Direct Limited Access Saver (Issue 2)

Often it can help to have the reassurance that you can access your savings should you need to. With our Direct Limited Access Saver (Issue 2) you can have the flexibility of up to six withdrawals a year without notice or charge.

Key features

  • A variable rate of interest of 0.70% Gross p.a./AER
  • Minimum opening balance of £1,000; minimum operating balance of £1; maximum balance of £1,000,000
  • Up to six withdrawals each account year (1 May – 30 April) without charge or notice made via a nominated bank account. Additional withdrawals will result in a lower rate of interest being paid for the rest of the account year
  • Make additional deposits at any time up to the maximum allowed
  • Interest is paid annually or monthly and can be paid into the account, another West Brom account or to another bank or building society account
  • One account per customer (single or joint)
  • This is a Direct only account and can be opened and used over the telephone or through the post. You cannot use this account online or at a branch.
0.70% Gross p.a./AER Variable
Interest Tier Annual
£1 - £1,000,000 AER 0.70% Gross 0.70%
If seven or more withdrawals are made AER 0.25% Gross 0.25%

Summary Box

Account name

Direct Limited Access Saver (Issue 2)

What is the interest rate?

Interest Tier Annual Monthly
AER Gross AER Gross
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 0.70% 0.70% 0.70% 0.70%
If seven or more withdrawals are made 0.25% 0.25% 0.25% 0.25%

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 £1,007.00. This example assumes the initial deposit of £1,000 is made on 11 August 2017 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 £829.49. This example assumes the initial deposit of £1,000 is made on 11 August 2017 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.

Additional information

Interest on this account is paid Gross, without the deduction of tax.

Did you know?

Gross interest – Gross is the rate of interest without the deduction of tax.

AER – stands for Annual Equivalent Rate and this illustrates the amount of interest paid on your account if it were to be paid and compounded once a year. All rates quoted are correct as at 11/08/2017.

Identification – when you open an account with the West Brom we may need to confirm your identity. For full details on why this is required and the types of identification accepted please refer to the Society’s ‘Important information on identification’ leaflet.

Personal Savings Allowance – the Personal Savings Allowance was introduced on 6 April 2016 and means that the first £1,000 of overall savings interest for basic rate taxpayers and the first £500 for higher rate taxpayers are free from income tax. (There is no allowance for additional rate taxpayers.) From this date, we stopped deducting any tax from the interest paid to you (ISAs are tax-free). You are responsible for paying any tax due to HM Revenue & Customs (HMRC). For further information about the Personal Savings Allowance, please contact your local HMRC office.

Terms and Conditions

Here you will find both Product Specific and General Terms and Conditions.

The information provided in the Summary Box is a summary of the key features of the Direct Limited Access Saver Account (Issue 2). You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

Viewed just now

Savings

Savings guides

From novice savers wanting to understand the very basics of saving money to the seasoned savers just after a little guidance, our range of helpful and informative savings guides will have it covered.