The Financial Conduct Authority is a financial services regulator. It requires us, Stafford Railway Building Society, to give you this important information to help you to decide whether this product is right for you.
The information provided is a summary of the key features of the Notice 60 Account and is not intended to be a substitute for reading the terms and conditions that apply to the account.
|Account Name||Notice 60 Account|
|What is the interest rate?||
Interest is calculated daily and credited to the account annually on 31st October
|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?||£10,120. This projection assumes the following:
Estimated balances are for illustrative purposes only.
|How do I open and manage my account?||The account can be opened in branch or by post.
Available to private individuals only.
The account is only for UK residents.
It is a passbook based account and can be operated in branch or by post at the members own expense.
|Can I withdraw money?||Minimum Balance: £10,000
Maximum Balance: £100,000
Withdrawals, closure or transfers to another account with us are subject to 60 days’ written notice.
You will be given a maximum of 5 working days to make the withdrawal once the 60 days’ notice has been served.
You are allowed a maximum of 4 account based withdrawals each society year.
Cash withdrawals are limited to £2,500 each day.
Withdrawals will not be allowed without the passbook.
Withdrawals can be made by post (cheque only) and must include a signed letter specifying the amount and cheque payee along with the passbook.
Cheque and CHAPs withdrawals must be made to an account in your name.
Minimum CHAPs withdrawal is £5,000 which incurs an administrative fee.
|Additional Information||Each member can hold a maximum of 1 sole account and 1 joint account.
We pay all savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future.
It’s worth noting that any of our accounts can be withdrawn from sale at any time and without notice.