An account that pays a higher rate of interest but has a notice period of 35 days before withdrawals can be made.
This account is available to UK residents aged 18 or above.
What are the key features of this product?
This product has a passbook which shows your transactions and account balance.
This product typically pays a higher rate of interest than a standard instant access deposit account due to access to your money being restricted.
You must be aged 18 or over to open this product.
This product pays a single rate of interest on all your money in the account.
You cannot have instant access to your money in this account and must give the Society 35 days’ notice to make any withdrawals.
Who is this product designed for?
The product is designed for customers who:
already have instant access to other savings and are looking for a higher rate of interest in exchange for having to give notice to withdraw money.
are able to give 35-days notice to make withdrawals.
intend to leave a minimum balance of £500.
are happy to only be able to withdraw their savings to their nominated account or another account in their name with the Society.
are happy with interest being paid annually.
understand the interest on the account is variable and therefore can go up or down at any time.
wish to use the branch network and/or Vernon’s Online Services.
Who is this product NOT intended for?
This product is not intended for customers who:
do not already have access to existing savings.
want to receive their interest monthly.
are unable to wait 35 days to access their savings.
are unable to leave a minimum balance of £500 in the account.
want a guaranteed fixed rate of interest.
want to be able to make cash withdrawals or make withdrawals to a third party.
Does this product deliver "fair value" for customers?
Being a mutual building society, all our products are priced to balance the needs of our Member savers and borrowers and the Society’s operating costs to support the Society’s long-term future.
We deliver a friendly, personalised, person to person service through a local network of 6 high street branches in Stockport and East Cheshire. This is supported by online digital processes and a dedicated telephony service to quickly resolve any enquiries.
Our rates are competitive in comparison to similar organisations. Better rates may be available from other providers who do not offer the same personalised service.
We believe the rate of return and the customer support provided alongside this product, represents fair value for the customers it is designed for.
35-Day Notice Account Issue 2
What is the interest rate?
The interest rate is variable. Interest is calculated daily and added to your account annually on the 31st March. Interest is paid gross without tax deducted.
*The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
**The AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Can the Vernon Building Society change the interest rate?
We have the right to vary the rate of interest at any time.
Please see section 10 of our General Savings Account Terms & Conditions for a more detailed explanation which sets out when we can vary the interest rate and how and when we will notify you if this happens. A copy of the General Savings Account Terms and Conditions are provided when you open the account.
What would the estimated balance be after 12 months based on a £1,000 initial deposit?
This projection is provided for illustration only and does not consider individual circumstances. This assumes an initial deposit of £1,000, no further deposits or withdrawals being made over a 365-day period starting from the 1st April, and that the interest rate does not change.
How do I open and manage my account?
This account is only available to UK residents aged 18 or above.
You can open an account using our Online Services (available for individual applicants only), in branch or download an application form from our website and email or post it to us.
You can manage your account in branch or by registering for our Online Services.
A minimum deposit of £500 is required to open the account.
The maximum balance is £200,000 plus any interest that is added to the account.
Deposits can be made in branch by cash or cheque, standing order or online banking.
Can I withdraw money?
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 £500.
You must notify us in writing or via Online Services, specifying the amount you wish to withdraw, 35 days before making a withdrawal. If this falls on a non-working day, the withdrawal will be made on the next working day.
Withdrawals without notice are not permitted.
Withdrawals are paid by cheque or via Faster Payment directly to your nominated bank account or to another Vernon Building Society account in your name. Cash withdrawals are not permitted.
Please also refer to section 12 of the General Savings Terms & Conditions brochure for further 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 General Savings Account Terms & Conditions.
The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
The AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
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