Regular Saver Reward

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Account Name

Regular Saver Reward

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What is the interest rate?

Up to date rate information can be found on our Interest Rate Notice

A basic interest rate is payable on all balances.

A higher interest rate will apply on any balance up to £25,000, providing that, during an account year^†, you have:

• made no more than 2 withdrawals, and
• missed no more than 1 monthly deposit

^†An account year runs from 1^st April to 31^st March.

Interest is calculated daily and added to your account annually on the 31^st March.

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Can Vernon Building Society change the interest rate?

Yes, the rate is variable. That means we can move it, up or down.

Section 10 of our ‘Terms & Conditions for Savers’ explains when we can do this, and how we’ll let you know.

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How do I manage my account?

You can operate your account in branch and through our Online Services.

A minimum monthly deposit of £25 is required up to a maximum limit of £500 per calendar month. If more than one monthly deposit is missed during the period (1^st April to 31^st March) the annual interest rate bonus will not be payable on 31^st March

Deposits can be made in branch by cash or cheque, standing order or online banking. These should be made by no later than the 25^th of the month to avoid late subscriptions.

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Can I withdraw money?

Withdrawals from the account can be made in branch, over the telephone or through our Online Services.

Withdrawals in branch can be made by cash, cheque, or Faster Payment. Withdrawals over the telephone or through Online Services can be made by Faster Payment directly to your nominated bank account or to another Vernon Building Society account in your name.

There is no minimum withdrawal amount for this account. However, the minimum balance allowed on this account after a withdrawal to keep the account open is £1.

If more than 2 withdrawals are made during the period (1^st April to 31^st March) the annual interest rate bonus will not be payable on 31^st March.

Please also refer to section 12 of the Terms & Conditions for Savers brochure for further information.

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Additional information

The information contained in this summary box forms part of the terms and conditions of the account and should be read in conjunction with our Terms & Conditions for Savers.

 

*Interest rate terms explained:

AER

(Annual Equivalent Rate) differs from the Gross annual interest rate if interest is paid more than once a year. If interest is added to the account, it also earns interest, and the AER reflects this by showing the rate as if interest were paid annually.

Gross

This means we do not take income tax off the interest.

Personal Savings Allowance (PSA)

You may need to pay tax on any interest that takes you over your PSA. The treatment of your account for tax purposes will depend on your individual circumstances. All tax information is based on our understanding of current law and HM Revenue & Customs practice, both of which may change. For more information, visit hmrc.gov.uk

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