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
- Welcome to Newbury
- What is the interest rate?
Interest rate bandInterest rate£50+1.50% Gross/AER variable
- If the balance falls below the minimum operating balance, a variable rate of 0.40% gross/AER will be paid.
- Interest is variable and calculated daily and paid annually on 31 October into the account, to another Newbury Building Society account or your bank account.
- 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.
- How do I open and manage my account?
- Available to those aged 18 and over.
- Only one account per customer. Not available to existing members or those who have been members in the past six months. It may only be held by an investor in his or her sole name. Joint accounts are not allowed.
- Also available to new mortgage customers who have completed in the last 12 months and do not hold any other savings accounts with Newbury Building Society.
- The minimum opening and operating balance is £50.
- The maximum balance is £3,000. (we will allow the addition of interest to exceed the maximum balance)
- Once opened, it can be operated in branch, via post or online.
- For new savers:
- This account can be opened in branch or online.
- Account holders must be resident within our operating area as defined in 'Important notes'.
- For new mortgage customers:
- This account can be opened and operated in branch, via the post or online.
- Account holder must be resident in England or Wales.
- 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).
- If you withdraw funds from the account, they can be replaced, subject to a maximum account balance of £3,000.
- 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 local operating area is: 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 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,