Branches & agencies
Regular Saver Issue 3
Build a healthy savings habit with a fixed interest rate and the flexibility to skip monthly deposits when needed.
This Regular Saver Issue 3 savings account is a regular saver account that offers a fixed interest rate of 6.00% Gross/AER for 1 year. You can start saving with as little as £1 and add up to £250 per calendar month.
There is no obligation to save every month, so you can miss any monthly payment without penalty. Withdrawals cannot be made during the one-year fixed term and interest is paid annually.
| Rate | 6.00% Gross /AER |
|---|---|
| Access | No Not until the end of term |
| Interest | Annually |
| Minimum Investment | £1 |
Savings are protected by FSCS
Independently reviewed by Smart money people
Is this Regular Saver Issue 3 savings account right for you?
This Regular Saver Issue 3 savings account is good for you if
- You don’t already hold a Regular Saver account with us
- You want to add up to £250 each month
- You want the flexibility not to pay every month
- You want a fixed interest rate for 1 year
- You do not need access to the savings you add throughout the year
Consider something else if
- You already have a Regular Saver account with us
- You will need access to your funds during the one-year term
- You’d like to save more than £250 each month
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/)
| Interest Rate | Minimum Balance | Gross* | AER** |
|---|---|---|---|
| Annual | £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
Important Documents
Regular Saver Issue 3 FAQs
What happens if I need to make an emergency withdrawal?
You cannot make any withdrawals during the one-year fixed term. If you think you may need access to some or all of your savings during this time, you should consider keeping money in an easy access account with us or another provider.
Do I need to pay into this Regular Saver Issue 3 account every month?
There is no requirement to make a deposit every month. No penalty will apply if you choose not to make a payment.
How much can I deposit each month?
In this Regular Saver Issue 3 savings account, you can add up to a maximum of £250 per calendar month. You can pay in as many times as you wish, so long as you do not exceed the maximum. If a deposit would take you over the monthly limit, the entire deposit will be returned to you.
Identification Requirements
Identification requirements for this Regular Saver Issue 3 savings 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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