Christmas Saver - Summary Box
|Account Name||Christmas Saver|
|What is the interest rate?||
0.60% Gross* /AER**
Interest is added to the account annually on 30 September.
|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.
|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 £1,000 into this account, after 12 months you would have £1,006.00.
|How do I open and manage my account?||
This account is only for UK resident individuals aged 7 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 Christmas Saver. However, you can also be the second named account holder on one joint account.
The minimum amount to open an account is £10. The overall maximum is £2,000. Additional investments can be made up to the maximum balance.
Please complete an Investment Application Form and send or take it to any of our branches. To open an account, you will be asked to provide proof of your 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 Identity’ leaflet. Alternatively our staff will be pleased to provide you with full details. You do have 14 days to change your mind. If you are not happy with this account within 14 days of opening it, we will help you switch accounts or return your savings with interest.
|Can I withdraw money?||
You can make full or partial withdrawals without notice or interest penalty between 1 October and 31 December each year. Outside of this period full or partial withdrawals are subject to 30 days’ interest penalty on the amount withdrawn.
How does the Christmas Saver support charity?
*Gross - The rate paid without income tax 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||Fixed Previous AER||Fixed Previous Gross|
|£10 - £2,000||0.70%||0.70%|
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