Search the site

The Loughborough Building Society
Search

Call Now

Call back

Email Us

Branches

Five Year Retirement Monthly Saver

Home > Savings > Limited access > Five Year Retirement Monthly Saver
Product
Balance
AER
Gross
 
Five Year Retirement Monthly Saver
£55 or more
5.50%
5.50%
Product
Five Year Retirement Monthly Saver
Balance
£55 or more
AER
5.50%
Gross
5.50%

Further information

  • Minimum monthly deposit and operating balance: £55
  • Maximum monthly deposit: £550
  • Maximum of one receipt per calendar month
  • Total maximum savings over a five year period is £33,000 (lump sum payments are not allowed).
  • Available to new and existing customers aged 55 years and over, residing in the United Kingdom.
  • A passbook will be issued when the account is opened.
  • One account per person, solely or jointly.
Summary Box
Account NameFive Year Retirement Monthly Saver
What is the Interest Rate?
    • Interest is variable and the rate is currently 5.50% Gross/AER*.
    • Interest is calculated daily and added to the account on the anniversary of the account opening.
    • A full list of our current interest rates can be found on our Interest rate poster.
Can the Loughborough Building Society change the Interest Rate?
    • We may change interest rates at any time.
    • For further information about why we may change the rate and how we will tell you about a change, please refer to section 7.4 of the Society’s General Terms and Conditions.
What would the estimated balance be after 60 months based on a £550 per month deposit?
    • Based on the current interest rate, if you deposited £550 into the account on the 1stth of every month over a period of 60 months, you would have £37,618.88
    • Please note that these projections are provided for illustration purposes only and assume that no other changes take place on the account.
How do I open and manage my account?
    • To open an account, you will need to provide a completed application form together with proof of your identity and address.
    • Available to new and existing customers aged 55 years and over, residing in the United Kingdom.
    • Minimum monthly deposit and operating balance: £55. Maximum monthly deposit: £550.
    • Maximum of one receipt per calendar month.
    • Total maximum savings over a five year period is £33,000 (lump sum payments are not allowed).
    • One account per person, solely or jointly.
    • This account can be opened and operated in Branch and by post. This is a passbook account.
    • If you miss a monthly payment, the account will be closed and transferred to a Regular Saver issue 1. Terms and Conditions for this account are available on request.
Can I withdraw money?
    • Withdrawals are limited to two per account year. The account year runs from the account opening date.
    • Even if two withdrawals have been made, closure is still permitted.
    • All withdrawals are subject to the Society’s daily limits
Additional Information
    • Deposits can be made by cash or cheque at any Branch or Agency, by standing order, by post or by internal transfer from another Society account. Deposits must reach the Society by the 28th of each month.
    • The maximum term of this account is five years. Before the end of the five years, we will write to you to advise you of the options available. If you take no action, the balance will be transferred into the Instant Access Saver 1.
    • This is a limited-edition product and may be withdrawn without notice at any time.
    • Interest is payable gross (no tax is deducted). However, you may be liable to pay tax depending on your income, for further details go to GOV.UK and search Personal Savings Allowance.
    • *Gross means the contractual rate of interest payable before the deduction of income tax.  AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Terms and Conditions

Before opening this account please read our General Terms and Conditions.

 

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS).  The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations.  It’s important that you read the FSCS Information Sheet. It provides basic information about the protection of your savings deposits.

Opening an account is easy and you can do that in any of our branches or by post.

Simply download, print and complete the application form.  Then return your completed form, necessary identification and opening cheque to your preferred branch or post it to Loughborough Building Society, Loughborough Building Society, 56 Woodgate, Loughborough LE11 2TZ, alternatively, you can scan your completed, signed application and identity documents to [email protected]. An electronic payment can be made once the account is opened.

Cheques must be payable to the account holder.

For postal applications we will accept photocopy or scanned documents, not photographs. The copy must be a clear, readable version of the full original document.

You should read all the product information to ensure this account is right for you and also the Financial Services Compensation Scheme Information Sheet and our General Terms and Conditions.

Download an application form