Home Savings at The Loughborough Which savings account is right for me? Longer Term Savings Monthly Saver Account

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Monthly Saver Account

Summary Box - Key Product Information for our Savings Accounts

Account Name

Monthly Saver

Interest Rates (AERs)
  • The variable interest rate for this account is currently 3.00% Gross/AER* including a fixed 1.50% bonus provided 11 out of 12 monthly payments are received and no more than one withdrawal is made.
  • If less than 11 payments are made, or more than one withdrawal is made, you will receive interest at 1.50% Gross/AER* (variable) with no bonus paid.
  • See a full list of our current interest rates
  • Interest is variable and is paid on the anniversary of the account open date.

Tax Status
  • Interest on your account will be paid ‘net’ (after taking off tax at the basic rate) unless you are entitled to receive it ‘gross’, and you complete and let us have HM Revenue and Customs Form R85. 
  • Even if interest is paid net, you may be liable to pay additional tax depending on your income. For further details, please see the booklet “Taxation of Building Society Interest”, a copy of which is available on request.
  • A tax statement may be requested each year free of charge. 
  • A charge will be made if a duplicate tax statement is requested.

Conditions for bonus payment
  • 11 out of 12 monthly payments are received and no more than one withdrawal is made.
  • The 1.50% bonus is only payable on payments received in each account year. Any balance retained in the account from previous year(s) will only receive the variable interest rate, currently 1.50% Gross/AER*

Withdrawal arrangements
  • One withdrawal per year is allowed, without notice or penalty (subject to the Society's normal withdrawal limits), without affecting the interest rate paid. If more than one withdrawal is made per year, no bonus will be paid.
  • Accounts which are closed within 12 months of the account open date will not receive the bonus.

Access

Branch / Post.  Download an application form to complete and send or bring into a branch with relevant ID and initial deposit.

• Minimum: £10 per calendar month
• Maximum: £250 per calendar month
• Total maximum investment per account per year: £3,000
• Available to individuals or joint account holders aged 16 or over in their own names. Cannot be opened by trusts or for children, operated by adults.
• Only one account allowed per customer.
• Payments:
oOnly one payment can be made each calendar month and must reach the Society by 28th of each month.
o Payments can be made cash or cheque at your local branch, standing order, postal remittance or internal transfer from another Loughborough Building Society account.
o Lump sum payments are not allowed.
o Reminders will not be sent for missed/late payments.
o The amount of the monthly payment can be amended each year on the anniversary of the account open date and must be notified to the Society in writing prior to the change becoming effective.
* Gross means the contractual rate of interest payable before the deduction of income tax at the prescribed rate. AER illustrates what the interest rate would be if it were paid and added each year.

How to apply

Opening an account with The Loughborough could not be easier – in the product information above is an application form, download and complete this form and take or post it to your nearest branch.

You will also need to bring along identification and your initial investment. All postal applications need to be sent to our Head Office

Alternatively, you can call us on 01509 631 960 or request a call back at a time convenient to you.

 

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