Borrowers Loyalty Tracker Bond

The interest rate will track the Bank of England Base Rate for one year from the date the account is opened. Any changes in interest will take effect within one month of any movement in the Bank of England Base Rate. (you will find the current Bank of England Base Rate displayed on the website bankofengland.co.uk)

One year from the date of opening your account will automatically become an Easy Access account or the nearest equivalent available at that time. (You can find the current rate payable on this account on our website – hrbs.co.uk/saving-info/savings-rates).

Interest will be paid on 1 December each year.

We will change the interest rate we pay on the account in line with changes to the Bank of England Base Rate.

Based on an initial deposit of £1,000.00, with interest added annually, the estimated balance would be £1,040.00 at the expiry of the one-year term.

These figures are provided for illustrative purposes only and assume that no further deposits or withdrawals are made and there is no change in the interest rate. They do not take into account your individual circumstances.

This account is only available to our mortgage customers. You can only hold one Borrowers Loyalty Tracker Bond in your name.

The 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.

Deposits to the account cannot be transferred from any existing savings accounts held with the Society.

The minimum deposit required to open this account is £1 and the maximum balance is £100,000. You can add more money to the account at any time up to the maximum balance. 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 view your account online: on our app or by using H&R Online on our website (after registering for the service).

No, you cannot make any withdrawals until the end of the one year term.

At the end of the one year term, your account will automatically become an Easy Access account. Then, further deposits and withdrawals can be made without notice or penalty.

We will write to you before the end of the one year term to advise you that your account is about to mature. Unless we have received alternative instructions from you, after one year, your Borrowers Loyalty Tracker Bond will automatically revert to an Easy Access account.

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 an 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.