Home Saver

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 minimum operating balance, a variable rate of 1.50% gross/AER will be paid.
• Interest is calculated daily and paid annually on 31 October (or upon closure) into the account, to another Newbury Building Society account or to 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 based on an initial deposit of £100 made on 1 November followed by a monthly deposit of £100 paid on 1st of every month for 11 months.
• This estimation is for illustrative purposes only and does not reflect individual circumstances. 

How do I open and manage my account?

• Account can be opened in single or joint names.
• Available to those aged 16 and over.
• One account per customer.
• This account can be opened and operated in branch, via post or online.
• To open or operate this account online the minimum age is 16 years.
• Account holder/s must be resident in England or Wales.
• The minimum opening and operating balance is £10.
• 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 opening balance is £500.
• A deposit must be made each calendar month (multiple deposits can be made each month subject to the minimum and maximum monthly amounts):
  - Minimum monthly deposit = £10
  - Maximum monthly deposit = £500
• Monthly deposits can be made by cash, cheque or transfer from a bank account only. Failure to make a monthly deposit will result in the account being transferred to an Instant premium account.
• The maximum balance is £20,000. Interest added to the account will count towards the maximum balance. Once the balance has reached the maximum, the account will be transferred to an Instant premium account (an easy access, variable rate account that may be subject to change in the future). We will contact you to organise a savings review and discuss alternative accounts.

Can I withdraw money?

• Two withdrawals can be made from the account per calendar year.
• 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.
– Via the myaccounts online service to your nominated account.
– By CHAPS for electronic payments to your nominated account.

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.