Charity Account

What is the interest rate?

• In addition to the above we will also pay a donation of 0.50% Gross/AER variable to one of our charity partners.
• Newbury Building Society supports ten charities as chosen by our members. When you open the account, we will ask you to confirm which of our Charity partners you would like to support. We will pay a donation of 0.50% which is calculated on the account balance on a daily basis and paid directly to the charity annually. Please see below for more information.
• If the balance falls below the minimum operating balance, 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, or 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 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 those aged 18 and over.
• Account can be opened in person, in one of our branches or online. It cannot be opened by post.
• Once opened, it can be operated in branch, via post or online.
• Only one account per customer either in single or joint names.
• Account holder/s must be resident in England or Wales.
• The minimum opening balance is £100.
• The minimum operating balance is £1.
• If the account is opened online, 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 five business days. If no deposits have been received within five business days, we will close the account.
• The maximum balance is £50,000.

Can I withdraw money?

35 days’ notice is required for all withdrawals; there is no option to withdraw early with a penalty.
Once notice has been given, 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.
• 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.