Notes relevant to all the Society's Savings Accounts
Please read these notes if you are considering opening a Savings account with Hinckley and Rugby Building Society.
Notes:
Savings accounts are only available to customers who reside in the United Kingdom.
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 clicking here.
Also available by clicking here is a leaflet called 'You and Your Joint Account' which will give you details on opening and operating a joint account.
- For accounts where cash withdrawals are allowed the maximum cash withdrawal limit is £300 per day.
- The maximum total investment is £300,000.
We do not permit withdrawals to be paid out of your Savings account by Direct Debit or Standing Order.
The Society's Bank Details
If you wish to pay your salary into your Savings account, the following details will need to be quoted:
Sort code: 402419
Account number: 81228218
Investment 11 digit account number
This account cannot be used for the payment of Direct Debit or Standing Orders.
Income Tax for Single and Joint Account Holders
Normally, interest will be paid after deduction of income tax at the appropriate rate. Non-taxpayers can reclaim this and are able to register for gross interest payments using HM Revenue & Customs Form R85, which is available on request. 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 R85s. 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 HM Revenue & Customs. Interest on ISA accounts will be paid gross subject to scheme rules.
If You Change Your Mind
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.
Nature of Account – successive operations after you have opened your account
The Society’s Savings Account Terms and Conditions apply to every transaction that you undertake on the account after it has been opened. They can be viewed by clicking here.
Investor Protection Scheme
Hinckley and Rugby Building Society is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to shareholders and depositors if a building society is unable to meet its financial obligations. Most individuals and businesses are covered by the scheme.
An eligible shareholder/depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their respective share so, for a joint account held by two eligible shareholders/depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000).
The £50,000 limit relates to the combined amount in all the eligible shareholder's/depositor's accounts with the building society, including their share of any joint account, and not to each separate account.
As a customer of Hinckley and Rugby Building society, your account(s) with us
are covered by the FSCS, unless you are:
- A large company
- A large partnership
- A large mutual association
- A local, provincial or municipal authority
- A pension and retirement fund or a trustee of such a fund
- A person whose claim arises from transactions relating to
conviction they have received for money laundering
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, go to the FSCS website by clicking here or call them on 020 7892 7300. Further details of exclusions from FSCS cover can be found on the Financial Services Authority website by clicking here.
Customer Services
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.
Membership Rights
You should refer to the Savings Account Terms and Conditions (which can be viewed by clicking here), Membership Rights section, to decide who is to be the Society's member with investing membership rights.
The first named account holder will be the Society's member with investing membership rights. The Savings Account Terms and Conditions can be viewed by clicking here.
The Society's non-transactional charges
£10 when a cheque receipt or direct debit is returned unpaid
£5 for providing a duplicate statement for each year prior to the current financial year
£25 for telegraphic transfer of funds from an account (CHAPS fee)
£10 for stopping a cheque
£10 for access to data (Data Protection Act)
£10 to replace a lost passbook
£10 to request a copy cheque
£25 administration fee for transfer of ISA account to another financial institution
These charges may change in the future. Any change will be made in March of each year. You will be told about the changes anytime you ask our staff and before you use the service.
Other Costs, Charges and Taxes
There may be other taxes or costs that are not paid through us or charged by us.