Mutual Advantage - Summary Box
|Account Name||Mutual Advantage|
|What is the interest rate?||
0.75% Gross* /AER**
Interest is added to the account annually on 1 July.
|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 £1,007.50.
(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 aged 7 or over. Available by post or branch. This account is available to all members or for new members, resident in postcode areas IP, NR, CO, CM, CB and PE only.
The minimum amount to open an account is £100. The overall maximum is £50,000. 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 Mutual Advantage. However, you can also be the second named account holder on one joint account.
|Can I withdraw money?||
You can make three penalty free full or partial withdrawals between 1 July and 30 June each year. Subsequent full or partial withdrawals are subject to 30 days' notice or 30 days' interest penalty on the amount withdrawn. After a partial withdrawal, if the balance falls below £100 the account can be closed without notice or penalty and transferred to another account in our current range.
This is a summary of the key features of this account. You will still need to read the General Investment Terms and Conditions.
Which charity does the Mutual Advantage account support?
Because we want to keep supporting charities doing vital work in our communities we’ll change the chosen charities each year from 1 July. Prior to this we’ll update you by email to let you know how you can help to choose the new charity for your branch for the year ahead, and again to let you know how much bonus has been paid to the outgoing organisation.
How does the charity support work?
*Gross - The rate paid without income tax 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 Interest Previous AER||Variable Interest Previous Gross|
|£100 - £50,000||0.50%||0.50%|
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