In order to earn a higher rate of interest this account requires advance notice of 35 days before you can withdraw any of your money. While you earn interest on your savings you will have the comfort that your money will make a difference to other people's lives.
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we as a Bank fail to meet our financial obligations. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website for the Finanacial Services Compensation Scheme.
*AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
What is the interest rate?
Can Reliance Bank change the interest rate?
• We may change any of the rates and charges detailed in this Important Information Summary
• We’ll notify you of any changes by post, email, or any other form of communication
• If we increase the interest, we’ll make details of the rate change available on our website within 3 working days of the change
• If we decrease the interest rate, we’ll let you know personally and give you at least 14 calendar days notice before we do so. If you are not happy with the change, you can at any time up to 30 days from the date we tell you about the change, close or switch your Account without paying any penalty or other charges. If you do not do so, we will consider that you have agreed to it
What would the estimated balance be after 12 months based on a £1,000 deposit?
On a deposit of £1,000, the estimated balance would be £1,003.00. This is based on:
How do I open and manage my account?
Can I withdraw money?
• A notice of withdrawal is not permitted within the first 35 days
• No early withdrawals
• You can withdraw funds by writing to our office or by i-mail (internet banking)
Additional information
• All interest on UK savings accounts will be paid gross**
• If you earn more interest than the Personal Savings Allowance, you may have to pay extra tax yourself
• The Personal Savings Allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Additional rate taxpayers don’t receive a Personal Savings Allowance
• You will have to declare interest earned if you exceed your annual Personal Savings Allowance, as set by HMRC
• You are covered under the Financial Compensation Services Scheme
• For more details on current interest rates and charges call us on 020 7398 5400
*AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time
**Gross rate means that credit interest is paid without income tax being deducted.
Rates and information correct at 14/07/2020.
Apply
1) Click on 35 Day Notice Personal Savings Account documents at the base of this page and read our key documents
2) Complete the Personal Savings Account Opening Form
3) We’ll assess your application
4) We’ll set up your account
Read our key documents
1) 35 Day Notice Personal Savings Account Terms and Conditions
2) What you need to open an account
3) Reliance Bank Personal Terms and Conditions
Complete the Personal Savings Account Opening Form
Complete the Personal Savings Account Opening Form and refer to the What you need to open an account document to prove your identity and address.
The Personal Savings Account Opening form is a paper application form so please print it out, complete it and send it to us at:
Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB.
We’ll assess your application
• There is a minimum balance of £500 required to maintain the 35 Day Notice Personal Savings Account
• The maximum balance that can be held is £2m. Accrued interest will be transferred into your current account. Please contact us if your request is above £2m.
We’ll set up your account
If your application is successful, we’ll set up your account and send you a welcome pack.
We are proud to be the bank of The Salvation Army International. Find out more about our shared history.