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2 Year Regular Saver ISA

Summary Box

Account name

2 Year Regular Saver ISA (05.04.2024)

Interest rate

1.80% Tax Free*/AER**

Interest is added to the account annually on 5 April.

Can the Society change the interest rate?

The interest rate is fixed until the maturity date on 5 April 2024.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the fixed rate of interest, if you deposited £1,200 into this account, after 12 months you would have £1,211.94.

(This figure is only an estimate, based on £100 per month being deposited on the 1st of each month for 12 months. This figure is for illustrative purposes only and does not take into account your individual circumstances.)

How do I open and manage my account?

To open this account:

  • You need to be aged 16 or over.
  • Deposit a minimum of between £10 and maximum of £1666.66 per month
  • Be an existing member or a new member resident in postcode areas IP, NR, CO, CM, CB or PE.
  • Be a permanent UK resident.
  • Have a National Insurance number.

If you change your mind:

  • If you are not happy with your chosen ISA within 14 days of opening it, we will help you switch accounts or return your savings with interest

How do I manage my account:

  • You must make at least one deposit per calendar month until 5 April 2024, by cash, cheque, or standing order, which you can vary between £10 and £1666.66.
  • This amount can increase if the annual ISA limit set by HM Revenue & Customs (HMRC) increases.
  • Transfer from other ISA providers or Suffolk Building Society accounts are not allowed.
  • From the 1 March to 5 April each year, you can deposit up to your remaining annual ISA allowance, if you have any remaining.
  • Remember that you can only subscribe to one cash ISA with one provider in any tax year, however, you can invest up to the maximum annual ISA limit across other types of ISAs.

What happens if I miss a monthly deposit:

  • We will transfer your account into our instant access Everyday ISA. The terms and conditions and interest rate applicable to that new account at that time will apply.

 

Can I withdraw money?

  • You cannot make partial withdrawals.
  • However, your account can be closed at any time subject to a penalty equivalent to 120 days’ interest. This means that you can access your funds instantly where you accept the penalty.
  • The penalty will first be deducted from accrued interest. If there is insufficient accrued interest, the penalty will be deducted from the balance in your account.
  • If you close your account, you cannot open another cash ISA in the same tax year in which you subscribed to this ISA.

Additional
Information

Can I transfer out my ISA to another ISA provider:

If you want to transfer out to a new ISA provider before 5 April 2024, then the withdrawal conditions above will apply to the transfer.

What happens at the end of the fixed rate period:

The final interest will be added to your account on 05 April 2024. We will contact you at least 14 days before this date providing you with details of how to access your maturing funds and continue saving if you wish. This will also include how to transfer to an easy access account, alternative savings product or close your account

This represents the Terms and Conditions for 2 Year Regular Saver ISA (05.04.2024) and should be read in conjunction with the Cash ISA Key Features Document, General Investment Terms & Conditions and our Customer Information booklet.

Tax-Free*
Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax.

AER (Annual Equivalent Rate)**
A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once each year.

Customer complaints
Although we do all we can at Suffolk Building Society to provide a first class customer service, sadly from time to time things do go wrong. We are keen to be aware of your concerns as they help us to identify ways in which we can improve the quality of service and possible training needs.
We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint please let us know by visiting any branch or agency, or call 0330 123 0723 and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure. You can request a copy of this at any time.

Changes to these terms
Any changes in terms will be displayed in our branch offices. At least thirty days’ notice will be given of any changes to your disadvantage.

Financial Services Compensation Scheme
Suffolk  Building Society participates in the Financial Services Compensation Scheme. For full details please ask our staff.

Retail Banking Conduct of Business
Suffolk  Building Society complies with the Retail Banking Conduct of Business which set standards of good practice for building societies and banks.

Savings

Open your savings
account.

To open a new account, you must be an existing member or a new applicant resident in our local postcode areas IP, NR, CO, CM, CB and PE.

If you’re ready to open your savings account by post you’ll need to do the following:

  1. Download, read and accept the terms and conditions
  2. Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
  3. Read and retain the Privacy Notice
  4. Print the application form by clicking this link, fully complete and sign it. Then email it to us or pop into branch

We will require proof of your identity to open a new account if you are a new customer. For existing members we may request identification, for example if your records with us are incomplete.

Completed application forms should be posted to Suffolk Building Society, Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.

Savings

Useful downloads.

2 Year Regular Saver ISA Terms and Conditions

Download

ISA Application Form

Download

FSCS Information Sheet

Download

Privacy Notice

Download

Proof of your identity

Download

Customer Savings Information FAQs

Download

General investment terms & conditions

Download

Standing order form

Download

INVL67 ISA Key Facts

Download

Savings tariff of charges

Download

Guidance for people wanting to manage a bank account for someone else

Download

Cash ISA or Matured CTF Transfer Authority

Download

Interested in opening a savings account?

Get in touch.










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