Regular Saver – Issue 1

Account Name

Regular Saver – Issue 1

What is the Interest Rate?

5.15% gross & AER effective from 01/10/2023

Can Stafford Railway Building Society change the interest rate?

Yes, the interest rate is variable, so it can go up or down. If we change the rates, we will give you 14 days’ notice. You’ll find full details of this and the reasons why we might change the interest rate in our Savings Terms and Conditions

What would the estimated balance be after 12 months?

Monthly Deposit	Interest Rate	Total Deposit after 12 months	Balance at end of 12 months
£25.00	5.15% Gross & AER	£300.00	£308.39
£1,000.00	5.15% Gross & AER	£12,000.00	£12,335.80

This projection assumes the following:

• 12 monthly deposits of £25 or £1,000.
• No withdrawals.
• No change to the interest rate during the 12 months.
• Projection provided for illustrative purposes only and does not take into account individual circumstances.

How do I open and manage my account?

• Apply Online
• The account can be opened in branch, online or by post.
• This is a passbook based account and can be operated in branch or by post at members own expense.
• Available to private individuals only.
• Limits apply to cash deposits and withdrawals (see savings terms and conditions).
  
• Deposits can be made up to a maximum £1,000 per month.
• A deposit of between £25 and £1,000 must be received each month.
• If you miss three deposits in a Society year your account will revert to our Pullman account.
• Deposits to this account must come from your nominated bank account via standing order.
• If you don’t make a deposit during a month you cannot carry over the unused subscriptions.
• We do not accept transfers in held with other providers. Your initial deposit can only be between £25 and £1,000.
• You can save from: £25.
• Maximum Balance: £100,000.

Can I withdraw money?

• Cash withdrawals are limited to £2,500 each day.
• No notice is required for cash withdrawals up to £500. A minimum of 24 hours notice for cash withdrawals up to £2,500.
• Withdrawals can be made by post (cheque only) and must include a signed letter requesting the amount needed by cheque and the passbook. A cheque will only be made payable to the account holder(s). 
• Faster payments are available to a nominated bank account in the holder(s) name.
• Minimum withdrawal allowed by cheque is £10.
• Minimum CHAPS withdrawal £5,000 and will incur an administrative fee.
• Withdrawals can be made in branch with the passbook.
• Withdrawals are limited to no more than 4 per Society year.
• Cheque and CHAPs withdrawals must be made to an account in your name.
• Withdrawals will not be allowed without the passbook.

Additional information

• Each member can hold a maximum of one sole account and one joint account.
• A 14 day cancellation period applies to this account.
• Tax is not deducted from the interest we pay you. The value of tax benefits depends on individual circumstances and could change in the future.
• Definitions: AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year; Gross is the rate of interest if interest were paid and not compounded each year.
• Please note this account has no maturity date.

It’s worth noting that any of our accounts can be withdrawn from sale at any time and without notice. .