We are making some changes to the Society’s General Terms and Conditions for savings accounts. These changes will take effect from 1 August 2026.
Summary of the changes
The main changes affect cheque withdrawals, paying in coins, and the reasons we may close an account. The details are explained below.
Withdrawals
We have made the following changes to Section 5 of our General Terms and Conditions:
- Clause 5.2 has been updated to make it clear that the Society does not offer the option of making a withdrawal by cheque.
- Clauses 5.6 and 5.7 have been removed.
- Clause 5.8 has been renumbered as Clause 5.6 and updated to reflect how any remaining balance will be returned if an account is closed due to falling below the minimum balance requirement. The clause now states that any remaining balance, together with any accrued interest, will be paid to your nominated account, or by cheque if no nominated account details are held.
The Society no longer offers the facility to make withdrawals by cheque. Customers wishing to make a withdrawal should continue to use the Society’s standard withdrawal methods.
Paying in Coins
We have added a new Clause 4.7 to explain how we handle coin deposits:
"Paying in coins – in any day we will usually limit you to five bags of coin, regardless of the number of accounts you have. We do not accept any coins from businesses or trade. Whilst we’ll try to accept any cash you want to deposit, it’s at the discretion of our branches to either accept or refuse coins.
Where coins are being deposited, please group all of the same type of coins together when bagging them up. This will help us to process your deposit quickly and easily."
Account Closure Provisions
We have added the following reasons to Section 16.2 of our General Terms and Conditions for closing an account immediately:
- Clause 16.2.6: You didn’t meet the terms and conditions to open the account or didn’t qualify for our savings product.
- Clause 16.2.7: You provided us with us false or misleading information which we relied on, or you didn’t provide us with information we ask you for about your identity or tax position.
- Clause 16.2.8: You haven’t completed setting up your account by paying money into it within any time limit set out in the Product Terms and Conditions.
We have also updated the wording after this list to say:
"Otherwise, we will tell you personally at least 90 days before if we wish to close your account and end our banking relationship with you."
We hope this summary helps explain the changes.
If you are not happy with the changes, you can close your account without notice or penalty within 60 days of this letter. If you wish to do this or would like to talk about any of the changes, please contact your local branch. A member of staff will be happy to help. Contact details for all branches can be found at:
https://swansea-bs.co.uk/swansea-building-society-contact-and-directions-branches
A copy of the updated General Savings Terms and Conditions will be available in all branch offices and on our website from 1 August 2026 at https://www.swansea-bs.co.uk/savings/forms
Thank you for your continued support of the Society.
