Saving regularly is a great way to get the things you want. By putting money aside each month in our Children's Fixed Rate Regular Saver you can really watch your savings grow.
Children's Fixed Rate Regular Saver (Issue 4)
|Interest is fixed and paid on the anniversary of the account opening.|
|£10 - £75 per month||2.50%||2.50%||N/A||N/A|
Your Children’s Fixed Rate Regular Saver (Issue 4) has a fixed interest rate which means that we will not change the interest rate paid on your account for the next 12 months.
If you saved £75 per month during the 12 month term of the Children’s Fixed Rate Saver (Issue 4), a total of £900 will be paid into your account and the estimated balance after 12 months would be £912.22.
This example assumes the initial deposit of £75 is made on 1 September 2020, no withdrawals are made and all subsequent deposits of £75 are made on the first day of each month. 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 Children’s Fixed Rate Regular Saver (Issue 4) with a minimum deposit of £10. The minimum monthly deposit is £10 and the maximum monthly deposit is £75. The maximum total investment over the 12 month term is £900.
You can make monthly payments of up to a maximum of £75. If you pay in more than the maximum monthly deposit of £75 in any calendar month, we reserve the right to return the overpayment to you. Monthly payments made by standing order should leave your bank account by the 23rd of each month to ensure they are processed and paid to your account by the end of the relevant calendar month.
You don’t have to make a deposit every month.
No withdrawals are permitted within the 12 month fixed rate period.
At the end of the 12 month period, your funds (including interest earned) will be reinvested in a variable rate easy access account and withdrawals will be limited to the account’s Specific Terms and Conditions at that time.
The Children’s Fixed Rate Regular Saver (Issue 4) cannot be closed before the end of the 12 month term.
Interest on this account is paid Gross, without the deduction of tax.
We will write to you, within 14 calendar days before maturity, to let you know that your Children’s Fixed Rate Regular Saver (Issue 4) is coming to an end and remind you that we will automatically reinvest your funds into a variable rate easy access account.
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 01/09/2020.
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 Children’s Fixed Rate Regular Saver (Issue 4). You should also read the Specific Terms and Conditions and the General Terms and Conditions which relate to this account.
Whether you are saving up for something special or just building up some cash for that 'rainy day', setting yourself a savings goal can really help you reach your target faster.View guide
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.