Everyday Saver

Account name

Everyday Saver

What is the interest rate?

1.60% Gross* /AER**

Interest is calculated on a daily basis and added to the account annually on 30 November.

Can the Society change the interest rate?

The interest rate on this account is variable and the Society may make changes to this rate at any time. We will notify you of any changes in accordance with the Terms & Conditions.

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

If you were to open this account with £1,000 and no further deposits or withdrawals were made, after 12 months you would earn £16 in interest. This would result in a total balance of £1,016. Please note this is an illustration only and does not reflect your specific circumstances.

How do I open and manage my account?

To be eligible for this account:
• You need to be aged 16 or over.
• Provide an opening investment between £10 and £500,000.
• Be a permanent UK resident.

You can open an account:
• By completing the appropriate application form.
• 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.
• Provide proof of identity. Acceptable forms of identification are detailed in our ‘Verifying your identity’ 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 £500,000.
• You may invest up to the maximum balance by cash, cheque or bank transfer.

Can I withdraw money?

Yes. You can get instant access to your money whenever you need it.

Additional
Information

You might have to pay tax on any interest that exceeds your Personal Savings Allowance (PSA). How your account is taxed will depend on your personal situation.
The tax information we provide is based on the laws and HMRC guidance as we currently understand them, but these may be updated in the future. For further details, please refer to the HMRC website.

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 rate which illustrates what the gross rate would be if the interest was paid and added once each year. This helps you compare more easily the return you can expect from your savings over time.

Customer complaints
Although we do all we can to provide a first-class customer service, sadly sometimes things do go wrong. Your concerns are important to us to improve quality of service and identify possible training needs.
We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint, please let us know and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure, which you can request at any time.

Changes to these terms
Are detailed in Section 19 of our General Investment Terms and Conditions.

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