Sometimes savings accounts offer you a choice in how to receive your interest, either annually or monthly.
Monthly interest means your interest is paid to you every month. We can add this to your existing savings account balance, pay it into another Ipswich Building Society account or pay it directly to your bank account.
Monthly interest option is only available on a selection of our savings account and for balances of £20,000 or over.
Receiving your interest monthly can be a useful way to supplement your pension or other forms of income.
You can find out more about our savings account that pay interest monthly (it is selected group only) and read the terms and conditions for these below.
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
Suffolk Savvy Saver
|Account Name||Suffolk Savvy Saver|
|What is the interest rate?||
£1000 - £19,999 0.75% Gross* / AER**
Interest is added to the account annually on 1 December or can be paid into another Ipswich Building Society account or direct to your bank account. For balances of £20,000 or over the interest can be paid monthly but not added to the account.
When your balance moves into the higher interest rate tier you will receive interest on the whole balance at that higher rate. If you make a withdrawal that takes you into a lower tier, the lower tier rate is paid on the whole balance.
|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.
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
Based on the current rate of interest, if you deposited £1000 into this account, after 12 months you would have £1007.50.
(This figure is only an estimate, based on there being no additional deposits or withdrawals in that time with all interest being added to your account. 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 7 or over. Available by post or branch. This account is available to all members or for new members, those resident in postcode areas IP, NR, CO, CM, CB and PE only.
The minimum amount to open an account is £1,000. The overall maximum is £250,000. Additional investments can be made up to the maximum balance. An individual is only allowed to be the sole or first named account holder on one Suffolk Savvy Saver. However, you can also be the second named account holder on one joint account .
|Can I withdraw money?||
You can make 1 penalty free full or partial withdrawal between 1 December and 30 November each year. Subsequent withdrawals subject to 90 days' notice or 90 days' interest penalty. The loss of interest will be taken from the capital invested if there is insufficient accrued interest on the account.
After a partial withdrawal, if the balance falls below £1,000 your account will not qualify for interest until the balance is restored to the minimum required for this account. If you cannot restore the minimum balance, the account can be closed without notice or penalty and transferred to another account in our current range.
If you are receiving your interest monthly, making a penalty withdrawal from your account will have an impact on the amount you receive. If the penalty is substantial, it may take several months for your account to accumulate sufficient interest for monthly interest payments to recommence.
This is a summary of the key features of this account. You will still need to read the General Investment Terms and Conditions.
*Gross - The rate paid without interest deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk.
**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 Previous AER||Variable Previous Gross|
|£1,000 - £24,999||0.75%||0.75%|
|£25,000 - £49,999||0.85%||0.85%|
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.