Oak Savings Account

An account designed for savers as part of retirement

A savings account designed for those receiving a payment from a pension.

Key features

  • 0.05% Gross p.a./AER variable with a guarantee that the rate will track at 0.50% below the Bank of England base rate and this guarantee will be reviewed annually on 30 November
  • Following the reduction of the Bank of England Base Rate on 4 August 2016, we will not be passing on the full reduction of 0.25%
  • Minimum investment £10; maximum £100,000
  • Easy access to your savings with unlimited withdrawals
  • Make additional investments up to the maximum allowed
  • Monthly income option available
  • Dedicated account for receiving payments from your pension by standing order or electronic transfer
  • Interest is paid annually on 30 November or monthly on the last working day of each month and can be paid into the account, another West Brom account or to another bank or building society account
0.05% Gross p.a./ AER Variable
Interest Tier Annual
£10-£100,000 AER 0.05% Gross 0.05%

Key product information for the Oak Account

Account name

Oak Savings Account

Interest rates (AERs)

This account provides a variable rate of interest

Interest Tier Annual Monthly
AER Gross AER Gross
Minimum opening and operating balance of £10
£10-£100,000 0.05% 0.05% 0.05% 0.05%

Tax status

Interest on this account is paid Gross.

Conditions for bonus payment


Withdrawal arrangements

You can make unlimited withdrawals with no notice period or charge (subject to branch cash withdrawal limits).


This is a Branch only account and cannot be used over the telephone, through the post or online. Additional investments can be made at anytime up to the maximum allowed.

Important information you need to know

What is a variable interest rate?

Your Oak Savings Account has a variable interest rate. This means that we may change the interest rate we pay on your account in line with changes to the Bank of England base rate.

How will I find out about interest rate changes?

All our interest rates are available in our branches and on our website. There are times when we may need to change the interest rate on your account. If this happens, there are a number of ways we will let you know:

  • If the interest rate falls by more than 0.25% at any time or by 0.50% over the previous 12 months we will notify you.
  • If the interest rate on your account falls by 0.25% or less we will advertise the change in a combination of one local and one national newspaper, in our branches and on our website.

If you would like to find out more please read your General Terms and Conditions.

When interest is paid

Interest on your account is paid annually on 30 November, or monthly on the last working day of each month.

Withdrawing your interest

You will be able to access your interest once it has been paid into your account on 30 November each year or monthly on the last working day of every month.

Did you know?

Gross interest – Gross is the rate of interest payable 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 08/08/2016.

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 – from 6 April 2016, the first £1,000 of overall savings interest for basic rate taxpayers and the first £500 for higher rate taxpayers will be free from income tax. (There is no allowance for additional rate tax-payers.) From this date, we won’t deduct any tax from the interest we pay you. ISAs will remain tax-free. You will be responsible for paying any tax due to HM Revenue & Customs (HMRC) but you will no longer need to complete an HMRC R85 form to receive gross interest. For further information please contact your local HMRC office.

Terms and Conditions

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

Viewed just now


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.

Keeping your money safe

fscs logo

Your eligible deposits with West Bromwich Building Society are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £75,000 limit are not covered.