|What is the interest rate?|
|Can Penrith Building Society change the interest rate?||
Rates are variable. This means we may increase or decrease the rates at any time. When we increase the rates we will tell you about it by placing notices in our Principal Office, on our website or in the local press within three working days of the change or within 30 days of the change, by letter or other personal notice.
Where the change is a reduction in the interest rate we will give you written notification of the change before it comes into effect.
This does not apply to:
If your account has a balance of £100 or more at the time the decision is taken to change the interest rate notification will be provided either:
If you do not notify us that you object to a change before the date on which it comes into effect, you will be deemed to have accepted it.
The information on our website will be updated within three working days of an interest rate change.
|What would the estimated balance be after 60 months based on a maximum monthly subscription of £100 per month?||
This projection is provided for illustrative purposes only. It is based on the maximum monthly subscription of £100 being made for the full term of 5 years, that no withdrawals are made and interest being added to the account. The projected balance is based on the annual interest rate.
|What would the estimated balance be 12 months after the fixed term expires based on the balance at maturity?|
This projection is provided for illustrative purposes only. It is based on no further deposits or withdrawals being made and interest being added to the account. The projected balance is based on the annual interest rate of the Instant Access Shares.
|How do I open and manage my account?||
|Can I withdraw money?||
A maximum of two withdrawals per year (January to December) of any amount leaving the minimum balance of £5. Withdrawals can be made on demand during our normal business hours subject to our withdrawal limits. The account cannot be closed prior to maturity other than in the event of the death of the investor. On maturity, if the account has not been closed, the maturing funds, including compounded interest will be transferred to the Instant Access Shares. You must produce your passbook at the time of withdrawal. You can withdraw money in the following ways:
+ Gross Rate is the rate of interest payable (without deduction of tax) and you will be responsible for paying tax you owe on interest as per your individual circumstances.
^ AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year.