House Deposit Savings Account

Account name

House Deposit Savings Account

What is the interest rate?

3.25% (plus a 1.50% conditional fixed bonus) Gross* /AER**

If the conditional terms outlined below are met, you will receive an additional 1.50% Gross*/AER** on your saved funds in that anniversary year.

The interest and bonus are added to the account on anniversary of account opening.
The bonus is calculated daily on each receipt, not as a percentage of the total balance on anniversary. The bonus resets to zero after each anniversary, ready for your next year’s deposits.

How do I ensure I qualify for the bonus?

During your anniversary year, you must make a minimum of 11 monthly deposits of £10 – £1,000 and not close the account. If you do not meet the conditions, you will forfeit your bonus for that year, but you can continue saving to earn a bonus in the following anniversary year if all the account terms and conditions are met.

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.
The bonus rate is fixed and cannot be changed.

What would the estimated balance be after 12 months based on a £1,200 deposit?

If you deposited £100 each month and no further deposits or withdrawals were made, after 12 months you would earn £30.91 in interest. This would result in a total balance of £1,230.91. 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 must be aged 18-35.
• You must not currently own any property.
• Provide an opening investment between £10 and £1,000.
• Be a permanent UK resident.

You can open an account:
• By completing the appropriate application form.
• Either on a sole or joint account basis.
• 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.

How do I manage my account:
• You need to keep a minimum of £10 in the account.
• You can deposit between £10-£1,000 per calendar month (for both sole and joint accounts), by cash, cheque, or bank transfer.
• You cannot transfer funds from another Suffolk Building Society account.
• The maximum that can be held in this account is £36,000.

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.

What happens if I miss a monthly deposit:
Your account will remain open; however, if you miss two monthly deposits, you will no longer benefit from the bonus rate during that anniversary year.

Can I withdraw money?

Yes, you can make one withdrawal in each anniversary year without forfeiting your bonus. However, subsequent withdrawals within the same anniversary year will forfeit the fixed rate bonus, even if monthly payments are maintained.

If your account is on a joint basis, both parties will be required to sign for account withdrawals or closure.

What happens at account maturity?

From account opening, you will have 10 years to save into the account. If the account has not been closed by the 10^th anniversary, we will:

• Contact you 14 days before your account’s 10th anniversary.
• Provide information on how you can access your funds, close your account or continue to save with us.

Transfer your savings into our instant access product available at the time of maturity.

Additional
Information

Promotions Criteria

If you purchase a residential property in the UK, you could be eligible for a £150 or £500 retail voucher subject to this criteria being met:

• Your House Deposit Savings Account has been open for at least 12 months when the property purchase is completed.
• You have a minimum of £4,000 in your account at closure.
• You must be able to provide a mortgage or solicitor completion statement to confirm the purchase of a property.
• You must not own any property upon purchase of your new home.
• You must close your House Deposit Savings Account to receive the voucher.

If this criteria is met, a £150 voucher will be payable to those who have purchased a residential property without a mortgage from Suffolk Building Society. A £500 voucher will be paid to those who take out a Suffolk Building Society mortgage to fund the purchase of a residential property.

We will provide you with a voucher of your choice from the following retailers: IKEA, B&Q, Dunelm and Argos. The Society reserves the right to add or remove retailers from this list at any time without notice.

Joint accounts will only benefit from one voucher. If two members hold sole House Deposit Savings Accounts and purchase a property together, only one voucher will be issued to the first claimant against the property purchase.

*Opening a House Deposit Savings Account does not mean that you will be eligible for a mortgage offer with Suffolk Building Society. Lending criteria will still apply.

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, visit 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.

Changes to these terms

These are detailed in Section 19 of our General Investment terms and Conditions.

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.

Financial Services Compensation Scheme

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