Monthly Income 60 Account
Key features
- This is a variable rate product
- Minimum to open and minimum operating amount £10,000.
- Save up to £150,000 in this account, subject to an overall member 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 happy to give notice for withdrawals, transfers or closures
- you’re happy to operate your account with a passbook via the branches or by post
- Rate
- 3.05%
- Interest paid
- Monthly
Summary information
What is the Interest Rate?
- Interest is variable and the rate is currently 3.05% Gross/AER*.
- Interest is calculated daily, paid on 1st of each month and paid to your Bank or another account with the Society (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 £10,000 deposit?
- Based on the current interest rate, if you deposited £10,000 in this account, after 12 months you would earn £305 in interest.
- 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 deposit and proof of your identity and address.
- Minimum opening and operating amount £10,000
- Deposits can be made at any time.
- Save up to £150,000 in this account, subject to an overall member limit of £750,000.
- Available to new members and existing members aged 16 years and over residing in the United Kingdom. Accounts can be opened in individual or joint names.
- This account can be operated in branch and by post.
- A passbook will be issued when it is opened.
Can I withdraw money?
- Withdrawal or closure is subject to 60 days’ notice, alternatively, you can withdraw/close immediately subject to a penalty equivalent to 60 days interest on the amount withdrawn. This will be at the interest rate applied at the time of the transaction.
- The account may be closed without notice or penalty if the account holder dies.
- Withdrawals are subject to the Society’s daily limits
- A passbook must be presented when a withdrawal is requested.
Additional Information
- Where interest is to be paid to another account with the Society, the account holder must specify this and provide full details.
- 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.
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
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.