What is the interest rate? |
+Gross Rate%
4.91 |
^AER%
4.91 |
Interest is paid annually on 31st December and will be added to the account balance.
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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. We will give you reasonable notice in advance of the change.
For further details please see section 7 of the Terms and Conditions for Savings Accounts. |
What would the estimated balance be after 12 months based on a £1000 deposit? |
£1,049.10
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. |
How do I open and manage my account? |
- This account is available to UK residents who are over 18 and can be opened and managed through our Penrith Online portal only.
- This account can be opened in sole names only.
- Minimum investment £500.
- Maximum investment £100,000 – once the maximum amount has been invested no further credits to the account will be allowed. Interest can continue to be added to the account.
- The total combined savings held by a customer with the Society should not exceed £250,000.
- A Nominated Bank Account must be set up at the point of account opening. We will only accept Nominated Bank Accounts in your name or to which you are a joint party from financial institutions that hold a UK banking licence.
- Your first payment into the account must be made from your Nominated Bank Account. Subsequent payments into the account can be made by banktransfer from any UK bank account.
- A deposit into the account of at least the minimum amount of £500 must be received within 14 days of submitting your application.
- Payments into your account can only be made in £ sterling.
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Can I withdraw money? |
- Withdrawals can be made subject to the 100-day notice period and leaving a minimum balance of £500.
- Withdrawals cannot be made without serving the notice period.
- You will give notice to withdraw from your account via our Penrith Online portal only. Once the notice period has been served the funds will be transferred to your Nominated Bank Account by bank transfer
- If the 100-day notice period ends on a weekend or Bank Holiday, we will transfer the funds on the previous working day
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Additional Information |
- Tax treatment depends on individual circumstances and may be subject to change in the future.
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+ 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.
We always try to provide a first-class service. Occasionally however things can go wrong. If they do, we will try to put them right. If you wish to make a complaint, the Society’s complaints procedures are detailed in the Terms & Conditions for Savings Accounts.
If you would like to talk to us about your account, you can
- Send us a secure message through our Penrith Online portal
- Email our savings team at savings@penrithbs.co.uk
- Speak to our savings team on 01768 863675
DOWNLOAD KEY PRODUCT INFORMATION AS A PDF
DOWNLOAD THE TERMS AND CONDITIONS FOR SAVINGS ACCOUNTS