Access Regular Saver

If you are looking to save each month, but still want to have unlimited access to your money, our Access Regular Saver could be the account for you.

Key features

  • A variable rate of interest of 0.85% Gross p.a./AER
  • Minimum monthly deposit of £20; maximum monthly deposit £2,000
  • Unlimited withdrawals without notice
  • Make additional deposits at any time up to the maximum allowed each calendar month
  • If you miss more than two monthly payments during the account year
    (1 April to 31 March for branch accounts or 1 May to 30 April for direct accounts), a lower rate of interest will be paid for the remainder of the account year. At the start of the next account year the account will revert back to the higher variable rate available at that time
  • Interest is paid annually and can be paid into the account, another West Brom account or to another bank or building society account
  • This account is available through the Branch or Direct. This means that you can open your account at a branch, over the telephone or through the post. You cannot use this account online.
0.85% Gross p.a./AER Variable
Interest Tier Annual
£20 - £2,000 per month AER 0.85% Gross 0.85%
If more than two monthly payments are missed AER 0.25% Gross 0.25%

Summary Box

Account name

Access Regular Saver

What is the interest rate?

Interest Tier Annual Monthly
AER Gross AER Gross
Interest is variable and paid annually on 31 March for branch based accounts or 30 April for direct accounts.
£20 - £2,000 per month 0.85% 0.85% N/A N/A
If more than two monthly payments are missed 0.25% 0.25% N/A N/A

Can the West Brom change the interest rate?

We may change the interest rate we pay on the Access Regular Saver 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 £20 per month deposit?

If you saved £20 per month in the Access Regular Saver the estimated balance after 12 months would be £241.11. This example assumes the initial deposit of £20 is made on 1 November 2016 and all 11 subsequent deposits of £20 are made on the first day of each month. It is provided for illustrative purposes only and does not take into account your individual circumstances.

If you saved £20 per month and you were to miss more than two monthly payments per account year, the estimated balance would change depending on when your third payment was missed. If you saved £20 per month for six months and then missed six subsequent deposits the estimated balance after 12 months would be £120.57. This example assumes the initial deposit of £20 is made on
1 November 2016, that five subsequent deposits of £20 are made on the first day of each month and that six subsequent deposits have been missed. 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 be opened and used at a branch, over the telephone or through the post. You cannot use this account online.

You can open the Access Regular Saver with a minimum deposit of £20. The minimum monthly deposit is £20 and the maximum monthly deposit is £2,000.

You can make additional deposits up to the maximum allowed each calendar month.

If you miss more than two monthly payments during the account year (1 April to 31 March for branch accounts or 1 May to 30 April for direct accounts), a lower rate of interest will be paid for the remainder of the account year. At the start of the next account year the account will revert back to the higher variable rate available at that time

Can I withdraw money?

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

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 09/11/2016.

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 taxpayers.) 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.

The information provided in the Summary Box is a summary of the key features of the Access Regular Saver. You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

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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.