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Limited Access Saver (Issue 2)

Often it can help to have the reassurance that you can access your savings should you need to. With our Limited Access Saver (Issue 2) account you can have the flexibility of up to six withdrawals a year without notice or charge.

Key features

  • A variable rate of interest of 0.30% Gross p.a./AER.
  • Minimum opening balance and operating balance of £1; maximum balance of £1,000,000
  • Up to six withdrawals each account year (1 April - 31 March) without charge or notice. Additional withdrawals will result in a lower rate of interest of 0.05% Gross p.a./AER being paid for the rest of the account year.
  • 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
  • This is a Branch only account and cannot be used over the telephone, through the post or online.
0.30% Gross p.a./AER Variable
Interest Tier Annual
£1 - £1,000,000 AER 0.30% Gross 0.30%
If seven or more withdrawals are made AER 0.05% Gross 0.05%
View details

Summary Box

Account name

Limited Access Saver (Issue 2)

What is the interest rate?

Interest Tier Annual Monthly
AER Gross AER Gross
Interest is variable and paid annually on 31 March or monthly 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 0.30% 0.30% 0.30% 0.30%
If seven or more withdrawals are made 0.05% 0.05% 0.05% 0.05%

Can the West Brom change the interest rate?

We may change the interest rate we pay on the Limited Access Saver (Issue 2) 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 £1,000 deposit?

If you saved £1,000 in the Limited Access Saver (Issue 2) the estimated balance after 12 months would be £1,003.00. This example assumes the initial deposit of £1,000 is made on 11 May 2020 and no further deposits or any withdrawals are made and there are no changes to the interest rate paid on the account over the 12 months. It is provided for illustrative purposes only and does not take into account your individual circumstances.

If you deposited £1,000 in the Limited Access Saver (Issue 2) and made seven or more withdrawals, the estimated balance would change depending on when the withdrawals were made. Assuming you made seven subsequent monthly withdrawals of £25 after your initial deposit was made, the estimated balance after 12 months would be £826.72. This example assumes the initial deposit of £1,000 is made on 11 May 2020 and the withdrawals are made on the first day of the seven subsequent months, and no further deposits are made. 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 only be opened and used at a branch. You cannot use this account over the telephone, through the post or online.

You can open the Limited Access Saver (Issue 2) with a minimum deposit of £1 and the maximum balance is £1,000,000.

Additional deposits can be made at any time up to the maximum allowed.

Can I withdraw money?

You can make up to six withdrawals from your account in each account year (1 April - 31 March) without charge. If you make additional withdrawals, the lower interest rate will be applied. At the start of the next account year (1 April), your account will revert 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 interest from your account after it has been added to the balance 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.

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 11/05/2020.

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.

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 Limited Access Saver (Issue 2). You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

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.

View guide

Keeping your money safe

FSCS logo

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.

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