What is the interest rate?
The variable rates below apply from 1 January 2018. Interest is calculated daily and paid annually on 31 December.
£100 plus - 0.55% gross / AER
Can Tipton & Coseley Building Society change the interest rate?
We may change interest rates at any time. Further details can be found in section 7 of our Terms and Conditions for Savings Accounts booklet.
What would the estimated balance be after 12 months?
The balance after 12 months on an initial deposit of £1,000 with an interest rate of 0.55% gross/AER (variable) would be £1,005.50.
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.
How do I manage and open my account?
You can open a Wolves Saver account if you are aged 16 or over. The minimum opening deposit is £100 and the maximum amount that can be deposited is £25,000 each customer.
You can open an account by coming into one of our branches, there's no need to make an appointment beforehand. Or, you can open an account by post by sending your application form along with your initial cheque deposit.
We are able to access to credit reference agency databases and in the majority of cases this will allow us to prove your identity and address without the need for paper-based identification. If for any reason we do require further proof we will let you know. Please click here to see our list of acceptable identification.
The minimum operating balance is £100, meaning withdrawals taking your balance below £100 can only be made when closing the account.
Joint accounts may be opened, however you can only have one Wolves Saver account open at any one time.
You can pay in and draw money out at any of our branch offices or through the post. Additional deposits can be made by cash or cheque and you can also pay money into your account electronically by standing order.
Can I withdraw money?
Six withdrawals are allowed without notice or charge each calendar year. Having made your sixth withdrawal, no further withdrawals, including account closure are allowed until the following calendar year.
Withdrawals are subject to our daily limits which are:
- £500 by cash; and
- £20,000 by cheque.
Higher amounts require two days notice, subject to £2,500 maximum cash per day. The minimum amount for a cheque withdrawal is £10.
Additional information
Interest is paid gross without tax deducted.
You have 14 days from opening your account to change your mind, where we will close the account and arrange for your money to be deposited into a more suitable savings account or return it to you.
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.
