Regular Monthly Saver

This monthly saver account is designed specifically for customers over the age of 18 who are looking to save regularly between £25 and £500 per month with instant access to their monies. The account balance after 12 months from account opening is transferred into a linked instant access account held at the Society. (A linked instant access account must either be held at account opening or one will need to be opened to run alongside the Regular Monthly Saver account for receipt of the account balance on the annual anniversary of the Regular Monthly Saver being opened.) The account holder(s) can continue to pay monthly into this account without a break in deposits, saving continuing from a zero balance.

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Regular Monthly Saver Accounts

Regular monthly saver accounts are an ideal way to save for a special occasion or just to build up your savings over time, enabling you to save regularly instead of depositing a lump sum. Regular savers accounts, generally known as monthly saver accounts, have the additional advantage of helping you to learn important savings habits and understand how to save routinely.

What are regular saver accounts?

You can open one of our regular monthly saver accounts with as little £25 and make regular deposits to experience one of the societies best savings rates. Withdrawals are not restricted offering instant access if needed which is a great option to save for anything special with the added knowledge you can withdraw without giving notice if needed.

Why should I open a regular monthly saver account?

If any of the following apply to you, perhaps it's time to think about opening a regular monthly saver account:

  • You earn a consistent monthly salary and wish to start saving.
  • You're saving for a special reason, such as a wedding, or a deposit to buy a house.
  • You intend to reap the benefits of available monthly saver rates.
  • You'd prefer to put away more modest payments over a longer period, instead of one larger lump sum payment.
Reasons to choose our regular monthly saver accounts
  • Get an interest rate of 1.40% GROSS/1.41% AER (Variable)
  • Save between £25 and £500 a month
  • Have instant access to your savings with no withdrawal charges
Who this account is for?
  • You need to be aged 18 or over and reside in Wales.
  • Perfect if you prefer to save money every month and enjoy instant access to it.
How it works

Save £25 - £500 every month either by standing order or direct debit (minimum one payment must be received per month by these means). This must reach your account prior to month end. You can "top up" your nest egg by bank transfer provided that you don't exceed the £500 monthly limit.

You are only allowed to have one Monthly Saver in your sole name or held jointly.

Summary Box - Key Product Information:

Account Name Regular Monthly Saver
What is the Interest Rate?
  • 1.40% GROSS/1.41% AER (Variable) - from 01.03.2022
  • Interest is variable and calculated daily on the balance in the account and added to the account on the last working day of each month.
  • Interest is paid gross without tax deducted. If the total amount of interest you earn exceeds your Personal Savings Allowance then you may have to pay tax directly to HMRC. For more information visit www.gov.uk and search ‘Personal Savings Allowance’.
  • 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 depends on the individual circumstances of each customer and may change in the future.
  • The interest rate for this account will be displayed via our web-site 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. 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 at www.swansea-bs.co.uk.
  • 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 = £1,208.46 (This figure is for illustration purposes, does not take into account the individual circumstances of the customer and is based on a deposit of £100 made to the account on the first day of each month and that interest is added to the account at the end of each month. It also assumes no changes in the interest rate within the 12 month period. Instead of being added to the account interest can be paid to you at the end of each month and if that option was chosen the projected balance on your account would be £1,200.00.)
How do I open and manage my account?
  • To open an account, you must be resident in Wales. Simply call at one of our branches or complete an application form and post it to us along with a cheque made payable to '(your name)’. For further details on our Identification process please see our Proving Your Identity leaflet available from branch offices or online here.
  • The minimum monthly investment is £25 and the maximum monthly investment is £500. At least one deposit must be made every month.
  • Maximum investment £6,000. The maximum balance that can be held across all Swansea Building Society savings accounts held is £1m.
  • Apart from the first deposit made which can be made by debit card/cash (in-branch only) or cheque, you must make one regular monthly payment by Standing Order or Direct Debit (instructed by the Society) from a UK Bank/Building Society Account. The Standing Order should be set up for any day the following month direct with your bank (up to the 26th). Additional payments can be made into the account electronically or from an Instant Access Saver Account held at the Society subject to the total deposited in the month not exceeding £500.
  • Failure to comply with any of the above conditions will result in the account being closed and the balance transferred to another account you hold with the Society.
  • 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  e-mail 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 at
    www.swansea-bs.co.uk.
  • 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 Regular Monthly Saver Account

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 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 must make one regular payment per month via standing order or direct debit (instructed by us) from a UK bank or building society account. Additional payments can be made into the account electronically or from an Instant Access Saver Account held at the Society subject to the total deposited in the month not exceeding £500. No cash or cheque deposits can be accepted. For accounts opened before January 2022, cash or cheque deposits can only be 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 total in any one month is £500. The minimum payment must be received via a standing order or direct debit (instructed by us) payment 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).

4. 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. 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.

5. Interest:
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.

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.

Hard copy - If you would prefer to print off or save the information on this page you can download a PDF here.

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.