Regular Saver

This savings account is designed specifically for customers over the age of 18 who are looking to save regularly between £25 and £500 per month with instant access to their monies. The account balance after 12 months from account opening must be paid away from the account. The account holder(s) can continue to pay monthly into this account without a break in deposits, saving continuing from a zero balance. The account holder(s) will be written to before the annual anniversary of the account opening seeking instructions regarding the distribution of the account balance held on the date of maturity.
(This account is no longer available for new account applications.)

 

 

Summary Box - Key Product Information:

Account Name Regular Saver
What is the Interest Rate?
  • 1.00% GROSS/1.01% AER (Variable) – from 01.05.2021

  • Interest is variable and calculated daily on the balance in the account and added to the account on the last working day of each month.

  • Interest is paid gross without tax deducted. If the total amount of interest you earn exceeds your Personal Savings Allowance then you may have to pay tax directly to HMRC. For more information visit www.gov.uk and search ‘Personal Savings Allowance’.

  • 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

Can Swansea Building Society change the interest rate?
  • Yes - Interest rates are variable which means the interest rate can go up and down 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 visit or telephone any one of our branch offices detailed on the reverse of this leaflet. Details of other Swansea Building Society savings accounts interest rates are available in our ‘Range of Savings Accounts’ leaflet which is available by visiting or telephoning one of our branch offices or online at www.swansea-bs.co.uk.

  • To understand why rates may be reduced please refer to our General Terms and Conditions for the operation of Savings Accounts. 

What would the estimated balance be after 12 months 
  • Projected Balance = £1,206.06
    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?
  • This account is no longer available for new account applications.

  • The minimum monthly investment is £25 and the maximum monthly investment is £500. At least one deposit must be made every month. 

  • Maximum investment is £85,000 for a sole account and £170,000 for a joint account. The maximum balance that can be held across all Swansea Building Society savings accounts held is £85,000 in sole names and £170,000 in joint names where the customer became a member on or after 01 January 2017. Where the customer was a member prior to this, the maximum balance that can be held across all Swansea Building Society savings accounts held is £500,000.

  • Regular monthly payments may be made by paying in cash and/or cheque at one of our branch offices, by transfer from another account held with the Society (subject to the terms and conditions of that account) and/or by Standing Order from a UK Bank/Building Society Account. The Standing Order/Transfer should be set up for any day the following month direct with your bank. 

  • 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 first account holders registered address in the form of a cheque payment.

  • Manage your account in branch, e-mail, post or online via secure message (subject to Swansea Online Account eligibility criteria, available when you click ‘Register Now’ at https://swansea-bs.co.uk/customer-support/online-registration

Can I withdraw money?
  • Yes, you do not have to give notice to close your account or make a withdrawal.

  • You can withdraw money from your account at any time without notice, loss of interest or penalty by visiting us at a branch. Alternatively, you may send us your signed written instructions by post, by  e-mail or via our online service Swansea Online using the secure messaging service.  

  • Minimum withdrawal is £1 (or less if closing the account). Minimum balance to be held in this account is £25. 

  • The maximum cash withdrawal per customer per day is £1,000.

Additional Information
  • 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.

  • The Society is part of the Financial Services Compensation Scheme (FSCS). Details of the scheme and who is covered by it can be found at www.fscs.org.uk.

  • Service charges and costs may apply to your account. These are outlined in our Savers Tariff. 

  • In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined in our General Terms and Conditions for the operation of Savings Accounts. 

Specific Terms and Conditions for the Regular Saver Account

1. Account opening and Investment Limits:
This account is no longer available for new account applications. 
To operate an account, the applicant(s) need to be aged 18 and over. A maximum of one Regular Saver Account can be held either in sole or joint names. The minimum opening investment is £25 and maximum opening investment is £500 for a sole or joint application. The maximum balance that can be held across all Swansea Building Society savings accounts held is £85,000 in sole names and £170,000 in joint names where the customer became a member on or after 01 January 2017. Where the customer was a member prior to this, the maximum balance that can be held across all Swansea Building Society savings accounts (whether sole or jointly held) is £500,000. Where excess monies are received, such monies will be returned using the same method by which they were deposited.

2. Further Investment:
You may add to your savings at any time, just call into your local branch with your deposit. If it is more convenient you can post the deposit or save through a standing order from a UK bank or building society account. The minimum amount that can be deposited in any one month is £25 and the maximum amount that can be deposited in any one month is £500. Where a deposit is received which exceeds the maximum monthly permitted deposit, the payment received will be returned in full via the method used to credit the account.

3. Withdrawals:
You can withdraw from your account without giving notice subject to Society limits. Details of our cash, cheque and electronic payment withdrawal limits are displayed in our branch offices and on our web-site at www.swansea-bs.co.uk 

4. Interest:
Interest is variable and calculated on a daily basis on the balance in the account. Interest will be credited to the account monthly and applied to the account on the last working day of each month.

5. Payment of balance upon annual anniversary of account opening
The account balance after 12 months from account opening must be paid away from the account however the account holder(s) can continue to pay monthly into this account without a break in deposits.  The account holder(s) will be written to before the annual anniversary of the account opening seeking instructions regarding the distribution of the account balance held on the maturity date.

6. Terms and Conditions:
These specific Product Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the specific Product Terms and Conditions, the specific Product Terms and Conditions will apply.