|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 12 months based on a £1,000 deposit?||
This projection is provided for illustrative purposes only. It is based on no further deposits or withdrawals being made, interest being added to the account and does not include the bonus. The projected balance is based on the annual interest rate.
|What would the estimated balance be on closure with the bonus added based on a £1,000 deposit?||
This projection is provided for illustrative purposes only. It is based on no further deposits or withdrawals being made, interest being added to the account and includes the bonus assuming the bonus conditions are met. The projected balance is based on the annual interest rate.
|How do I open and manage my account?||
|Can I withdraw money?||
Withdrawals can be made on demand during our normal business hours subject to our withdrawal limits and leaving the minimum balance of £1. You must produce your passbook at the time of withdrawal. You can withdraw money in the following ways:
Tax treatment depends on individual circumstances and may be subject to change in the future.
If your mortgage application is accepted, you may be entitled to free *Application Fees and Product Fees. This applies to direct applications only.
Opening an account does not guarantee that you will be approved for a mortgage with Penrith Building Society. To take a mortgage with us you will need to meet our lending criteria, we will carry out credit checks and may obtain references to check your financial circumstances when a mortgage application is made to us.
Please note that if a mortgage application is approved but for any reason you are unable to complete the purchase of your property, fees may be payable on any subsequent mortgage application.
+ 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.
* Application fees and Product fees The standard application fee is £100 and the Product Fee will vary depending on the product recommended but is a minimum of £175.