Existing members account (EMA)

Account name

Existing members account (EMA)

What is the interest rate?

Account balance

Interest rate

£1+

3.90% Gross/AER variable

• If the balance falls below the minimum operating balance, a variable rate of 1.50% gross/AER will be paid.

• Interest is variable and calculated daily and paid annually on 31 October or upon closure. Annual interest can be credited to this account, to another Newbury Building Society account or your bank account.

Can Newbury Building Society change the interest rate?

• The rate can be changed in accordance with our Savings terms and conditions. These can be accessed in branch and online at www.newbury.co.uk.

• You will be notified of any material downward rate change by letter or secure message.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Account balance

Estimated balance

£1+

£1,039.00

• The estimation is for illustrative purposes only and does not reflect individual circumstances.

How do I open and manage my account?

• Available to existing members of at least one year.

• One account per customer, to be held by an investor in his or her sole name. Joint accounts are not allowed.

• This account can be opened and operated in branch, via the post or online.

• There is no minimum age to open this account (subject to one year’s membership), however to open and operate this account online the minimum age is 18 years.

• If you are opening your account online, the initial deposit must be made after the account has been approved and within 14 calendar days.

• The minimum opening balance is £50.

• The minimum operating balance is £1.

• If the account is opened online or by post, the account must be approved within 14 days. If the account is not approved within 14 days, we will close the account. The account is approved when we have received the application and the identification requirements have been satisfied.

• Once the account is approved, the account can receive deposits up to the account limit within five business days. If no deposits have been received within five business days, we will close the account.

• The maximum deposit is £6,000 per tax year (6 April to 5 April).

Can I withdraw money?

Withdrawals can be made:

• Up to £500 cash per day in branch.

• By cheque against cleared funds in branch or by post.

• By electronic payment in branch to your nominated account (up to £50,000).

• Via the myaccounts online service to your nominated account (up to £50,000).

• By CHAPS for electronic payments to your nominated account (over £50,000).

Additional information

• Tax status – From 6 April 2016, HMRC introduced a Personal Savings Allowance for individuals and as a result interest on savings is paid gross of tax. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. For further information go to www.GOV.UK.