Frequently asked savings questions

We strive to keep our products straightforward and easy to understand and to keep terms and conditions to a minimum. However, there may be questions you want to ask that are not answered elsewhere within our website.

Here we answer some of the more frequently asked questions:

• What age can I have an ISA (Individual Savings Account)?
  • Anyone aged 16 or more who is UK resident can open a Cash ISA.
• Can I pay money/wages into my account by BACS?
  • Yes. You need to use the following details: Account number: 81228218; Sort Code: 402419; Ref No: 11 digit account number shown in your passbook. Funds are available for immediate withdrawal.
• Can I open a savings account even though I live outside your local area?
  • All our savings accounts are available to any UK resident with the exception of Eagle Easy Access, High Rise Easy Access and Flying Start accounts. These three accounts are only available to investors living within the following postcode areas: LE, CV, NN, PE, NG, DE, B, ST, WV, DY, WR, WS, OX15, OX16, OX17, LN4, LN5, LN6.
• What can I do if I have difficulty visiting one of your branches or agencies?
  • All of the Society’s savings accounts can be operated by post. Simply post your passbook to any branch or agency, together with any cheques you wish to credit to your account and/or your written request to withdraw funds by cheque. Cheques can be made payable to any payee you choose, but please do not forget to sign your withdrawal request in accordance with your account mandate. We will return your updated passbook to your home address by first class mail together, with any cheques that you have asked us to draw (please note that we cannot forward cheques direct to third parties). The Society does have a savings account called Post Haste, which is designed specifically for operation by post. If you open a Post Haste account you will be provided with all the stationery that you need, including pre-paid envelopes.
• Can you give me a balance or do transactions over the phone?
  • No, but we can tell you if your salary or a standing order etc has been paid into your account. We are also able to write to you to confirm your balance.
• Can I open a joint account with my husband/wife/partner?
  • There are two options for how the account is set up: 1. Both signatures - this means that for any withdrawal or on closure of the account, both of you will be required to sign the forms. 2. Either signature - this means that for any withdrawal or on closure of the account only one signature is required. You should only open a joint account if you and the other account holder understand the commitments you are entering into. ISA accounts can only be opened in sole name.
• Why do you check my identity so carefully when I open an account?
  • Effective identification of customers using building society accounts and other financial services makes it harder for terrorists and other criminals to hide and move "dirty" cash. Further information on how to avoid financial fraud is available in a leaflet "Keep clear of fraud" published by the National Fraud Strategic Authority, which can be viewed by visiting www.moneymadeclear.fsa.gov.uk/pdfs/keep_clear_of_fraud.pdf.
• How is interest calculated?
  • Interest is calculated on a daily basis up to and including the day before any withdrawal. For cheque receipts, interest is paid from the day after the cheque is deposited with us. For cash and automated credits, interest is paid from the day of receipt. The day of deposit is the day it is paid in at a branch or agency or it is received by us in the post.
• Do I have to pay tax on my interest?
  • Normally, interest will be paid after deduction of income tax at the appropriate rate. Non tax-payers can reclaim this and are able to register for gross interest payments using HM Revenue & Customs Form R85, which is available from our offices. Higher rate tax-payers may have a further tax liability. Interest on joint accounts will be paid gross if both holders are non-taxpayers and sign separate R85's. If one holder pays tax and the other does not, half of the interest will be paid gross and the other half will be paid after deduction of income tax at the appropriate rate. Hinckley and Rugby is required to submit certain interest payment details to the Inland Revenue. Interest on ISA accounts will be paid gross subject to scheme rules.
• What happens if I change my mind after opening an account?
  • If, within 14 calendar days of investing your first payment with us (excluding public holidays) you consider you have made a mistake then, once you have notified the Society's Principal Office in writing or by e-mail, the Society will help you switch accounts or arrange to reimburse your money (if cleared funds) and will waive any notice period or interest charges. (Please note that this will not apply to fixed rate accounts.) We will assist you in moving accounts.
• How am I told of changes in interest rates?
  • Any changes in interest rates will be advertised on a notice in our branches and in the Leicester Mercury and Coventry Evening Telegraph within three days of the change unless you receive a personal notification of the change of interest rate. Interest rates are available at any time on request on our helpline 0800 434 6343 or on our website.
• How long does it take to clear a cheque paid into my account?
  • When you pay a cheque into your savings account our normal working practice will be to allow withdrawals from the start of the sixth working day following the day of deposit. Funds are available for immediate withdrawal for all other types of deposit. Working day means a day other than a Saturday, Sunday or Bank Holiday. The day of deposit is the day it is paid in at a branch or agency or it is received by us in the post.
• I am a Treasurer for a local society. Can I open an account for their funds?
  • We are happy to open accounts for unincorporated clubs and associations including registered charities. Please ask at one of our branches or agencies or call our helpline on 0800 434 6343 for details of our Treasurer’s Deposit account.
• Are my investments safe with the Hinckley and Rugby Building Society?
  • At the Hinckley and Rugby the safety and security of our members' savings has been, and always will be, our number one priority.This is reflected in the Society's prudent approach to mortgage lending (resulting in a mortgage book of the highest quality)
• Does the Hinckley and Rugby participate in the Financial Services Compensation Scheme?
  • Yes. Under the Scheme, payments are limited to a maximum of £50,000 of an investor's total shares/or deposits in a building society. The payment is calculated by reference to all the investor's protected shares with, and deposits in, the society. Therefore, for example, if a claimant had two separate accounts with the society, one containing £2,000 and the other £1,500 he or she would receive £3,500. In the case of a joint account each joint owner is treated as having a claim for his or her share, and unless there is evidence about their respective shares, they will each be regarded as entitled to an equal share. For example, if two people have a protected investment of £120,000 the maximum compensation to each would be £50,000, which would usually mean a maximum total payment of £100,000. Full details of the Financial Services Compensation Scheme can be found on the Important Information page within the Savings section of this website.
• How can I protect myself against fraud?
  • Advice on how to protect yourself against all kinds of fraud is available in a special leaflet "Keep clear of fraud" published by the National Fraud Strategic Authority. To view the leaflet, please visit http://www.moneymadeclear.fsa.gov.uk/pdfs/keep_clear_of_fraud.pdf.
• What if I wish to complain?
  • We aim to provide high standards of service. However, there may be occasions when you feel that you may have a complaint in which case please ask our staff who will tell you how to make a complaint using our complaints system. Whilst we hope we can resolve any problems through these internal procedures we are also a member of the Financial Ombudsman Service to which customers can refer a complaint after the internal procedures have been exhausted. Details of the Financial Ombudsman Service will be provided on request from any Branch or from Principal Office.We will respond to your initial complaint in two working days and we will finalise any investigation within one month and notify you of our findings. In the event that the complaint takes longer to investigate we will send you a holding response in four weeks and a final response no later than eight weeks from receipt of your complaint.
• What are the opening times of your branches?
  • Please refer to our Branches page for full details of our opening hours.