Teachers for teachers (issue 1)
Benefits to you
- Competitive variable rate of currently 4.75% gross/AER variable
- Easy access - up to 3 penalty free withdrawals can be made per calendar year
- Add money to your account at any time up to a maximum saving of £100,000
- Exclusive to teachers (including retired teachers) and other education professionals
- PLEASE NOTE - This product is NOT an ISA
|
Interest rate % |
Product name |
Min opening balance |
Withdrawal options | Save up to (Max) |
|---|---|---|---|---|
| 4.75% | Teachers for teachers (issue 1) | £5,000 | Up to 3 penalty free withdrawals permitted per calendar year | £100,000 |
Summary box
Account name
Teachers for teachers (issue 1)
What is the interest rate?
Gross/AER: currently 4.75% variable
If you make more than three withdrawals per calendar year, the interest rate payable on the remaining balance for that calendar year will be equivalent to the Society's Extra Ordinary Account rate: Tax-Free/AER: currently 0.50% 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 section 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 £5,000 deposit?
The estimated balance after 12 months based on a £5,000 deposit would be £5,237.50. 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?
This account can be opened by post or online. After the account has been opened, it can be managed by telephone or online. The minimum opening balance and minimum operating balance for this account is £5,000 with maximum savings of £100,000.00.
- You can register and log in to your account here once opened
Available to teachers (including retired teachers) and other education professionals only
Can I withdraw my money?
Up to three withdrawals can be made per calendar year without notice by telephone or online. If you make more than three withdrawals per calendar year, the interest rate payable on the remaining balance for that calendar year will be equivalent to the Society's Extra Ordinary Account rate.
When you wish to make a withdrawal, you will need to contact us on 0800 783 2367 or log into your ‘My Accounts’ service to request the funds. The Society will then transfer the money to your nominated account by the Faster Payments Service. Your funds will then be available to you on the next working day, so please take this into account when making a withdrawal (this is not suitable if you think you may need the money on the same day).
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 you 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)
- This product may be withdrawn at any time without notice
Open your account online
- Application takes minutes
- Minimum opening/operating balance £5,000. Maximum savings £100,000
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.