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Savings FAQs

Although we cannot offer you advice on how much to save or which product to choose, we can answer any questions regarding our products and the terms of our service.

Many of our savings accounts have specific terms and conditions, all of which we encourage you to read before making a decision.

 

Opening an account

Can I open a joint account with my husband/wife/partner?

Yes. 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. You can also open an account with more than 2 account holders. Please contact us for more details.

What age can I have an NISA (New Individual Savings Account)?

Anyone aged 16 or more who is UK resident can have a Cash NISA. To invest into an insurance ISA or Stocks and Shares ISA, the minimum age is 18

Can I transfer my existing ISA into Ipswich Building Society?

Yes, but we currently only accept transfers-in to our Premier ISA. For a general guide to help you to consider whether to transfer your ISA to the Society or another provider, please click here.

Your account

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   It will 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?

Unfortunately, our savings products and deposit accounts are currently only available for existing members or new applicants resident in local postcode areas IP, CO, CB, CM, NR, and PE.

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 0330 123 0723) 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.

Are my savings covered under the Financial Services Compensation Scheme (FSCS)?

Yes, Ipswich Building Society participates in this scheme. FSCS protects your deposits, whether you’re an individual or a company. A deposit is money in accounts like current and savings accounts, including cash ISAs. If your bank, building society or credit union fails, the FSCS may be able to pay compensation.

There are two important points to know.

  1. The limit applies to individuals and companies, not accounts. This means that for joint accounts the limit applies to each named account holder. So, for example, if you have a joint account with your spouse or partner, and no other accounts of your own with that firm, you will each receive up to £85,000 under the deposit limit. So FSCS would protect up to £170,000 of savings in a joint account.
  2. The limit applies per authorised firm. This is important because sometimes a firm operates more than one brand under the same FRN or authorisation number. Ipswich Building Society does not have any additional brands using the same FRN or authorisation number. We are independent and not part of a larger building society group.

To find out more go to www.fscs.org.uk or download the leaflet here.

Are all my savings covered if they temporarily exceed the £85,000 limit?

FSCS protects certain types of deposits above £85,000 held by individuals. They protect certain “temporary high balances” up to £1,000,000 for a period of six months*. These are exceptional and short-lived deposits which result from certain major life events.

To find out more information on deposits which qualify as a “temporary high balance” please go to www.fscs.org.uk or download the leaflet here.

* There is no limit to the compensation payable for deposits relating to personal injury or disability or incapacity claims.

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 children to control, we stipulate that the child should operate the account at the age of 7. It is hoped that by operating the account themselves, they will appreciate the value of saving and will learn what is involved.

Account interest

Do I have to pay tax on my savings interest?

From 6 April 2016 HM Revenue & Customs (HMRC) introduced a tax-free Personal Savings Allowance for savings income or interest. The new allowance means that most people will no longer pay tax on their savings interest. For further information please contact HMRC directly.

How is interest calculated?

Interest is calculated on a daily basis, from the date we receive your investment up to the day before the withdrawal. Click here to find out exactly how we calculate your interest.

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.

Paying in cheques

Who do I make a cheque payable to for paying into my account?

Cheques should be made payable to the account holder.

How long does it take to clear a cheque paid into my account?

We require six working days clearance on cheques paid into your Ipswich Building Society account. At this point we will guarantee that funds have been cleared and you can have access to your funds on the following working day (day seven). Example: Cheque paid in on a Monday - withdrawal can be made on Wednesday the following week. (Please note Saturday is not counted as a working day.) Interest on a cheque paid in will be calculated from the day we receive it.

Withdrawing from my account

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.

Can I give notice to withdraw from my account over the phone?

Yes. Please telephone your local branch or our central number 0330 123 0723 (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.

Corporate accounts

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.

Are my savings covered under the Financial Services Compensation Scheme (FSCS)?

Yes, Ipswich Building Society participates in this scheme. FSCS protects your deposits, whether you’re an individual or a company. A deposit is money in accounts like current and savings accounts, including cash ISAs. If your bank, building society or credit union fails, the FSCS may be able to pay compensation.

There are two important points to know.

  1. The limit applies to individuals and companies, not accounts. This means that for joint accounts the limit applies to each named account holder. So, for example, if you have a joint account with your spouse or partner, and no other accounts of your own with that firm, you will each receive up to £85,000 under the deposit limit. So FSCS would protect up to £150,000 of savings in a joint account.
  2. The limit applies per authorised firm. This is important because sometimes a firm operates more than one brand under the same FRN or authorisation number. Ipswich Building Society does not have any additional brands using the same FRN or authorisation number. We are independent and not part of a larger building society group.

To find out more go to www.fscs.org.uk or download the leaflet here.

Are all my savings covered if they temporarily exceed the £85,000 limit?

FSCS protects certain types of deposits above £85,000 held by individuals. They protect certain “temporary high balances” up to £1,000,000 for a period of six months*. These are exceptional and short-lived deposits which result from certain major life events.

To find out more information on deposits which qualify as a “temporary high balance” please go to www.fscs.org.uk or download the leaflet here.

* There is no limit to the compensation payable for deposits relating to personal injury or disability or incapacity claims.

General Q&As

Do you offer cheque books accounts?

No, not at the present time.

Do you offer credit card facilities?

No, not at the present time.

How do I register the death of an account holder with you?

We're very sorry to hear of your loss. Losing someone close to you can be very difficult. In addition to the emotional upheaval of coping with a death, you may also need to take care of the practical matters. This guide has been put together to help you deal with any accounts that the deceased held with us. We're here to help you. Please contact us on 0330 123 0723 or e-mail enquiries@ibs.co.uk where a member of staff will help you.

 

 

 

If you can't find what you are looking for please call us on 0330 123 0723 or email us enquiries@ibs.co.uk

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