What if I make more than three withdrawals each tax year?
Withdrawals/transfers can be made and are limited to three per interest year to qualify for the conditional bonus rate. If four or more withdrawals are made or the account is closed, you will be paid the standard interest rate without the conditional bonus, until the day before the start of the interest year (1st February to 31st January). The interest rate and number of withdrawals is reset on the 1st February annually. You can make unlimited withdrawals without notice, providing you keep at least £500 in your account at all times.
Will I be taxed on the interest?
No, the interest you'll receive will be tax-free.
Additional information
The interest on this account is variable, this means that it can go up or down. The basis on which we might change your interest rate is set out in our terms and conditions. This is a limited issue account which could be withdrawn at any time. There are other savings accounts available with Nottingham Building Society and other banks and building societies. Subject to withdrawal conditions you can switch accounts at any point. You can read our branch savings terms and conditions here.
To open one of our savings accounts call your nearest building society branch to book an appointment.
Your savings are covered by the Financial Services Compensation Scheme (FSCS), so your savings are protected. The scheme was set up by the government and is funded by the industry. Savers could get up to £85,000 if their bank or building society goes out of business.
Find out moreAs a mutual building society, you own us, not shareholders. That means we pass our profits and extra benefits directly to you instead of paying dividends.
To open this savings accounts call your local branch to speak to an adviser to book an appointment. You cannot open or manage this account online.
Scratching your head about savings? Take a look at questions that our members frequently ask us, which you might also find helpful.
