Instant Access

This account does not receive interest.

Yes, the rate is variable. That means that 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.

£1,000.00

As no interest is payable the balance would be unchanged. This assumes an initial deposit of £1,000 with no further deposits or withdrawals being made.

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.

Opening the account

You can open an account in branch or by downloading an application form from our website and emailing or posting it to us.

Managing the account

You can operate your account in branch and through our Online Services.

A minimum deposit of £10 is required to open the account. Whilst the product has a maximum overall balance limit of £250,000, we would not recommend holding significant balances in this account because it does not pay any interest. If your requirements change in future, please talk to us so we can direct you to more appropriate accounts.

Deposits can be made in branch by cash or cheque, standing order or online banking.

Withdrawals from the account can be made in branch, over the telephone or through our Online Services.

Withdrawals in branch can be made by cash, cheque, or Faster Payment. Withdrawals over the telephone or through Online Services can be made by Faster Payment directly to your nominated bank account or to another Vernon Building Society account in your name.

There is no minimum withdrawal amount for this account. However, the minimum balance remaining after a withdrawal must be £1.

Please also refer to section 12 of the General Savings Terms & Conditions brochure for further information.

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