REGULAR SAVER REWARD

An accessible monthly savings account designed for those wishing to make regular savings from income. Providing you meet the account conditions, we will reward you with a 2% annual interest bonus each year!

You can save for as long as you like, building your balance over time. It has flexibility too, meaning you can change the amount you want to save each month and even take a break once a year if necessary.

Account name	Regular Saver Reward
Interest rates (AERs)	Including bonus Gross Net AER £25+ 3.00% 2.40% 3.00% Excluding bonus £25+ 1.00% 0.80% 1.00% The interest rate is variable. Interest (including any bonus interest) is calculated on a daily basis and is added to your account annually on the 31st March.
Tax status	Interest is either paid net after deduction of income tax or  gross, subject to an individual certifying their eligibility using the HMRC form R85. If you are unsure of your eligibility to receive gross interest you can visit the HMRC website to find out more and to obtain the form R85.
Conditions for bonus payment	A 2% interest rate bonus will be applied providing that you have: met the terms and conditions of the account; and  made no more than 2 withdrawals and missed no more than 1 monthly payment during the period (1st April to 31st March, or from the date of opening this account to 31st March). Whilst we do not anticipate changing the amount of this bonus, the Society reserves the right to give fair notice to do so if market conditions dictate.
Withdrawal arrangements	2 withdrawals are allowed each period (1st April to 31st March) without notice and without penalty. However any further withdrawals will mean that the 2% interest rate bonus will not be payable on 31st March.
Access	Post / branch
Minimum/ Maximum limits	Minimum: £25 per month Maximum: £500 per month

Making monthly payments: 

• For your convenience we would recommend that you make payments to the account by direct debit. Alternatively you may pay in by standing order or over the counter at one of our branches.
• You have the flexibility to adjust the amount of your monthly payments as long as each payment is between £25 and £500 each month.
• The Society reserves the right to close an account if more than 2 monthly payments are missed during the period.

Opening an account with the Vernon could not be easier – simply read through our Terms & Conditions, complete an application form and take or post it to your nearest branch along with a direct debit form (if required) for making monthly payments. A minimum initial investment  of £25 is needed to open the account. You will also need to provide proof of identity documentation. Click here for details of our identification requirements.  

An individual may not open more than one Regular Saver Reward Account.

Please note that as a Society which aims to deliver products and services to local people we only accept applications from investors who live within a 25 mile radius of Stockport.