Single Access Saver

Account name

Single Access Saver

Interest rate

3.60% Gross* /AER**

Interest is added to the account annually on 30 November or can be paid into another Suffolk Building Society account or direct to your bank account on an annual or monthly basis. Interest paid monthly cannot be added to the account.

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 £36 in interest. If you chose to have interest added, this would result in a total balance of £1,036. 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 £100 and £500,000.
• Be a permanent UK resident.

You can open an account:
• By completing the appropriate application form.
• By visiting 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.
• By providing 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 £100 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?

• You can make one penalty free withdrawal between 1 December and 30 November each year. This can include closure of your account.
• Subsequent withdrawals or closure are subject to 180 days’ notice or 180 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 in your account.

What happens if I give 180 days’ notice?
• Once your 180 days’ notice period ends, the withdrawal will not be made by us automatically. You will need to contact us during the 8-day window to instruct us to make the withdrawal. This window starts the day before your specified withdrawal date.
• If you don’t withdraw your funds during this period, your notice will expire. You will then need to give notice again before making a withdrawal.

Additional
Information

Tax
You may have to pay tax on interest earned above your Personal Savings Allowance (PSA). The tax you pay depends on your personal circumstances. Tax rules and HMRC guidance may change. For more information, visit www.gov.uk.

*Gross
The interest rate paid before tax. For information about 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.

How we report interest to HMRC
We report the total interest earned on your account before any withdrawal or closure penalties are deducted. This means the amount reported may be higher than the amount you receive, which could use more of your Personal Savings Allowance. For more information, visit www.gov.uk.

Changes to these terms
Details can be found in Section 19 of our General Investment Terms and Conditions.

Customer complaints
We aim to provide excellent service, but if something goes wrong, please let us know. We are committed to resolving complaints fairly and promptly. A leaflet explaining our complaints process is available on request.

Financial Services Compensation Scheme
Suffolk Building Society is a member of the Financial Services Compensation Scheme (FSCS). Please ask a member of staff for full details.