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)
|Account Name||Smart Save Monthly (2)|
|What is the interest rate?||
Interest rate without bonus 0.25% Gross* / AER**
Interest rate with bonus 2.75% Gross/ AER
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?
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. However, you can also be the second named account holder on one joint 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.
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.
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|
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.
Investment Application Form and FSCS Information Sheet
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.