18-30 Regular Saver (Issue 1)
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18-30? Save with Harpenden...
Summary Box
| Account name | 18-30 Regular Saver (Issue 1) |
|---|---|
| What is the interest rate? |
6.00% Gross PA/AER (Variable). Interest is calculated on a daily basis and added to your account on maturity, 12 months after initial deposit, or upon early closure. |
| Can Harpenden Building Society change the interest rate? |
Yes, we have the right to vary the rate of interest. If we decrease the interest rate, we will notify you 14 days in advance of the change. Please refer to Condition 7 of our General Terms and Conditions for Retail Savings Accounts (available in our branches and our website) which sets out the reasons for which we may change the rate and the procedure for doing so. |
| What would the estimated balance be after 12 months based on £200 deposits each month? |
Amount saved: £2,400 Interest earned: £77 Balance after 12 months: £2,477 This projection is based on: • An initial deposit of £200 made on the first day of the month. • 11 further deposits of £200 made on the 1st of each calendar month thereafter. • No withdrawals made during the term. Please note: This projection is provided for illustrative purposes only and does not take into account customers individual circumstances. |
| How do I open and manage my account? |
This account can only be opened in your sole name. Joint applications are not accepted. You must be between 18 and 30 years old at the time of application and a UK resident and may only hold one 18-30 Regular Saver account with us. This account can only be opened on Harpenden Online via our website www.harpendenbs.co.uk, it is not available to open in branch or by post. Minimum balance: £10 Maximum monthly deposit: £200 (Depositing more than £200 will result in the overpaid funds returned to you). After 12 months, your account will mature. In advance of maturity, we will send you your options, including alternative accounts. If we do not hear from you, we will transfer your funds into an instant access account. You can let us know by signing and returning the instruction form we send to you with your maturity letter, by contacting us by secure message through Harpenden Online or by calling us directly. Please note that you must fund the account with minimum balance of £10 within 30 days of account opening, otherwise your application may be cancelled. Please follow the guidance in our ‘Identification Requirements’ document available in branch and online. You can manage this account online (subject to the terms and conditions of Harpenden Online). Deposits can be made by bank transfer only. How much can I save? You can open this account with a minimum of £10 and save up to £200 each calendar month. Assuming you deposit the maximum £200 each month, make no withdrawals and do not miss any monthly deposits you will have £2,400, before your interest is added. You are entitled to vary the amount deposited each month and you will still receive the full advertised interest rate, even if in some months you do not deposit any funds. Please note that any missed months cannot be carried forward. |
| Can I withdraw money? |
Yes, you do not have to give notice to make a withdrawal or close your account. Withdrawals can be made without loss of interest. You will not be permitted to reduce the balance in your account to less than the minimum balance, unless you are closing the account. Withdrawals can only be made to a nominated bank account by faster payment via Harpenden Online which allows a maximum of £50,000 per day. There is no access to cash or cheques with this account. Requests for withdrawals must be submitted through Harpenden Online by 3.00pm. Payment requests received after this time will be processed the following working day. |
| Additional information | Interest is paid gross without tax deducted. Some savers may be required to pay tax on their savings interest - this should be arranged directly with HMRC through your tax return. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. The Society reserves the right to withdraw this product without notice at any time. |
* The gross rate (PA) is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually
The information contained in this table forms part of the terms and conditions of the account and should be read in conjunction with our General Savings Account Terms and Conditions for Retail Savings Accounts.
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