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2 Year Regular Saver

Summary Box

Account name

2 Year Regular Saver (29.02.2024)

Interest rate

3.00% Gross* /AER**

Interest is added to the account annually on 28 February or can be paid into another Suffolk Building Society account or direct to your bank account.

Can the Society change the interest rate?

The interest rate is fixed until the maturity date on 29 February 2024.

What would the estimated balance be after 12 months based on a £600 deposit?

Based on the fixed rate of interest, if you deposited £600 into this account, after 12 months you would have £609.76.

(This figure is only an estimate, based on £50 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 £50.
• Be an existing member or a new member resident in postcode areas IP, NR, CO, CM, CB or PE.
• Be a permanent UK resident.
• An individual is only allowed to be the sole or first named account holder on one 2 Year Regular Saver (29.02.2024). However, you can also be the second named account holder on one joint account.

To open an account, you must complete the appropriate application form. You can visit any of our branches with your opening investment of cash or cheque or apply by post by sending the application form with an opening cheque. You will be asked to provide proof of identity. This is to reduce the risk of fraud and is in line with anti-money laundering legislation. Acceptable forms of identification are detailed in our ‘Verifying your identity’ leaflet. Alternatively, our staff will give you full details.

How do I manage my account:
• You need to keep a minimum of £10 in your account.
• You must make at least one deposit per calendar month until 29 February 2024, by cash, cheque, or standing order, which you can vary between £10 and £50. You cannot transfer funds from another Suffolk Building Society account.

What happens if I miss a monthly deposit:
If you miss depositing into your account in any 2 calendar months, we will transfer the balance to our instant access Everyday Saver account.

Can I withdraw money?

You can make one withdrawal between 1 March and 28 February each year which includes closure.

No further withdrawals are allowed.

What happens at the end of the fixed rate period?
The final interest will be added to your account on 29 February 2024. We will contact you 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 Terms and Conditions for 2 Year Regular Saver (29.02.2024) and should be read in conjunction with our General Investment Terms & Conditions and our Customer Information booklet.

The rate paid with no income tax deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk.

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.


Open your savings

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. Be an existing member or a new applicant resident in our local postcode areas IP, NR, CO, CM, CB and PE
  3. Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
  4. Print and fully complete the application form

We will require proof of your identity in order to open your account, even for existing members. 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.


Useful downloads.

2 Year Regular Saver – Terms and Conditions


Proof of your identity


Customer Savings Information FAQs


General investment terms & conditions


Standing order form


FSCS Information Sheet


Savings tariff of charges


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


INV3 Savings Application Form


Interested in opening a savings account?

Get in touch.

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