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One Year Fixed Rate Monthly Saver – Issue 2

Home > Savings > Limited access > One Year Fixed Rate Monthly Saver - Issue 2
Product
Balance
AER
Gross
 
One Year Fixed Rate Monthly Saver – Issue 2
£1 or more
5.05%
5.05%
Product
One Year Fixed Rate Monthly Saver – Issue 2
Balance
£1 or more
AER
5.05%
Gross
5.05%

Further information

  • Minimum monthly deposit: £1
  • Maximum monthly deposit: £500
  • One deposit per calendar month
  • Available to new members and existing members aged 16 years and over residing in the United Kingdom.
Summary Box
Account NameOne Year Fixed Rate Monthly Saver – Issue 2
What is the Interest Rate?
    • Interest is fixed at 5.05% Gross/AER*.
    • This account lasts for 12 months with interest calculated daily, paid on the anniversary of the account opening and added to the account.
    • 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?
    • No, the interest rate is fixed for one year from the date of account opening.
What would the estimated balance be after 12 months based on a £500 per month deposit?
    • Based on the current interest rate, if you deposited £500.00 into the account on the 1st of every month over a period of 12 months, you would have £6,163.40
    • Please note that this projection is provided for illustration purposes.
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 16 years and over residing in the United Kingdom.
    • Minimum monthly deposit: £1
    • Maximum monthly deposit: £500
    • One deposit per calendar month
    • Total maximum savings over the 12month period is £6,000 (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.
Can I withdraw money?
    • This account is designed for you to save money over a 12 month period.
    • Closures or withdrawals are not allowed until the first working day after maturity.
    • We’ll write to you before the maturity date to advise you of the options available.
    • If you don’t take any action at maturity, your account will transfer to an Instant Access Saver 1. This will be a lower variable interest rate which means it can go up or down. We’ll let you know closer to the time what the rate is.
    • The account may be closed without penalty or notice should the investor die before maturity.
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, reminders will not be sent for missed/late deposits.
    • 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 www.GOV.UK and search Personal Savings Allowance.
    • *Gross means the contractual rate of interest payable before the deduction of income tax.  This account is tax free.  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, 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