0330 123 0723

Mutual Advantage

Mutual Advantage - Summary Box

Account NameMutual Advantage
What is the interest rate?

0.30% 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 £1,000.00 into this account, after 12 months you would have £1,003.00.

(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. 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 Subsequent full or partial withdrawals are subject to 30 days' notice or 30 days' interest penalty on the amount withdrawn.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.

Additional Information

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?
Each of our branches has an annual adopted charity who will be their Mutual Advantage account beneficiary. By opening an account in one of our branches your account will automatically support their chosen charity. There is also a chosen charity for postal account openings. You can see who we are supporting by visiting your local branch, calling 0330 120 0723 or visiting Because we want to keep supporting charities doing vital work in our communities we may change the chosen charities each year from 1 July. If you would like to suggest a new charity for us to support, or have any feedback, please let us know from 1-31 May when we will be reviewing our charity partners. Following payment of the annual charity bonus we will confirm how much each charity has received, and the selected charity for the next year, in our email newsletter or you can ask your branch for details.

How does the charity support work?
Each charity will receive a bonus calculated as a percentage of the average account balances held during the year 1 July -30 June, for all Mutual Advantage accounts at ‘their’ nominated branch. The percentage level of the bonus will be determined by the Society on an annual basis. The bonus paid to each charity will be dependent on the level of support received at their branch. This ensures that the charity support remains truly local and not averaged out across our branch network. Please refer to our website or contact your local branch for the current bonus rate.

 *Gross - The rate paid without income tax deducted. For more information on your Personal Savings Allowance, please refer to

**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
BalanceVariable Interest Previous AERVariable Interest Previous Gross
£100 - £50,000 0.65% 0.65%
Useful DownloadsDownload
Terms & Conditions
Download the investment application form

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: when you open an account with us, under regulations for prevention and detection of financial crime, we need to verify your identity. We use an electronic verification system to form part of this check. In addition to this we require proof of your identity in order to open your account. To find out which forms of identification are suitable, click here or ask for a copy of our ‘Verifying your identity’ leaflet. Please note that for postal applications, certified copies of your identification will be required.

Useful DownloadsDownload

Investment Application Form and FSCS Information Sheet 

Download the investment application form

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