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Rainbows Community Saver – Instant Access

Home > Savings > Community Accounts > Rainbows Community Saver - Instant Access
Product
Balance
AER
Gross
 
Rainbows Community Saver – Instant Access
£10 or more
2.00%
2.00%
Product
Rainbows Community Saver – Instant Access
Balance
£10 or more
AER
2.00%
Gross
2.00%

Further information

  • Minimum opening balance £10
  • No maximum balance, subject to an overall Society limit of £750,000
  • Available to new members and existing members aged 16 years and over residing in the United Kingdom.
  • A passbook will be issued when the account is opened
  • A donation equal to 0.50% of the aggregate balances during the account  year will be paid annually on the 31st of August, to Rainbows Hospice for Children and Young People. This donation will be a maximum amount of £10,000.
Summary Box
Account NameRainbows Community Saver – Instant Access
What is the Interest Rate?
    • Interest is variable and the rate is currently 2.00% Gross/AER*.
    • Interest is calculated daily and paid annually on 31 August.
    • Interest can be added to the account, paid to your bank or another Loughborough Building Society account that you hold (excluding ISAs).
    • 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 12 months based on a £1,000 deposit?
    • Based on the current interest rate, if you deposited £1,000 in this account, after 12 months you would have £1,020
    • Please note that this projection is provided for illustration purposes only and assumes that no changes take place on the account after the initial deposit is made.
How do I open and manage my account?
    • To open an account you need to provide a completed application form, the minimum investment of £10.00, proof of your identity and address.
    • No maximum balance, subject to an overall Society limit of £750,000.
    • Available to new members and existing members aged 16 years and over residing in the United Kingdom.
    • This account can be operated via branch and post.
    • A passbook will be issued when the account is opened.
Can I withdraw money?
    • Instant access subject to the Society’s normal daily limits.
    • A passbook must be presented when a withdrawal is requested.
Additional Information
    • 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 www.GOV.UK and search Personal Savings Allowance.
    • *Gross means the contractual rate of interest payable on which you may be liable to pay income tax at the prescribed rate. AER illustrates what the interest rate would be if it were paid and added each year.
    • A donation equal to 0.50% of the aggregate balances during the account  year will be paid annually on the 31st of August, to Rainbows Hospice for Children and Young People. This donation will be a maximum amount of £10,000.

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, 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