Branches & agencies
Regular Saver Issue 3
This account is suitable for you if you do not already hold a Regular Saver account with us and you want to save towards a specific goal by making deposits of up to £250 each month.
This account is not suitable for you if you need access to your funds during the one-year term, wish to save more than £250 each month, or already hold a Regular Saver account with us.
About this account
Account name: Regular Saver Issue 3
What is the interest rate?
The interest rate is fixed at 6.00% gross*/AER** for one year from the date of your first deposit.
At the end of the fixed rate term, your account will automatically become an Easy Access account or the nearest equivalent available at that time. You can find the current interest rate for
this account by visiting our Interest Rate History page (hrbs.co.uk/interest-rate-history/)
| Annual Interest | ||
| Minimum Balance | Gross* | AER** |
| £1 | 6.00% | 6.00% |
Interest will be paid to the account on 1 December each year.
Can Hinckley & Rugby Building Society change the interest rate?
The interest rate is fixed and cannot be changed during the one-year fixed rate term. Your account will mature one year from the date of your initial deposit
What would the estimated balance be after 12 months?
If you make an initial deposit of £250, and then save £250 on the first day of each subsequent month, the estimated balance after 12 months would be £3,097.50.
These figures are provided for illustrative purposes only, and do not take into account your individual circumstances.
How do I open and manage my account?
This account cannot be held jointly or on behalf of (as nominee for) a child under the age of 13. You may only hold one Regular Saver account with us at any time, regardless of the issue number.
You can open this account by post or at any of our branches or agencies. Simply complete an application form and return it with your opening deposit*, or post both to us at the address shown in this brochure. Cheques should be made payable to the account holder.
*Your opening deposit must be paid within 5 business days of the account being opened. If it is not received within this time, you will need to submit a new application. If you wish to make your opening deposit by electronic transfer, please use the account details we will provide once your account has been opened.
The minimum opening balance is £1. You can add money whenever you wish, up to a maximum of £250 in total during each calendar month. If a deposit would take you over the monthly limit, the entire deposit will be returned to you. You do not have to make a deposit every month, and there is no penalty
if you choose not to.
You can manage your account at any of our branches or agencies, by phone or by post. You can also manage your account online through our app or by using H&R Online on our website (after registering for the service).
Can I withdraw money?
No, you cannot make any withdrawals until the end of the fixed rate term.
At the end of the fixed rate term, your account will automatically become an Easy Access account, or the nearest equivalent account available at that time. After maturity, deposits and withdrawals can be made without notice or penalty.
Additional information
We will write to you before the end of your fixed rate term to let you know that your account is about to mature and will automatically become an Easy Access account, or the nearest equivalent account available at that time, unless we have received alternative instructions from you.
Personal Savings Allowance is the amount of interest you can earn before paying tax on it. If you are a basic rate taxpayer, you can currently earn up to £1,000 of interest each tax year without paying tax. If you are a higher rate taxpayer, you can currently earn up to £500 of interest each tax year without paying tax. Additional rate taxpayers do not currently receive a Personal Savings Allowance.
If you earn more interest than your Personal Savings Allowance allows, you are responsible for making sure that any tax due is paid to HM Revenue & Customs (HMRC).
* 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.
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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