Find a savings account that suits you
There’s a whole range of different savings products out there, all designed for different savings goals. If you're not sure what to go for, our guide on choosing the right savings accounts for you might help.
It's also worth thinking about how you're going to want to manage the account once it's open. You might be looking for an account you can view and access online, or maybe you'd prefer a branch account that you can manage in-person at one of our branches.
If you're looking for an account you can open with someone else, make sure you check the account's terms and conditions - some can't be held jointly.
How to open a savings account
Depending on the account you choose, you'll be able to open it online, in branch or by post.
Opening an account online
Most of our accounts can be opened online. Once you click on 'Apply online', you'll be guided through the process. The application takes about 10 to 15 minutes to complete.
If you're new to the West Brom, in addition to your personal details, you'll need:
- Personal and address identification to help us verify your identity.
- Details of the account you'll use as your nominated account so that you can make withdrawals and receive interest payments.
- Your National Insurance Number (if you're opening an ISA).
- Your UK mobile number and email address.
If you have one or more tax residencies outside the UK
You'll need to provide a Tax Identification Number (TIN).
A TIN is issued by jurisdictions to identify their taxpayers and help with the adminstration of their tax affairs.
Each country or jurisdiction might refer to their TINs using different names like 'Social Security Number', 'Employer Identification Number' or 'Personal Identification Number'.
If you've got another West Brom account
If you've already got a savings account with us, we'll ask for some details during your application to make sure everything matches our records.
Other ways to open an account
Some of our accounts can only be opened in branch or by post.
You can book an appointment beforehand if you'd like to speak to us about your options.
You'll need to bring some ID along with you.
Once you've submitted your application, you can expect your account to be open within three working days.
Who is eligible to open a savings account?
Our savings accounts are generally available to all UK residents aged 16 or over. But there are some types of account, such as ISAs, that have age restrictions so it's a good idea to check the account's terms and conditions before you go ahead with your application.
Identification documents we'll need to see
We might ask you for proof of identity during your application. This helps us confirm who you are, and complies with Money Laundering Regulations.
To find out more about the documents you may need to provide, take a look at our 'Important information on Identification' leaflet.
You'll need to set a nominated account
This needs to be a UK bank or building society account in your name.
It helps keep your savings safe and secure by only allowing your savings to move between your West Brom savings account and your nominated account.
Any withdrawals you make or any interest you earn (if you chose to have it paid away) will be sent to your nominated account.
Paying money into your savings account
You can deposit money into your account electronically by bank transfer, by cheque or by setting up a standing order.
Get all the details in our guide on how to pay money into your account.
Managing your savings account
You can manage your account online using the savings portal.
Alternatively, you can use the automated telephone service to check your account's balance and interest rate.
If you change your mind after opening an account
Tell us within 14 days
If you've opened an account and decide it's not the right one for you, you can move your money to another West Brom account, or take your money out and close your account.
As long as you tell us within 14 days of opening the account, you won't have to pay any charges or give us notice.
If you've paid any cheques into your account, they'll need to have cleared before you can close your account.
You can tell us you want to close your account either:
- Online, by logging into the savings portal.
- By contacting us
If it's been more than 14 days since your account was opened
You may be able to close your account, but there are a few things to consider:
- If you've got a notice account, you'll need to give notice to close your account.
- If you've got a fixed rate account, you might need to wait until the fixed term has ended, or you may need to pay an early access charge.
It's best to refer back to your account's terms and conditions to check the specifics.
Opening an account under a power of attorney
To open a savings account using a power of attorney, you'll need to provide proof of identity documents for both the donor and attorney(s).