Savings FAQs

Our handy Frequently asked questions on savings will help you understand how our savings accounts operate.

How is interest calculated?
Interest on a deposit is calculated at the prevailing rate, from the day of receipt to the last day of the current charging period. If you make a withdrawal, then an adjustment is calculated from the date of withdrawal to the last day of the current charging period. If interest rates change during a charging period, then an adjustment is made from the date of change to the last day of the current charging period.
What are my cancellation rights?
If, within 14 days of opening an account, you change your mind for any reason whatsoever, we will allow you to change to another account or close the account completely without notice or charge.
Can I submit my details by email?
No, all savings and amendment forms must be received by post. We do not accept any received via email.
How long does it take for a cheque to clear?
Financial institutions clear cheques through APACS and normally funds are available in three working days. Stafford Railway Building Society is not a member of APACS and is not a clearing bank which means that it takes longer for your funds to be available for withdrawal through us than it does through a clearing bank – see ‘ Savings Terms and Conditions paragraph 7’. Although the Society makes funds available to allow you to withdraw against, this does not mean that the cheque has cleared.

When you write a cheque it will help prevent fraud if you write the name of the payee clearly. You should also draw a line through any unused space on the cheque to prevent any unauthorised addition being made.

If you are paying a cheque to a financial organisation like Stafford Railway Building Society you might write the payee as ‘SRBS account Fred Smith number 4561201’.
How do I make a complaint?
There is an internal procedure for dealing with complaints which can be found here.
How do I find out what information the Society holds about me?
You have a right to see any personal information about you which Stafford Railway Building Society holds. The Society does not currently charge a fee for this but the legislation does permit a fee to be charged. If the Society decides to charge a fee in future, you will be able to find out about it from the current edition of the savings tariff, up to date copies of which are available on request.

To request the information we hold, please complete our Subject Access Request. 
How do joint savings accounts operate?
If you have a joint account and instruct us to accept one signature only, this means either party is free to withdraw the entire balance or close the account without the other knowing. If the relationship between joint account holders breaks down for any reason, you must inform us immediately, in writing, that the ‘single signature instruction’ is cancelled. Once you have done this, further withdrawals will only be allowed against both signatures.
How will I know if my interest rate changes?
The interest rate applying to your account may change from time to time. When we change the interest rate we will, within 3 working days of the change;
(a) place a notice in our banking hall and;
(b) notify holders of postal accounts of the changes by means of a notice sent to the current address in our records.

All savers with more than £100 in their account will be advised in advance by letter of any single downward movement in their interest rate of more than 0.25% OR when any single movement of 0.25% or less results in a cumulative downward movement of 0.5% or more over the preceding 12 months.