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Christmas Saver

Christmas Saver - Summary Box

Account NameChristmas 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.

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 £1,000 into this account, after 12 months you would have £1,006.00.

(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 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.

After a partial withdrawal, if the balance falls below £10 the account may be closed without notice or penalty and transferred to another account in our current range.

Additional Information

How does the Christmas Saver support charity?
As at 1 October each year we will calculate 0.10% of average account balances held during the year 1 October to 30 September. We will then contribute this amount to donate Christmas presents or Christmas food items to a Suffolk charity. Details of donations made will be included in our “Freehold Post” email newsletters and on our website.
Please note that this is a donation made by Ipswich Building Society and not from any member funds deposited with us.

*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
BalanceFixed Previous AERFixed Previous Gross
£10 - £2,000 0.70% 0.70%
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

Investment Application Form and FSCS Information Sheet

Download the investment application form
 

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