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Christmas Saver

Summary Box

Account name

Christmas Saver

Interest rate

0.10% Gross* /AER**

Interest is added to the account annually on 30 September

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and the protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, providing you have a minimum balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

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 £1,000 into this account, after 12 months you would have £1001.00.

(This figure is only an estimate, based on there being no additional deposits or withdrawals in that time with all interest being added to your account. 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 over 7

Provide an opening investment between £10 and £2000.00

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 sole or first named account holder on one Christmas Saver.
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 name and address’ leaflet. Alternatively, our staff will give you full details.



If you change your mind:

If you are not happy with your chosen account 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 need to keep a minimum of £10 in the account.

• The maximum that can be held in this account is £2,000.

• You may invest up to the maximum balance by cash, cheque or standing order.

Can I withdraw money?

Between 1 October and 31 December each year, withdrawals can be made instantly without notice or penalty.
• Between 1 January and 30 September withdrawals are subject to 30 days’ notice or 30 days’
interest penalty. 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 of your account.

Additional
Information

This represents the Terms and Conditions for Christmas Saver and should be read in conjunction with the General Investment Terms & Conditions and our Customer Information booklet. As at 1 October each year we will calculate 0.10% of average balances held during the year 1 October to 30 September. We will then contribute this amount to donate Christmas presents and food items to a Suffolk Charity. This is a donation from Suffolk Building Society and not from any members’ funds deposited with us.

Gross*

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.

Savings

Open your savings
account.

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 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.

Christmas Saver – Terms and Conditions

Download

Proof of your identity

Download

Customer Savings Information FAQs

Download

General investment terms & conditions

Download

Standing order form

Download

FSCS Information Sheet

Download

Savings tariff of charges

Download

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

Download

INV3 Savings Application Form

Download

Interested in opening a savings account?

Get in touch.










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