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Whether it’s a first savings account, a home for pocket money or providing a head start in life, our Children’s West Brom Access Account gives flexibility whilst helping to teach children how to save.
| 3.85% Gross p.a./AER Variable | |
| Interest Tier | Annual |
| £1 - £100,000 | AER 3.85% Gross 3.85% |
| If six or more withdrawals are made | AER 2.85% Gross 2.85% |
Children's West Brom Access Account
| Interest Tier | Annual | Monthly | ||
|---|---|---|---|---|
| AER | Gross | AER | Gross | |
| Interest is variable and paid annually on 1 April (calculated to 31 March). Interest can be added to the account or paid into another account. Monthly interest is not available on this account. | ||||
| £1 - £100,000 | 3.85% | 3.85% | N/A | N/A |
| If six or more withdrawals are made | 2.85% | 2.85% | N/A | N/A |
The interest rate is variable, so it can go up or down 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.
For details about why we may change the interest rate, as well as how and when we’ll let you know, please refer to sections 5d) and 5e) of our General Terms and Conditions.
All our interest rates are available in our branches and on our website.
|
Deposit amount |
Estimated value after 12 months |
|
£1,000 |
£1,038.50 |
This example assumes:
|
Deposit amount |
Estimated value after 12 months |
|
£1,000 |
£855.19 |
This example assumes:
These examples are provided to help you compare savings accounts and do not take into account any individual circumstances.
You can open this account in branch. You cannot open this account over the telephone, by post or online. Once open, you will manage this account in any of our branches.
The minimum opening deposit is £1, and the maximum balance is £100,000. The minimum operating balance is £1.
Our savings portal is available for all accounts which have been opened in a branch, by post/telephone or via our website. For more information about how to register for our savings portal and the access our savings portal provides, please visit www.westbrom.co.uk/savingsportal
You can pay any amount into your account, up to the maximum account balance.
You can make up to six withdrawals each account year without charge (subject to the branch cash withdrawal limits which are on display in our branches). The account year runs from 1 April to 31 March.
If you make a seven or more withdrawals, the lower interest rate will apply. At the start of the next account year, the account will go 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 into the account, another West Brom account (subject to the terms and conditions of the account) or to another bank or building society account. However, if you want to withdraw your you interest after it has been added to the balance in the Children’s West Brom Access account, 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.
If you change your mind after you’ve opened your account, don’t worry. If you tell us within 14 calendar days, we’ll give you your money back with interest straightaway.
We pay your interest gross. The gross rate is the interest payable before the deduction of tax.
You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.
Gross interest – is the rate of interest payable before the deduction of tax.
AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. All rates quoted are correct as at 10/08/2023.
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.
Protection for savers - your eligible deposits with the West Brom are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits held above the limit are unlikely to be covered. You can visit www.fscs.org.uk for more information
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 Children's West Brom Access Account. You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.
Use our branch finder to find your nearest branch.
Your eligible deposits with West Bromwich Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered.
