SP, GU, SO, SN, PO, HP & SL. 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.
- As this account is a deposit account (not a share account), when you open it neither you, the Solicitor’s firm or client will become members of Newbury Building Society.
- We will not check the identity of your client and you are responsible for verifying the identity of your client or, where applicable, the beneficial owner. If we do not know you, we may check that your Solicitor’s practice is registered on The Law Society website (www.lawsociety.org.uk).
- There are no charges for the normal operation of this account. See our Savings terms and conditions for more information.
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 a year.