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Key features
- This is a variable rate product
- Minimum opening amount and balance £1,000.
- Maximum balance of £250,000, subject to an overall Society limit of £750,000
This savings account may be right for you if …
- you’re happy with a variable interest rate
- you like to be able to add to your account
- you are comfortable with a limited number of withdrawals from the account
- you’re happy to operate your account with a passbook via the branches or by post
- Rate
- 2.90%
- Interest paid
- Annually
Summary information
What is the Interest Rate?
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- Interest is variable and the rate is currently 2.90% Gross/AER*.
- Interest is calculated daily and paid annually on 31 March.
- Interest can be added to the account, paid to a bank or another Loughborough Building Society account (except 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?
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- 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?
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- Based on the current interest rate, if you deposited £1,000 in this account, after 12 months you’d have £1,029.
- Please note that these projections are provided for illustration purposes only and assume that no changes take place on the account after the initial deposit is made.
How do I open and manage my account?
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- Available to new members and existing members aged 16 years and over residing in the United Kingdom.
- To open an account you need to provide a completed application form, the minimum investment of £1,000 and proof of your identity and address.
- Maximum balance of £250,000, subject to an overall Society limit of £750,000.
- This account can be operated via branch and post.
- A passbook will be issued when it is opened.
- No further deposits will be allowed if the account becomes a closed issue.
Can I withdraw money?
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- You can only make four withdrawals per account year (1st April-31st March). These are subject to the Society’s daily limits.
- All withdrawals are subject to the minimum account balance of £1,000 being retained.
- You can close your account, even if four withdrawals have been made.
- The account can also be closed, even if four withdrawals have been made, without penalty, upon death of the account holder.
- A passbook must be present when a withdrawal or closure is requested.
Additional Information
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- 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.
How to apply
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 application form
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.
Still need help?
Our help section is full of useful information, but if you can’t find what you need you can pop into one of our branches. Or if you’d rather just chat, give us a call.
Call us on 01509 631960
Monday – Friday
9am – 5pm
Weekends and bank holidays
Closed