Savings Products

FSCS Protected Logo Top-1We are covered by the Financial Services Compensation Scheme, which means your eligible deposits are protected up top £85,000 per business. Most business are covered by the scheme although some exclusions may apply.

Business Instant Access Saver

This savings account is designed for Business Customers over the age of 18 who are looking to deposit monies with instant access. Our Savings products are only available to new applicants residing in Wales or existing members (living in the United Kingdom).  This account is no longer open to new account applications. 

Summary Box - Key Product Information:

Account Name Business Instant Access Saver
What is the Interest Rate?
  • 3.50% GROSS / AER (variable) - from 01.09.2024.
  • Interest is variable and calculated daily on the balance in the account and paid to the account annually on the 31st December.
  • Interest is paid gross without tax deducted.
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
  • Please note, the tax treatment and rate of interest payable depend on the individual circumstances of each customer and may change in the future.
  • The interest rate for this account will be displayed via our website at www.swansea-bs.co.uk for customers to access and monitor from time to time as required.
Can Swansea Building Society change the interest rate?
  • Yes - Interest rates are variable which means the interest rate can go up and down and may be amended at any time.

  • We will give you 14 days written notice by post of any proposed change in our interest rates. They will also be posted on our website or you may visit or telephone any one of our branch offices detailed on the reverse of this leaflet. Details of other Swansea Building Society savings accounts interest rates are available in our ‘Range of Savings Accounts’ leaflet which is available by visiting or telephoning one of our branch offices or online here.

  • To understand why rates may be reduced please refer to our General Terms and Conditions for the Operation of Savings Accounts. 

What would the estimated balance be after 12 months
  • Projected Balance = £1,035.00 (This figure is for illustration purposes, does not take into account the individual circumstances of the customer and is based on a deposit of £1,000 with no additional deposits, withdrawals or changes in interest rate within the 12-month period).
How do I open and manage my account?
  • This account is no longer open to new account applications.

  • The minimum investment is £1. The maximum balance that can be held across all accounts held with the Society is £1m*, or £500k where the customer first opened an account with the Society on or after 01.03.23.  *Please note that where an existing customer(s) who opened an account on or before 28.02.23 has an aggregate savings balance in excess of £500k, they will not be allowed to deposit further monies where their combined balances are in excess of these amounts. 

  • Deposits can be made by cheque, standing order, electronic bank transfer, transfer from another account held with the Society (subject to the Terms and Conditions of that account) or cash (cash deposits are limited to £3,000 per customer per day).

  • Manage your account in branch, e-mail, post or online via secure message (subject to Swansea Online Account eligibility criteria, available when you click ‘Register Now’).

Can I withdraw money?
  • Yes, you do not have to give notice to close your account or make a withdrawal.

  • You can withdraw money from your account at any time without notice, loss of interest or penalty by visiting us at a branch. Alternatively, you may send us your signed written instructions by post, by Email or via our online service Swansea Online using the secure messaging service.

  • Minimum withdrawal is £1 (or less if closing the account). Minimum balance to be held in this account is £1.

  • The maximum cash withdrawal per customer per day is £1,000.

Additional Information
  • For General Terms and Conditions applicable to this account see “General Terms and Conditions for the Operation of Savings Accounts" available from our branches or online here.

  • The Society is part of the Financial Services Compensation Scheme (FSCS). Details of the scheme and who is covered by it can be found at www.fscs.org.uk.

  • Service charges and costs may apply to your account. These are outlined in our Savers Tariff. 

  • In certain circumstances we may refuse an instruction to operate an account. These circumstances are outlined in our General Terms and Conditions for the Operation of Savings Accounts. 

Specific Terms and Conditions for the Business Instant Access Saver Account 1. Account opening and Investment Limits:

This account is no longer open to new account applications. A maximum of 4 signatories are permitted. The minimum investment is £1. The maximum balance that can be held across all accounts held with the Society is £1m*, or £500k where the customer first opened an account with the Society on or after 01.03.23.  *Please note that where an existing customer(s) who opened an account on or before 28.02.23 has an aggregate savings balance in excess of £500k, they will not be allowed to deposit further monies where their combined balances are in excess of these amounts. 

2. Further Investment:

You may add to your savings at any time, just call into your local branch with your deposit. If it is more convenient you can post the deposit, make a payment via electronic bank transfer or save through a standing order from a UK bank or building society account. *Please note that where an existing customer(s) who opened an account on or before 28.02.23 has an aggregate savings balance in excess of £500k, they will not be allowed to deposit further monies where their combined balances are in excess of these amounts.

3. Withdrawals:
You can withdraw from your account without giving notice subject to Society limits. Details of our cash, cheque and electronic payment withdrawal limits are displayed in our branch offices and on our web-site.

4. Interest:
Interest is variable and calculated on a daily basis on the balance in the account. Interest will be credited to the account following the close of business on December 31 each year. Statements are sent out annually on December 31st. A solicitor's firm must account to its clients for the interest under the terms of the Solicitors Accounts Rules or the Financial Services (Client Money) Regulations.

5. Membership Rights:

This account is not a share account and therefore you will have no Society membership rights in Swansea Building Society (e.g. the right to vote).

6. Terms and Conditions:
These specific Product Terms and Conditions apply to this account in addition to our General
Terms and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the specific Product Terms and Conditions, the specific Product Terms and Conditions will apply.

The information provided is a summary of the key features of the savings account and is not intended to be a substitute for reading the Terms and Conditions that apply to the account.

Need help - If you would like to speak to one of our friendly team about opening an account and / or to answer any questions you may have, please click here to request a call back or go to our ‘Contact Us’ page for details of how to contact your local branch.

Forms

You can download any of our application forms or related documentation here. If you need any assistance, please contact your local branch where one of our team will be happy to help you. For details of how to contact your local branch, please see our ‘Contact Us’ page.