A savings account designed for those receiving a payment from a pension.
Oak Savings Account
|Interest is variable and paid annually on 30 November 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 - £100,000||0.05%||0.05%||0.05%||0.05%|
We may change the interest rate we pay on the Oak Savings Account in line with changes to the Bank of England Base Rate.
We will advertise all changes in at least one local and one national newspaper, in our branches and on our website.
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.
If you saved £1,000 in the Oak Savings Account the estimated balance after 12 months would be £1,000.50.
This example assumes the initial deposit of £1,000 is made on 16 March 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.
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 Oak Savings Account with a minimum deposit of £10. The maximum balance is £100,000 and the minimum operating balance once the account is open is £1.
Additional deposits can be made at any time up to the maximum allowed.
You can make unlimited withdrawals with no notice period or charge (subject to branch cash withdrawal limits).
If you would like access to your interest, you can do so once it has been paid into your account on 30 November each year or monthly on the last working day of each month if you have chosen the monthly income option.
Interest on this account is paid Gross, without the deduction of tax.
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 16/03/2020.
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.
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 Oak Savings Account. You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.