Need To Know
  • New savings rates from 1 July 2022

Fixed rate pension account (issue 1)

Benefits to you

  • Competitive rate of 1.50% gross/AER
  • Low minimum investment of £1,000
Interest
rate %
Product name Min opening
balance
Withdrawal options Save up to (Max)
1.50% Fixed rate pension account (issue 1) £1,000 Withdrawals are not allowed within the fixed rate period £500,000

Summary box

Account name

Fixed rate pension account (issue 1)

A fixed rate account for a SIPP (Self Invested Pension Plan) or a SSAS (Small Self-Administered Scheme)

What is the interest rate?

Gross: 1.50%      AER: 1.50%      Net: N/A     Bonus: N/A

Can Teachers Building Society change the interest rate?

The interest rate for this account is fixed until 13th August 2024, meaning that it cannot be changed during the fixed rate period in accordance with sections 6.4, 6.5 and 6.6 of the applicable terms and conditions.

What would the estimated balance be at the end of the fixed rate period based on a £1,000 deposit?

The estimated balance at the end of the fixed rate period on a £1,000 deposit would be £1,035.22. 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. 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.
SIPP deposits will only be accepted by scheme administrators authorised and regulated by the Financial Conduct Authority.
Please note: A cooling off period is not available for this type of account.

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 are not allowed within the fixed rate period and therefore ‘Clause 8’ of the Deposit Account General Terms and Conditions only applies on maturity.

Additional information

  • This bond matures at midnight on 13 August 2024
  • The interest rate is fixed until 13 August 2024
  • Interest on this bond will be added on 13 August 2022, 13 August 2023, and 13 August 2024. Alternatively, interest can be paid to a bank account or transferred to another account with the Society
  • The Society will write to you prior to maturity with the options that are available. You will, of course, have the opportunity to withdraw or transfer to one of the Society’s other savings accounts at that time without charge
  • This product may be withdrawn at any time and without notice

Terms & conditions

We recommend that you review our savings T's and C's before completing an application form.

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