Minimum Deposit

£500

Interest Rate (Gross)

4.10%

Interest Rate (AER)

4.10% AER

Withdrawals

35-Days Notice

Designed for savers that:

Can limit access for a higher rate of interest

Can give 35 days’ notice for withdrawals

Can leave a minimum balance of £500

Not designed for savers that:

Need easy access to their savings

Want a fixed rate of interest

Are under the age of 18

Product Summary

Account Name

35-Day Notice

What is the interest rate?

4.10% Gross*/AER*

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

Can the 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 General Savings Account Terms and Conditions explains when we can do this, and how we’ll let you know.

What would the estimated balance be after 12 months based on a £1,000 initial deposit?

£1,041.00

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?

Eligibility

This account is only available to UK residents aged 18 or above.

 

Opening the account

You can open an account using our Online Services, in branch or by downloading an application form from our website and emailing or posting it to us. From the date the account is opened, you have 14 days in which to change your mind and close it without notice or penalty.

 

Managing the account

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

A minimum deposit of £500 is required to open the account. The maximum balance is £200,000.

Deposits can be made in branch by cash or cheque, standing order or online banking.

Can I withdraw money?

You must notify us in branch 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 from the account can be made in branch, over the telephone or through our Online Services.

Withdrawals in branch can be made by cheque or Faster Payment. Cash withdrawals are not permitted. Withdrawals over the telephone or through Online Services will be sent 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 remaining after a withdrawal must be £500.

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

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 General Savings Account Terms & Conditions.

 

*Interest rate terms explained:

AER

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Gross

The interest rate without tax deducted.

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

It's easy to apply...

Apply online

APPLY ONLINE

Ready to apply? Head to our online portal to begin your application.

APPLY ONLINE
Apply in branch

APPLY IN BRANCH

Book an appointment to speak with one of our friendly advisers in-branch or over the phone.

BOOK AN APPOINTMENT
Guide

DOWNLOAD FORM

Print and complete this form and email to: info@thevernon.co.uk or post to your nearest branch.

DOWNLOAD FORM

GOT A QUESTION? GIVE US A CALL

 

0161 429 6262

Financial Services Compensation Scheme

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
HELP CENTRE

Got a question about savings?

Jump over to our savings help centre and see if we can answer it for you.


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HELP CENTRE

Savings Jargon Buster

There are a few considerations to make when opening a savings account, so we've explained as many terms as we can.


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