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Regular Savings Accounts

Regular savers know how good it feels to put a little away each month and reap the reward of interest on top

To help spread the cost of expensive items such as a holiday, new car or Christmas, saving a regular monthly amount can help reach your goal without the worry of repaying a debt.

Please note that our savings products and deposit accounts are only available to existing members or new applicants resident in our local postcode areas IP, NR, CO, CM, CB and PE.

For a quick page-to-view comparison of all our personal savings products and interest rates please click here.

For previous rates, please click 'View previous rates' located under the current rate table

* Rate excluding bonus

† Rate including bonus

 

Smart Save Monthly (2)

Summary Box
Terms & Conditions
Apply Now
Account NameSmart Save Monthly (2)
What is the interest rate?

Interest rate without bonus 0.25% Gross* / AER**
Interest is added to the account on anniversary.

Interest rate with bonus 2.75% Gross/ AER
Includes a conditional bonus of 2.50% Gross/ AER
The bonus is added to the account on anniversary.

The bonus is calculated daily on each receipt, not as a percentage of the total balance on anniversary. The bonus resets to zero after each anniversary, ready for your next year’s payments.

How do I ensure I qualify for the bonus?
During your anniversary year, you must make a minimum of 11 monthly payments of £10 or more, not exceed two withdrawals and not close the account.

If you do not meet the conditions you will forfeit your bonus for that year but you can continue saving to earn a bonus in the following anniversary year if all the account terms and conditions are met.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, provided you had a balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

The bonus rate is fixed and cannot be changed.

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

Based on the current rate of interest including the bonus, if you deposited £1200 into this account, after 12 months you would have £1217.89.

(This figure is only an estimate, based on £100 per month being deposited on the 1st of each month for 12 months. It includes both the interest and bonus. This figure is for illustrative purposes only, and does not take into account your individual circumstances).

How do I open and manage my account?

This account is only for UK resident individuals aged 16 or over and available to all members or for new members, resident in postcode areas IP, NR, CO, CM, CB and PE only. An individual is only allowed to be the sole or first named account holder on one Smart Save Monthly (2) account.

The account can be opened with an amount between £10 and £500 (£1,000 for joint accounts) by cash, cheque or transfer from another account with us.

Subsequent calendar monthly payments must be by standing order between £10 and £500 (£1,000 for joint accounts). You can only make one payment per calendar month.

The standing order payment must leave your bank account by the 25th of each month to ensure that we receive your payment by the end of the calendar month.

You won’t receive a passbook but your bank statement will show your standing order payments. You’ll also receive a statement within 30 days of your account anniversary.


The bonus is fixed and only calculated daily on each receipt, not as a percentage of the total balance on anniversary. If you leave your accumulated balance in your account at the end of each anniversary year, it will earn 0.25% Gross/ AER.

Make sure you review your account at each anniversary.

Can I withdraw money?

You can make two withdrawals instantly at any point in your anniversary year. You’ll need to leave £10 in your account to leave it open.

You can close your account instantly at any time, however any accumulated bonus will not be paid if you have not reached your account anniversary.

Additional Information

This is a summary of the key features of this account. You will still need to read the savings Terms and Conditions.

 *Gross - The rate paid without interest deducted

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
Balance Variable Interest Previous AER Variable Interest Previous Gross
No Previous Rates
Useful DownloadsDownload
Terms and conditions
Download the investment application form

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

Useful DownloadsDownload

Investment Application Form and FSCS Information Sheet

Download the investment application form

Monthly Saver ISA (Issue 1)

Summary Box
Terms & Conditions
Apply Now
Account NameMonthly Saver ISA (Issue 1)
What is the interest rate?

1.40% Tax-Free* /AER**

Interest is added to the account annually on 5 April.

Can the Society change the interest rate?

The interest rate is fixed until the maturity date on 5 April 2019.

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

Based on the fixed rate of interest, if you deposited £1000 into this account, after 12 months you would have £1209.11.

(This figure is only an estimate, based on £1000 per month being deposited on the 1st of each month for 12 months. This figure is for illustrative purposes only, and does not take into account your individual circumstances).

How do I open and manage my account?

To open this account:

  • You need to be aged 16 or over.

  • Provide an opening investment of £10 up to £1666.66. Transfers in from other ISA accounts are not allowed.

  • Be an existing member or a new member resident in postcode areas IP, NR, CO,CM, CB or PE.

  • Be a permanent UK resident.

  • Have a National Insurance number.

How do I manage my account?

You must make at least one payment per calendar month, which you can vary between £10 and £1666.66. This amount can increase if the annual ISA limit set by HM Revenue & Customs increases. Please speak to a member of staff or refer to our website for the current ISA subscription limits.

Subscriptions of £1666.6 do not total the full £20,000 allowance and therefore 1 additional subscripton of £0.08 will be allowed. Payments can be made by cash, cheque or standing order but internal transfers from other Ipswich Building Society accounts are not allowed.

Remember that you can only subscribe to one Cash ISA with one provider in any tax year. The overall maximum that can be held in this account is £50,000. From 1 March to 5 April each year, you can deposit up to your remaining annual ISA allowance, if any. Please refer to our website for current ISA subscription limits.

What happens if I miss making a monthly subscription?

The Society will transfer your account into the on-sale issue of its instant access ISA. The terms and conditions and interest rate applicable to that new account at that time will apply.

Please complete the appropriate application form and send or take it to any of our branches with your opening investment. To open an ISA, you will be asked to provide proof of identity.

This is to reduce the risk of fraud and is in line with anti-money laundering legislation. Acceptable forms of identification are detailed in our ‘Proving your name and address’

leaflet. Alternatively our staff will give you full details.

If you change your mind:
If you are not happy with your chosen ISA within 14 days of opening it, we will help you switch accounts or return your savings with interest.

Can I withdraw money?

You cannot make partial withdrawals.However your ISA can be closed at any time subject to a penalty equivalent to 120 days’ interest. The loss of interest will be taken from the capital invested if there is insufficient accrued interest on the account.

You cannot open another ISA in the same tax year in which you have subscribed to this ISA.

What happens at the end of the fixed rate period?
The final interest will be added to your account on 5 April 2019. The Society will transfer your account into the on-sale issue of its instant access ISA. The terms and conditions and interest rate applicable to that new account at that time will apply.

Additional Information

This is a summary of the key features of this account. You will still need to read the savings Terms and Conditions.

 Tax-Free* - Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
Balance Fixed Interest Previous Rate
No Previous Rates
Useful DownloadsDownload
Terms and conditions
Download Terms and conditions

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

Useful DownloadsDownload
ISA Application form and FSCS Information Sheet
Download the investment application form
ISA Keyfacts leaflet Download the investment application form

Additional Resources

If you would like to open one of these accounts the investment application form below can be downloaded, printed and posted to us along with your relevant identification. Alternatively, please call into any of our branches and our staff will be pleased to help you. Please refer to our Customer Information document for other useful and important information.

 

Useful DownloadsDownload
Savings Interest Rates Leaflet - interest rates and summary of terms for all of our personal savings products Download details of identification required
Financial Services Compensation Scheme (FSCS) Information Sheet fscs20x20
Identification details - documents required when opening an account Download details of identification required
Customer Information - outlines procedures for opening and using our savings accounts Download the Customer Information document
General Investment Terms & Conditions - applies to all savings accounts with the Society Download the Investment Terms and Conditions
Standing Order Form - to make regular payments from your bank to your Society account, please print this form, fill in the details and post it to your bank. If you are not using this form, our bank details are:

Account number: 00004000 Sort Code: 23-44-48 Roll No/Ref No: IMPORTANT - please quote your 9 digit Society account number
Download the Investment Terms and Conditions

Your home may be repossessed if you do not keep up repayments on your mortgage.