1.Account opening and Account Holder:
To operate an account, the applicant(s) need to be aged 18 and over. A maximum of one Regular Monthly Saver Account can be held either in sole or joint names. The minimum opening investment is £25 and maximum opening investment is £500 for a sole or joint application. Where the account was opened from December 2021, a Society instant access account must be opened to run alongside the account(s) for receipt of monies on the account opening anniversary. This account must remain open while the Regular Monthly Saver account is still open.
2. Investment Limits:
Maximum investment is £6k. The maximum balance that can be held across all Swansea Building Society savings accounts held is £1m. Where excess monies are received, such monies will be returned using the same method by which they were deposited.
3. Further Investment:
For all accounts opened from January 2022, you may only add to your savings at any time via standing order or direct debit (instructed by us) from a UK bank or building society account. No cash or cheque deposits can be accepted. For accounts opened before January 2022, cash or cheque deposits can only accepted up to December 31st, 2022. The minimum amount that can be deposited in any one month is £25 and the maximum amount that can be deposited in any one month is £500. The minimum payment must be received every calendar month. Where funds are received in excess of this limit, the payment received will be returned in full via the method used to credit the account. (Where accounts were opened prior to December 2021, cash or cheque deposits can only be made until December 2022).
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. The minimum balance on the account is £1. If the balance on the account falls below the minimum required balance, the saver will have 30 days from the date we issue a notice to the saver to bring the balance back to the minimum. If, after the notice period has lapsed the balance remains below the minimum, we may close the account without further notice.
Interest is variable and calculated on a daily basis on the balance in the account. Interest will be credited to the account monthly and applied to the account on the last working day of each month.
6. Payment of balance upon annual anniversary of account opening:
For accounts opened after December 2021, the account balance after 12 months from account opening must be paid away from the account into the designated instant access account held at the Society. However, the account holder(s) can continue to pay monthly into this account without a break in deposits.The account holder(s) will be written to at the time of the annual anniversary of the account opening with confirmation of the transfer made. For accounts opened prior to December 2021, the account balance after 12 months from account opening must be paid away from the account into the designated account chosen. However, the account holder(s) can continue to pay monthly into this account without a break in deposits. The account holder(s) will be written to at the time of the annual anniversary of the account opening with confirmation of the transfer made.
7. Terms and Conditions:
These specific Product Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the specific Product Terms and Conditions, the specific Product Terms and Conditions will apply.