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Direct Limited Access Saver (Issue 3)

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 3) you can have the flexibility of up to six withdrawals a year without notice or charge.

Key features

  • A variable rate of interest of 3.50% gross p.a./AER
  • Minimum opening deposit 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 of 2.50% gross p.a./AER being paid for the rest of the account year
  • At the start of the next account year (1 May), the account will go back to the higher variable interest rate available at that time and you will, once again, be able to make up to six withdrawals without charge
  • 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)
  • You can only open this account by post or on our website. You cannot open this account in branch or over the phone
3.50% Gross p.a./AER Variable
Interest Tier Annual
£1 - £1,000,000 AER 3.50% Gross 3.50%
If seven or more withdrawals are made AER 2.50% Gross 2.50%
View details

Summary Box

Account name

Direct Limited Access Saver (Issue 3)

What is the interest rate?

Interest Tier Annual Monthly
AER Gross AER Gross
Interest is variable and paid annually or monthly. Interest can be added to the account or paid into another account. Annual interest is paid on 30 April. Monthly interest is paid 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 3.50% 3.50% 3.50% 3.45%
If seven or more withdrawals are made 2.50% 2.50% 2.50% 2.47%

Can the West Brom change the interest rate?

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.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Deposit amount

Estimated value after 12 months

£1,000

£1,035.00


This example assumes:

  • You make the deposit on the day you open the account.
  • You don’t pay more money into the account or make any withdrawals.
  • The interest rate stays the same.

Deposit amount

Estimated value after 12 months

£1,000

£852.12


This example assumes:

  • You make the initial deposit on the day you open the account.
  • You make seven subsequent withdrawals of £25.
  • You don’t pay more money into the account.
  • The interest rate stays the same.

These examples are provided to help you compare savings accounts and do not take into account any individual circumstances.

How do I open and manage my account?

You can only open this account by post or on our website. You cannot open this account in branch or by telephone. If you open the account by post, you will then manage your account by telephone/post. If the account is opened on our website, you will be able to access your account using our savings portal.

The minimum opening deposit is £1,000 and the maximum balance is £1,000,000. The minimum operating balance once the account is open 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.

Can I withdraw money?

You can make up to six withdrawals each account year via a linked bank/building society account without charge. This includes withdrawing any interest earned if you choose to have your interest added to the balance of your Direct Limited Access Saver (Issue 3) account. The account year runs from 1 May to 30 April.

If you make 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 and you will, once again, be able to make up to six withdrawals without charge.

If you set up your account for the interest to be automatically paid to another West Brom account, or to an account held with another bank/building society, this does not count as a withdrawal from your Direct Limited Access Saver (Issue 3) account.

Additional information

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.

Did you know?

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.

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 3). You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

You can apply for this account online as a sole applicant. Once your account has been opened you can register for our Savings Portal to see your account online.

Having easy access to your money

Whether you are opening a savings account for the very first time or you are an experienced saver, there are times when you may need to dip into your savings. If this is the case, then an easy access savings account could be ideal for you.

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