Direct Limited Access Saver (Issue 2)
What is the interest rate?
|Interest is variable and paid annually on 30 April or monthly on the last working day of each month (or on the first working day of the month if paid to another West Brom account).
|£1 - £1,000,000
|If seven or more withdrawals are made
Can the West Brom change the interest rate?
We may change the interest rate we pay on the Direct Limited Access Saver (Issue 2) at any time.
If the interest rate on your account falls, and the balance in your account is £100 or more, we will personally notify you of the change.
All our interest rates are available in our branches and on our website.
If you would like to find out more please read Sections 5d) and 5e) of your General Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
If you saved £1,000 in the Direct Limited Access Saver (Issue 2) the estimated balance after 12 months would be £1,008.50. This example assumes the initial deposit of £1,000 is made on 1 November 2016 and no further deposits or any withdrawals are made and there are no changes to the interest rate paid on the account over the 12 months. It is provided for illustrative purposes only and does not take into account your individual circumstances.
If you deposited £1,000 in the Direct Limited Access Saver (Issue 2) and made seven or more withdrawals, the estimated balance would change depending on when the withdrawals were made. Assuming you made seven subsequent monthly withdrawals of £25 after your initial deposit was made, the estimated balance after 12 months would be £830.43. This example assumes the initial deposit of £1,000 is made on 1 November 2016 and the withdrawals are made on the first day of the seven subsequent months, and no further deposits are made. It is provided for illustrative purposes only and does not take into account your individual circumstances.
How do I open and manage my account?
This account can only be opened and used over the telephone or through the post. You cannot use this account online or at a branch.
You can open the Direct Limited Access Saver (Issue 2) with a minimum deposit of £1,000. The maximum balance is £1,000,000 and the minimum operating balance once the account is open is £1.
Additional deposits can be made at any time up to the maximum allowed.
Can I withdraw money?
You can make up to six withdrawals from your account in each account year (1 May to 30 April) without charge. If you make additional withdrawals, the lower interest rate will be applied. At the start of the next account year (1 May), your account will revert back to the higher variable interest rate available at that time.
If you would like access to your interest, you can have it paid directly to another bank or building society account. However, if you want to withdraw your interest from your account after it has been added to the balance it will be classed as one of your six free withdrawals. If it is your seventh withdrawal, it will result in the lower interest rate being applied.
Interest on this account is paid Gross, without the deduction of tax.