We've been helping our members save since 1924. Whether you're saving for something special or want a safe place for your funds, we've got the account for you, depending on your circumstances and what you want to achieve.
The Bank of England Base Rate increased on 16th December 2021, 3rd February 2022, 17th March 2022 and on 5th May 2022, the fourth consecutive increase saw Base Rate move from 0.75% to 1.00%, its highest level since 2009.
Having considered the impact of the December and February changes, we increased savings rates from 1st April 2022 and at the same time increased the Standard Variable Rate (SVR) on our mortgage products.
We are currently reviewing the implications of this latest movement alongside the March increase, and will update our website in due course.
You will need a signed letter from SMBC, which a supervising social worker can provide in place of proof of address. You will also need a copy of the child's birth certificate to open the account.
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Did you know that your eligible deposits with the Vernon are protected up to a total of £85,000 (£170,000 for joint accounts) by the Financial Services Deposit Scheme (FSCS), the UK's deposit guarantee scheme?
Learn more about the FSCS
