Savings Questions
Mortgage Questions
General Questions
Savings
How much cash can I withdraw?
Cash withdrawals from cleared funds are limited to £500 per day per account from one of our branches. Agencies of the Society have individual limits and you should contact them to obtain the necessary information.
What age can I have an ISA(Individual Savings Account)?
Anyone aged 16 or more who is UK resident can have a Mini Cash ISA. To invest into an insurance ISA or Stocks and Shares ISA, the minimum age is 18.
Can I pay money/wages into my account by BACS?
Yes. You need to use the following details: Account number 00004000 Sort Code 23-44-48 Roll No/Ref No 9 digit account number shown in passbook These take at least five working days to credit to your account.
Can I open a savings account even though I live outside of your local area?
Yes. Since 1 July 2006, all our savings accounts are available to any UK resident.
For investors living outside of our branch network area, or for anyone not able to call into a branch:
How to Open an Account
Application forms can be downloaded from our website (except for Child Trust Fund). Please send us a completed application form, a personal cheque (issued by your bank/building society bearing your name and account number) and identification – please refer to Identification details.
How to make additional investments into your account
Either post to us a cheque, made payable to yourself, to our Head Office at Ipswich Building Society, PO Box 547 , Ipswich , IP3 9WZ . A receipt will be posted back to you. Or set up a Standing Order at your bank
Or by BACS transfer from your bank
Consideration is currently being given to offering the facility to make debit card payments.
How to make a withdrawal from your account (subject to terms and conditions of your account)
Post to us your account passbook and a completed withdrawal form (either download the form here or call us on 0845 230 8686) to our Head Office at Ipswich Building Society, PO Box 547 , Ipswich , IP3 9WZ . A cheque and your updated passbook will be posted back to you.
Can you give me a balance or do transactions over the phone?
No, but we can tell you if your salary or a standing order etc has been paid into your account. Or if you contact us, we will write to you to confirm your balance.
Can I give notice to withdraw from my account over the phone?
Yes. Please telephone your local branch or our central number 0845 230 8686 (local call rate applies) or send us an email, and give your account number and how much you wish to withdraw. The Society will allow one day before and up to seven days after the requested withdrawal date for the transaction to be concluded. If the withdrawal is not made during this period of time, this notice will lapse and a further period of notice will be required to avoid incurring a penalty.
Can someone else withdraw money/cash from my
account for me, as I cannot get to a branch?
Yes. The Society will need your written and signed authority and the person making the withdrawal will be required to produce evidence of his or her identity. The maximum withdrawal in cash is £200 per week. The Society will retain your passbook after the withdrawal and post it back to you as a precautionary measure.
Can I open a joint account with my husband /wife/partner/?
There are two options for how the account is set up: 1. Both signatures. For any withdrawal or on closure of the account, both of you will be required to sign the forms. 2. Either signature. For any withdrawal or on closure of the account only one signature is required. You should only open a joint account if you and the other account holder understand the commitments you are entering into. ISA accounts can only be opened in sole name.
How is interested calculated?
Interest is calculated on a daily basis, from the date we receive your investment up to the date of withdrawal.
Do I have to pay tax on my interest?
Interest can be paid Gross or Net of income tax at the applicable rate. If you are a non-taxpayer, interest will be paid gross subject to the receipt of an Inland Revenue Registration form or declaration (R85). You must notify us in writing if you are no longer entitled to receive your interest Gross. Where your interest is paid Net, income tax at the applicable rate has already been deducted.
How am I told of changes in interest rates?
Revised rates will be publicised, within three working days, in the Society's branches, agencies and website. Details of rates payable on accounts which are no longer available to new investors are displayed on our website and can be obtained on request from any office of the Society.
Who do I make a cheque payable to for paying into my account?
Cheques should be made payable to the account holder, that is the name on the passbook.
How long does it take to clear a cheque paid into my account?
For cheques paid into your account, our normal practice is to allow withdrawals 4 bank working days after it has been paid in, provided we have no reason to think that it has not cleared, or might not clear. If we allow you to make a withdrawal against a cheque after 4 bank working days, this is no guarantee that the cheque has been cleared. If the cheque is not cleared, you will have to repay us the amount of the withdrawal.
I am a Treasurer for a local charity. Can I open an account for their funds?
We are happy to open accounts for unincorporated clubs, associations and bodies corporate including registered charities. These organisations can only open deposit accounts which do not give membership rights.
Do you offer cheque books accounts?
No, not at the present time.
Do you offer credit card facilities?
No, not at the present time
Why can’t I keep control of my child’s account after the age of 7?
As the Young Savers account has been specifically designed for the children to control, we stipulate that the child should operate the account at the age of 7. It is hoped by operating the account themselves that they will appreciate the value of saving and will learn what is involved.
I do not have a Drivers Licence or Passport, what other forms of ID do you accept?
Other forms of acceptable evidence is one of the following:
Valid old style full UK driving licence
Recent evidence of entitlement to State or Local Authority benefit, tax credit, pension, educational or other grant
Current Council Tax letter or statement
Original current bank/debit or credit card statement (not printed from internet)
Recent utility bill (original not printed from internet)
The Society has the facility to perform an electronic check of your identity, and if you agree, this may provide an alternative to the provision of documents above.
Can you improve the interest rate I’m receiving?
Many of our members benefit by us reviewing their savings. To ensure that you are earning the best possible rate of interest for your savings, please contact us and our staff will be delighted to help.
Why don't savings rates match changes in the Bank of England's Base Rate?
Adrian Coles, Director General of The Building Societies Association, has published an article on this subject. This is available to download here as a Microsoft Word document.
Mortgages
Do you consider mortgages from outside of the Society’s local area?
Yes. We offer mortgages for properties in England and Wales (subject to terms and conditions)
How much can I borrow?
This will depend on your income, but as a guide, the Society will normally take 100% of your basic income, and 100% of guaranteed overtime/bonus/commission. If this is not guaranteed we would take 50% of regular overtime/bonus/ commission. See also income multipliers and refer to the Society's Mortgage Advisers for further details. Up to 95% of the property value subject to sufficient income. This will reduce to 80% if the property is a Buy-to-Let or the mortgage is for Capital Raising purposes.
What are your income multipliers?
Please refer to
Mortgages Explained in our Mortgage General Information section.
Please bear in mind that as a small local Society we can be flexible with our income multipliers, subject to loan to value. The Society does have enhanced multipliers on our longer term fixed rates and on the Society's Easy 150 criteria. Please refer to the Society's Mortgage Advisers for further details.
What information do I need to provide you with?
We will go through this with you when you come in to see one of our Mortgage Advisers. Our standard requirements are ID in form of Driving Licence or Passport. Payslip or if self-employed signed certified/audited accounts. Bank statements and Annual mortgage statement if currently have a mortgage.
What sort of things do you lend for ?
The Society lends for house purchase or remortgage, including Buy-to-Let, Shared Ownership, Self Build, Right to Buy, Right to Acquire and Second Home purchase. If you are already an existing borrower of the Society, we can also lend additional funds for home improvements. Additional funds may be available for personal use, but special terms apply. Please ask our Mortgage Advisers for details.
Can I pay my mortgage by Debit or Credit card?
Yes, please contact our Member Accounts Department on 01473 278457 who will be able to collect the payment by debit or credit card.
I’d like to buy a second home to use as a holiday home and weekend retreat for my family. Can you help me finance this?
Yes. If you are an existing borrower, we may be able to offer you our ‘Sunshine’ Additional Borrowing mortgage to help finance the purchase of the second home. If have a mortgage with another provider, we may be able to offer you our Sunshine remortgage product. Please refer to the Society's Mortgage Advisers for further details.
I currently have a mortgage with the Society. Can I consolidate some debts?
The Society will consider additional borrowing for consolidation of debts but special conditions apply:
• The total amount being borrowed including the existing mortgage must exceed £25,000 and
• The term for Additional Borrowing does not exceed 10 years and
• The total borrowing does not exceed 80% LTV.
To find out more, please contact one of the Society’s Mortgage Advisers.
I currently have a mortgage with the Society. I’d like to carry out some home improvements, like replacement windows and a conservatory. Can you help me finance this?
It’s easy to extend your current mortgage with the Society to finance home improvements to your property. To find out more, please contact one of the Society’s Mortgage Advisers.
Will a penalty be charged if I repay or redeem my mortgage earlier than the original term?
With most of our mortgage schemes, you can repay up to 50% of the original balance without charge. If you repay more than this, a penalty, known as an Early Repayment Charge, may apply depending on which mortgage product you have. A discharge fee and a sealing fee may also be charged. Please refer to the Society's Tariff of Charges, your Annual Mortgage Statement or to one of our Mortgage Advisers for further details.
General
What does mutuality mean?
A mutual society is run in the interests of its members, the savers and borrowers - and is not listed on the stock market or owned externally.
The key advantage of this over a stock market listed or 'plc' bank is that a mutual does not have to pay dividends to its shareholders. This means that profit a society makes can be put back into the organisation to benefit its members, through competitive interest rates and improved services.
A building society's board of directors in effect act as trustees, holding the society's assets in trust so that future members also have access to cheaper mortgages and attractive savings accounts.
Are my investments safe with a building society?
People who put their money into a building society account are automatically covered by the Financial Services Compensation Scheme. Under the scheme, savers are entitled to 100% compensation for the first £35,000 invested.
Why does my building society check my identity so carefully when I open an account?
One of the main reasons is to carry out its legal obligations to help the FSA to combat financial crime. Effective identification of customers using building society accounts and other financial services makes it harder for terrorists and other criminals to hide and move "dirty" cash. For further information, visit www.fsa.gov.uk for the leaflet entitled "Fighting Crime and Terrorism: we need your help" or www.bsa.org.uk for the "Proving your Identity" leaflet.
What is charitable assignment?
The Charitable Assignment arrangements have been introduced to avoid any future disruption to business by speculative investors. The assignment will not apply to anyone who at 2 October 2000 had and continues to hold a share account with the Society or who has a mortgage when the share account is opened.
All new members opening share accounts must sign a declaration agreeing to assign any future windfall rights to the Charities Aid Foundation for five years from the date of account opening. Any windfall payments from Ipswich Building Society passing to this charity would be distributed primarily to local causes.
What is a building society?
A building society is a mutual institution. This means that most people who have a savings account, or mortgage, are members and have certain rights to vote and receive information, as well as to attend and speak at meetings. Each member has one vote, regardless of how much money they have invested or borrowed or how many accounts they may have. Each building society has a board of directors who run the society and who are responsible for setting its strategy.
Building societies are different from banks, which are companies (normally listed on the stock market) and are therefore owned by, and run for, their shareholders. Societies have no external shareholders requiring dividends and are not companies. This normally enables them to run on lower costs and offer cheaper mortgages and better rates of interest on savings than their competitors.
What if I wish to complain?
Although we do all we can at Ipswich Building Society to ensure we provide a first class service, sadly from time to time things do go wrong. We are keen to be aware of your concerns as they help us to identify ways in which we can improve the quality of service and possible training needs. We aim to investigate your complaint, tell you what we are doing about it and do everything we can to help.
If we cannot resolve your complaint by the end of the next working day, we will acknowledge your complaint and provide you with contact details of the person dealing with your complaint. If your complaint is not settled within eight weeks we will write to you to explain the reasons why and advise you when you should expect to receive our final response. At this point you can take your complaint to the Financial Ombudsman Service if you are dissatisfied with the time it is taking us to resolve your complaint.
We are committed to ensuring all complaints are fully and fairly addressed. Should you remain dissatisfied, following the completion of our review, you have the option to refer the matter to the Financial Ombudsman Service at:
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
The Financial Ombudsman will not consider a complaint until after the Society has had eight weeks to deal with the case or we have been unable to satisfy your complaint. A referral to the Financial Ombudsman must be made within six months of the date of our final response letter.
We very much hope that we can come to a satisfactory resolution of your complaint.
What are the opening times of our branches?
All our branches are open between:
9:00 am - 5:00 pm Monday - Friday*
9:00 am - 12:00 midday on Saturday
Our Ipswich branches are open longer hours for your convenience:
Tower Ramparts Branch 8:30 am - 5:30 pm Monday - Saturday*
Upper Brook Street Branch 8:30 am - 1:00 pm Saturday
* On Wednesday all branches remain closed until 9:30 am for staff training.
Opening hours for our agents vary.
Our Ipswich based contact centre, telephone number 0845 230 8686, is open 8am to 6pm Monday to Friday and 8am to 1pm on Saturday
