Online Regular Saver

This savings account is for anyone wanting to save between £25 and £250 per month, with the intention to build savings without access. It does not allow withdrawals, however, if you need urgent access, you may close the account without notice or penalty.

Every 12 months, all but £1 of the money saved in this account is transferred to a linked Vernon Easy Access account in your name. This money can then be accessed as required and you are able to continue making monthly deposits into the Online Regular Saver.

6.50% Gross*/AER*

Interest is calculated daily and added to your account annually at the end of the month the account was opened.

Yes, the rate is variable. That means we can move it, up or down.

Section 10 of our ‘General Savings Account Terms and Conditions’ explains when we can do this, and how we’ll let you know.

£1,346.37

This projection is provided for illustration purposes, the balance shown is at the end of the month of the anniversary of opening the account and does not consider individual circumstances. It assumes that:

• 13 deposits of £100 are made on the 15th of each month starting from the 15th January.

• Interest is added annually on the 31st January.

• no withdrawals are made.

• the interest rate does not change over the period.

Eligibility

This account is only available to UK residents aged 18 or above, living in the following postcodes: BL, CH, CW, M, OL, SK, WA or WN.

The account is restricted to one account per person and cannot be opened jointly.

Opening the account

You can only open an account by applying online through our website. A linked Easy Access account will be opened for you at the same time unless you already have one. Please refer to the Easy Access Summary Box for the full product information about this account.

Managing the account

The account can only be managed online.

You should deposit at least £25 and no more than £250 each calendar month. Missing a monthly deposit is permitted without penalty. We cannot accept individual deposits of less than £25.

Deposits can be made by standing order or by online bank transfer from your current account.  These should be made by no later than the 25th of the month to ensure they are received before the end of the month.

Annually, at the end of the anniversary month of opening the account, all but £1 of your savings will be transferred to your linked Vernon Easy Access account. If you don’t already have an Easy Access account a new one will be opened for you.

No withdrawals can be made from this account. However, if you need urgent access to your savings, you may close the account without notice or penalty, with any balance paid to the bank account that you nominate as part of your application. If the linked Easy Access account is unused and has no balance, this account will be closed at the same time.

After the anniversary transfer, you can continue to pay your monthly deposit into your Online Regular Saver.

If, 3 months after the annual transfer, we haven’t received a further deposit from you then we will close your Online Regular Saver and transfer any remaining balance into your linked Easy Access account.

The information contained in this summary box forms part of the terms and conditions of the account and should be read in conjunction with our General Savings Account Terms & Conditions.

*Interest rate terms explained:

AER

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Gross

The interest rate without tax deducted.

Personal Savings Allowance (PSA)

You may need to pay tax on any interest that takes you over your PSA. The treatment of your account for tax purposes will depend on your individual circumstances. All tax information is based on our understanding of current law and HM Revenue & Customs practice, both of which may change. For more information, visit hmrc.gov.uk