Branches & agencies
Regular Saver 30 Day Notice Issue 2
This account is suitable for you if you do not already hold a Regular Saver account with us and you would like to start saving for a goal, as you can open an account with just £1 and add up to £1,000 each month.
This account is not suitable for you if you need access to your funds at very short notice, as 30 days’ notice must be given in order to withdraw your money. The account is also unsuitable for those looking to save more than £1,000 per month, or those who already hold a Regular Saver account with us.
About this account
This account offers a variable rate of interest, as follows:
| Annual Interest | ||
| Minimum Balance | Gross* | AER** |
| £1 | 5.10% | 5.10% |
Your Regular Saver account will automatically become an Easy Access Account two years from the date it was opened. (You can find the current rate payable on this account on our website hrbs.co.uk/saving-info/savings-rates).
Interest will be paid to the account on 1 December each year.
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.
If you made the initial deposit of £1,000, and saved £1,000 on the first day of each subsequent month, the estimated balance after 24 months would be £25,291.92.
If you made no further deposits or withdrawals, after a further one year term, the estimated balance would be £25,911.57.
These figures are provided for illustrative purposes only and assume there are no changes to the interest rate paid on the account over the 24 months and no withdrawals or further deposits are made. They do not take into account your individual circumstances.
The account cannot be a joint account nor can it be held on behalf of a child under the age of 13. You can only hold one Regular Saver account (irrespective of the issue number) at any time.
This account can be opened and managed by post or at any of our branches and agencies. Complete the application form and the declarations and consents. Take the completed documents and your deposit to one of our branches or agencies or post them to us at the address in this document. Please make cheques payable to the account holder.
Please note, the minimum deposit must be credited to your account within 5 working days of the account being opened. If you fail to do so, you will be required to restart the application process. The minimum deposit required to open and maintain the account is £1. You can make multiple payments to your account each calendar month as long as these payments do not exceed your maximum monthly allowance of £1,000.
If you miss any monthly payments you will lose your allowance for those months. If you do not use your full monthly allowance you will lose your unused allowance. If you pay in the full monthly allowance and take money out within the same month, the money taken out cannot be replaced.
If you make a payment that causes you to go over the monthly allowance, the whole payment will be returned to you.
Payments to your account are managed by you and are your responsibility. You should check your payments are being made successfully each month.
The maximum account balance (excluding interest) is £24,000. The overall maximum holding by any one member in respect of all savings accounts with the Society is £300,000.
After 2 years your account will automatically become an Easy Access Account.
Offers access to your savings, subject to a 30-day notice period. You are required to give 30 days’ notice in writing by telephone or at a branch or agency.
Withdrawals must be made within 14 days of the notice period becoming effective. Instant withdrawals outside of the notice period will not be allowed.
The total amount on notice (including all pending notice) must not be more than the balance of the account. From maturity of the fixed term, your account automatically becomes an Easy Access Account. Further deposits and withdrawals can then be made at any time without notice or penalty. The cash withdrawal limit is £500 per day. Cheque withdrawals can be made for any amount if you have sufficient cleared funds in your account. The minimum balance required to maintain this account is £1 and the maximum deposit is £300,000.
Subject to the conditions set out above, money can be paid out against a cheque from the start of the sixth business day following the day of deposit. Business day means a day other than a Saturday, Sunday or Bank Holiday. Funds are available for immediate withdrawal for all other types of deposit.
We will write to you before the end of your two year term to advise you that your account is about to mature and will automatically change to a 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 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.
Identification Requirements
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 visit hrbs.co.uk/proving-your-identity/ for details of acceptable documentation 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.
Applying for an account
Complete the form below to request an application form which you can download and print.
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