What is the interest rate?
|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
Can the West Brom change the interest rate?
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.
What would the estimated balance be after 12 months based on a £1,000 deposit?
If you saved £1,000 in the Oak Savings Account the estimated balance after 12 months would be £1,002.50.
This example assumes the initial deposit of £1,000 is made on 6 August 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 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.
Can I withdraw money?
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.