WeBSaveR 2

If you are looking to manage your savings online, with easy access whenever you need it, our WeBSaveR 2 account may be for you.

Key features

  • A variable rate of interest of 0.90% Gross p.a./AER
  • Minimum opening balance of £1,000; minimum operating balance of £1; maximum balance of £250,000 for single and joint accounts
  • Unlimited withdrawals without notice
  • Make additional deposits at any time up to the maximum allowed
  • Interest is paid annually or monthly. Monthly interest must be paid to another bank or building society account
  • One account per customer (single or joint)
  • This account can only be opened and used online. You cannot use this account over the telephone or at a branch.
0.90% Gross p.a./AER Variable
Interest Tier Annual
£1 - £250,000 AER 0.90% Gross 0.90%

Summary Box

Account Name

WeBSaveR 2

What is the interest rate?

Interest Tier Annual Monthly
AER Gross AER Gross
Interest is variable and paid annually on 1 May or monthly on the first working day of the following month.
£1 - £250,000 0.90% 0.90% 0.90% 0.90%

Can the West Brom change the interest rate?

We may change the interest rate we pay on the WeBSaveR 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 WeBSaveR 2 the estimated balance after 12 months would be £1,009.00.

This example assumes the initial deposit of £1,000 is made on 1 October 2018 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.

How do I open and manage my account?

This account can only be opened and used online. You cannot use this account over the telephone or at a branch.

You can open the WeBSaveR 2 with a minimum deposit of £1,000. The maximum balance is £250,000 and the minimum operating balance once the account is open is £1.

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

Can I withdraw money?

You can make unlimited withdrawals with no notice period.

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 payable 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 01/10/2018.

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 WeBSaveR 2. You should also read the Product Specific Terms and Conditions, WeBSave Service Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

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