Account name
Limited Access (issue 3)
If you're ready to open an account you can download and complete an application form.
What is the interest rate?
The variable rate below applies from 19 August 2023:
- £100 - £24,999.99 - 3.90% Gross / AER
- £25,000 plus - 4.10% Gross / AER
Interest is calculated daily and paid annually on 31 December.
If you're ready to open an account you can download and complete an application form.
Can Tipton & Coseley Building Society change the interest rate?
We may increase or decrease the interest rate at any time. Further details can be found in our Savings Terms and Conditions, available on our website, in branch or in your welcome pack.
If you're ready to open an account you can download and complete an application form.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The balance after 12 months on an initial deposit of £1,000 with an interest rate of 3.90% gross / AER (variable) would be £1,039.00.
The balance after 12 months on an initial deposit of £25,000 with an interest rate of 4.10% gross / AER (variable) would be £26,025.00.
This estimation is an illustration only and assumes:
- the account is opened on 1 January;
- there are no additional deposits or withdrawals made;
- interest is paid back into the account;
- there is no change to the interest rate; and
- interest is paid gross on 31 December.
If you're ready to open an account you can download and complete an application form.
How do I open and manage my account?
The account is available for anyone aged 16 or over.
You can open a savings account at any of our branches with no appointment needed or by post. Only one account can be opened per customer. Joint accounts may be opened.
The minimum opening deposit is £100. You must have at least £100 in the account to keep it open. Withdrawals taking the balance below £100 are only allowed on closure of your account.
For opening deposits made by electronic payments, you must send your initial deposit within 14 days, or the account will be automatically closed.
You can pay money in or draw money out at any of our branch offices or through the post. Additional deposits can be made by cash or cheque. You can also pay money into your account by standing order. The maximum balance is £100,000 per customer. The maximum overall holding per customer is £500,000.
You can view your balance and recent transactions on the Tipton App, available in the Google Play Store and Apple Store.
If you're ready to open an account you can download and complete an application form.
Can I withdraw money?
You can make three withdrawals per calendar year without notice or charge. Upon your third withdrawal, no further withdrawals, including account closure are allowed until the following calendar year. Withdrawals must be made by cheque only and subject to our daily withdrawal limits which is £20,000 by cheque. Higher amounts require two days notice. The minimum amount for a cheque withdrawal is £10.
Withdrawals taking your balance below £25,000 will result in a lower rate of interest, as noted in the ‘What is the interest rate?’ section above.
If you're ready to open an account you can download and complete an application form.
Additional information
Interest is paid without tax deducted.
If you decide within 14 days of opening, that the account you’ve chosen isn’t right for you, you can have your money back without charge. We’ll arrange to close the account and return your money or to switch your funds to another of our savings accounts.
Interest rates explained:
- Gross means the contractual rate of interest payable.
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Issued date: 19 August 2023
If you're ready to open an account you can download and complete an application form.
