Branches & agencies
160 Day Notice Savings Account
Maximise your savings by providing notice to access your money
This 160 Day Notice account is a savings account offering 4.00% gross/AER on deposits of £1,000 and above. Receive a competitive interest rate by providing a notice period of 160 days for withdrawals. You can choose to have your interest paid monthly or annually.
| Rate | 4.00% Gross /AER |
|---|---|
| Access | Yes Subject to 160 days' notice |
| Interest | Annually/ Monthly |
| Minimum Investment | £1,000 |
Savings are protected by FSCS
Independently reviewed by Smart money people
Is this 160 Day Notice savings account right for you?
This 160 Day Notice account is good for you if
- You have over £1,000 to save
- You can give us 160 days’ notice for withdrawal
- You want the option of receiving interest monthly or annually
Consider something else if
- You have less than £1,000
- You will need to withdraw your money without giving 160 days’ notice
- You want a guaranteed fixed rate
About this account
Account name: 160 Day Notice Savings Account
What is the interest rate?
This account offers variable rates of interest, as follows:
| Minimum Balance | Gross* | AER** | |
|---|---|---|---|
| Annual | £1,000 | 4.00% | 4.00% |
| Monthly | £1,000 | 3.93% | 4.00% |
You can choose how often you have your interest paid.
Annual interest will be paid to the account on 1 December. Monthly interest will be paid at the end of the each month.
Can Hinckley & Rugby Building Society change the interest rate?
We may change interest rates at any time if we reasonably believe that the change is needed, for any of the reasons outlined in the Savings Account Terms and Conditions booklet, Condition 7.
What would the estimated balance be after 12 months?
Based on an initial deposit of £1,000.00, after a 12 month period the estimated balance would be £1,040.00.
These figures are provided for illustrative purposes only and assume that no further deposits or withdrawals are made, there is no change in interest rate, and interest is added annually. They do not take into account your individual circumstances.
How do I open and manage my account?
This account can be opened by post or at any of our branches and agencies. Simply complete the application form and take it with your opening deposit*, or post them to us at the address in this brochure. Please make cheques payable to the account holder(s).
*Your opening deposit must be paid in within 5 business days of the account being opened, or you will need to start the application process again. If you wish to pay this by electronic transfer, use the details that we will send you when the account is open.
The minimum deposit required to open (and keep in) this account is £1,000 and the maximum is £500,000. The total maximum holding by any one member across all savings accounts held with the Society is £500,000.
You can manage your account at any of our branches or agencies, by phone, or by post. You can also manage your account online: on our app or by using H&R Online on our website (after registering for the service).
Can I withdraw money?
Yes, but with this account you must give us 160 days’ notice. Instant withdrawals (without giving the required notice) are not allowed.
You can give us the required 160 days’ notice in writing, by phone, by visiting a branch or agency, or on our app or by using H&R Online on our website (after registering for the service).
You will have a ‘withdrawal window’ of 14 days after the 160-day notice period during which to make the withdrawal. If you do not withdraw the requested amount by the end of that 14-day window, you will need to give the full 160 days’ notice again.
You may withdraw up to £500 in cash at any of our branches or agencies. Requests for cheques must be submitted in writing or by visiting a branch or agency. Requests for Faster Payment transfers can be made in writing, by phone, by visiting a branch or agency, via our mobile app, or through H&R Online on our website.
All Faster Payments must be made to the nominated bank account linked to your savings account.
All withdrawals are subject to our daily limits, as outlined in our Savings Account Terms and Conditions booklet.
Note that you cannot give notice to withdraw an amount greater than the balance of your account at the time of giving notice (taking into account any other notice period already being processed).
Additional information
Personal Savings Allowance is the amount of interest you can earn before paying tax on it. If you are a basic taxpayer, you can earn up to £1,000.00 interest without paying tax. If you are a higher rate taxpayer, you can earn up to £500.00 interest without paying tax. If you are a additional rate taxpayer, you cannot earn any interest without paying tax.
If you have savings income over your Personal Savings Allowance, you are responsible for making sure you are paying the correct tax directly to HM Revenue & Customs.
* Gross rate – the annual rate of interest to be paid on a savings account without any deduction being made in respect of personal Income Tax liability.
** AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once a year.
Important Documents
160 Day Notice Account FAQs
How do I know which notice account is best for me?
We provide a range of notice accounts – each with a different notice period required for withdrawals, so choose the account that you feel best fits the amount of notice you are able to give.
What happens if I don’t withdraw in the 14-day withdrawal window?
You will need to provide another 160 days’ notice if you don’t make a withdrawal within the 14-day withdrawal period.
Can my interest be paid monthly on this 160 Day Notice account?
Yes, you can choose to have your interest paid annually on the 1 December, or at the end of each month.
Identification Requirements
Identification Requirements for this 160 Day Notice Account
We need to confirm the identity of every customer who applies for an account with the Society. We do this to protect you against the risk of identity fraud and to comply with money laundering regulations.
We use an electronic verification system when you open a savings account. If this is successful, you will not need to do anything. However, in certain cases you will be asked to provide additional proof of identity (for example if you are not listed on the electoral roll or you have recently moved house).
If you are required to provide additional identification, you must supply two items acceptable to the Society to verify your name and address. The Society will be unable to open your account until we have completed identification procedures.
If you think you will need to provide identification, please see our website for details of acceptable documentation www.hrbs.co.uk/proving-your-identity or contact us to discuss.
IF YOU ARE UNDER 18
We will need to see either your birth certificate or passport, and a document confirming your address. This could be a bank statement or utility bill and can be in the name of a parent or guardian living at the same address if not available in your name. These documents need to be originals, not photocopies, and they will be returned to you as quickly as possible.
Protecting your money
Your eligible deposits with Hinckley & Rugby Building Society are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Any total deposits you hold above the limit are unlikely to be covered.
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