Easy access pension (issue 1)
Benefits to you
- Daily interest
- Interest paid annually on December 31st
|
Interest rate % |
Product name |
Min opening balance |
Withdrawal options | Save up to (Max) |
|---|---|---|---|---|
| 1.50% | Easy access pension (issue 1) | £1,000 | Easy access | £500,000 |
Summary box
Account name
Easy access pension (issue 1)
What is the interest rate?
Gross: currently 1.50% variable AER: currently 1.50% variable Net: N/A Bonus: N/A
If your balance falls below the minimum operating amount the interest rate payable on the remaining balance for that calendar year will be equivalent to the Society's Extra Ordinary Account rate: GROSS/AER: currently 1.45% variable.
AER: Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year
Can Teachers Building Society change the interest rate?
The interest rate for this account is variable, meaning that it can be changed at any time in accordance with sections 6.4, 6.5 and 6.6 of the applicable terms and conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The estimated balance after 12 months based on a £1,000 deposit would be £1,015.00. This amount is based on the assumption that all terms and conditions for the account are met.
How do I open and manage my account?
- For SIPP accounts, your scheme administrator will need to complete and return a pension application form together with the required documentation
- For SSAS accounts, you will need to complete and return a pension application form together with the required documentation
The account can be opened by completing our Pension application form and sending it to us, together with a cheque made payable to ‘Teachers Building Society a/c (name of organisation)’ for a minimum sum of £1,000 (this is the minimum opening balance and the minimum operating balance). The maximum holding
permitted across all accounts is £1.5m exclusive of accrued interest. The account can be added to at any time up to a maximum investment of £500,000. If the balance falls below £1,000, the society reserves the right to close the
account. Any additional deposits will be accepted by cheque or electronic transfer from the designated pension bank account only.
Please note: SIPP deposits will only be accepted by scheme administrators authorised and regulated by the Financial Conduct Authority.
Can I withdraw my money?
Withdrawals/closures must be requested in writing and funds will be sent to the designated bank account upon receiving signed instructions from the required signatories as outlined on the original application form. Withdrawals/closures can be made at any time, without notice.
Will I get charged to operate my account?
The normal day to day operation of your account is free of charge. However there are some additional services that we may charge your for. These are as follows:
• Withdrawals by telegraphic transfer: If you ask us to transfer money to your bank as a same day transfer - £25.00
• Unpaid/returned cheques: If your bank or cheque issuer does not honour your cheque and we reverse the payment from your account - £7.00
Additional Information
- Your interest is calculated daily and credited to your account annually (on 31st December)
Terms & conditions
We recommend that you review our savings T's and C's before completing an application form.
FSCS protection for your savings
The Financial Services Compensation Scheme (FSCS) is a free, independent service that protects up to £85,000 of your eligible deposits at Teachers Building Society.