Interest is calculated monthly and added to the account on the last working day of each month.
Can Swansea Building Society change the interest rate?
Interest rates are variable and may be amended at any time. We will give you 14 days written notice by post of any proposed change in our interest rates. They will also be posted on our website at www.swansea-bs.co.uk or you may telephone our Investment Department on 01792 739100. Details of other Swansea Building Society savings accounts interest rates are available in our Range of Savings Accounts leaflet.
What would the estimated balance be after 12 months?
Projected Balance = £1,216.43
This figure is for illustration purposes and is based on a deposit of £100 made to the account on the first day of each month and that interest is added to the account at the end of each month. It also assumes no changes in the interest rate within the 12 month period. Instead of being added to the account interest can be paid to you at the end of each month and if that option was chosen the projected balance on your account would be £1,200.00.
How do I open and manage my account?
Only one account per person is allowed. To open an account you must be resident in Wales. Simply call at one of our branches or complete an application form and post it to us together with a cheque made payable to ‘Swansea Building Society a/c (your name)’. Minimum monthly investment is £25 up to a maximum of £500. At least one deposit must be made every month. Regular monthly payments may be made by Standing Order or transfer from another account held with the Society. The Standing Order/Transfer should be set up for any day the following month direct with your bank. In the case of a joint account, only one Standing Order/Transfer can be operated. Failure to comply with any of the above conditions will result in the account being closed and the balance transferred to another account you hold with the Society. If no additional account is held at the Society or the account held cannot be credited, the closing balance will be sent to the account holders registered address in the form of a cheque payment. You will need to provide some identification when you open your account and details of our requirements can be obtained from your local branch or on our website. Deposits can be made by cheque, electronic bank transfer, transfer from another account held with the Society (subject to the Terms and Conditions of that account) or cash.
Can I withdraw money?
You can withdraw money from your account at any time without notice or penalty by visiting us at a branch or sending us your written instructions. Minimum withdrawal is £1
(or less if closing). Minimum balance to be held in this account is £25.
For General Terms and Conditions applicable to this account see “General Terms and Conditions for the operation of Savings Accounts" available from our branches or online at www.swansea-bs.co.uk.
Interest is paid gross without tax deducted. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. Please note, the tax treatment and rate of interest payable depend on the individual circumstances of each customer and may change in the future.
Statements are sent out 31 December annually. On each anniversary of the account opening, the customer is written to regarding their maturity instructions.
Where a deposit is received which exceeds the maximum monthly permitted investment, the payment received will be returned in full via the method used to credit the account.
The maximum balance across all accounts held with the Society is £85,000 for a single customer or £170,000 for joint customers where the customer first opened an account with the Society on or after 1 January, 2017. Where excess monies are received, such monies will be returned using the same method by which they were deposited.
You can download any of our application forms or related documentation here. If you need any help with completing one please give us a ring on 01792 739100 where one of our team will be happy to help you.