What is the interest rate? | +Gross Rate% | ^AER% |
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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 the letter or other personal notice. If your account has a balance of £100 or more at the time the decision is taken to change the interst 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. |
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What would the estimated balance be after 12 months based on a £5,000 deposit? | £5,085.00 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. |
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What would the estimated balance be one year after maturity based on a £5,000 deposit? | £5,110.43 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. |
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How do I open and manage my account? |
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Can I withdraw money? | Withdrawals are not permitted prior to maturity except on death of the investor. This account will mature 1 year from inception. After the fixed term period your account will be transferred to either your nominated account or a variable rate Instant Access Shares account. We will write to you before the end of the fixed term period to let you know the options available to you as well as advising you of the interest rate currently payable on our range of savings accounts. |
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Additional Information | Tax treatment depends on individual circumstances and may be subject to change in the future. |
+ 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.
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