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Red Balloon Appeal Account

The Red Balloon Appeal Account supports the work of the Birmingham Children’s Hospital – we pay an annual bonus to the Red Balloon Appeal based on the average balances held in the account.

Key features

  • A variable rate of interest of 2.55% gross p.a./AER
  • Minimum opening deposit of £100 (adults) or £25 (under 16s); minimum operating balance of £1; maximum balance of £1,000,000 single (£2,000,000 for joint accounts)
  • Easy access to your savings with unlimited withdrawals
  • 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
  • By opening an account, you’ll be helping Birmingham Children’s Hospital, because we make a cash payment each year to the Charity of up to 0.25% of the total average balance held in all Red Balloon Appeal Accounts
  • This account can only be opened in branch or by post. If opened in a branch, you will then manage this account in any of our branches. If you open the account by post, you will then manage your account by telephone/post. With our savings portal you can also view this account online.
2.55% Gross p.a./AER Variable
Interest Tier Annual
£1 - £2,000,000 AER 2.55% Gross 2.55%
View details

Summary Box

Account name

Red Balloon Appeal Account

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 - £2,000,000 2.55% 2.55% 2.55% 2.52%

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 (which are available in our branches and on our website).

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

£1,025.50


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.

This example is provided to help you compare savings accounts and does not take into account any individual circumstances.

How do I open and manage my account?

You can open this account in branch or by post. You cannot open this account over the phone or online. The minimum opening deposit is £1 and the maximum balance is £1,000,000. The minimum operating balance is £1.

If opened in a branch, you will then manage this account in any of our branches. If you open the account by post, you will then manage your account by telephone/post. You cannot manage this account online.

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. You can:

  • Pay in cash or cheques in a branch (if you choose to manage your account in a branch).
  • Post us a cheque (if you choose to manage your account by phone/post)
  • Make electronic payments from another bank or building society account or set up a standing order (no matter how you choose to manage your account). Our sort code is 40-64-36. You should use this with your 8 digit account number for all electronic payments and standing orders.

Can I withdraw money?

You can make as many withdrawals as you like from this account with no notice period.

If you manage your account in a branch, withdrawals will be subject to the branch cash withdrawal limits (details of these are on display in our branches). If you manage your account by telephone/post, withdrawals are made to your linked bank/building society account.

If you have chosen to have your interest paid annually, you can access it once it has been paid into your account on 30 April each year.

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 Red Balloon Appeal Account. You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.

Apply now

Download and complete your application form, then send it to us at:

FREEPOST THE WEST BROM
(Please note: this freepost address must appear in uppercase and no further address or stamp are required)

Call us 0345 241 3785

Apply in branch

Use our branch finder to find your nearest branch.

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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