Community Saver

Account Name

Community Saver

Can Skipton Building Society change the interest rate?

• Yes, the interest rate is variable, so it can go up or down.
• Section 8 of our Savings Account Terms and Conditions [PDF] explains why we may change the interest rate.
• If there is at least £100 in the account, we'll notify you in advance if we intend to reduce the interest rate.

How do I open and manage my account?

• This account is only available to UK residents aged 18 or over acting for a UK based club, society, association, church or charity which we will refer to as association throughout the terms and conditions. It's not for corporate bodies or business traders.
• The account can be opened and managed in branch or by post. You may be required to set up appropriate security and access measures, and these might differ depending on how you choose to manage the account.
• You can have up to four people acting as signatories or trustees for the account.
• The minimum opening and operating balance for this account is £1. You must keep at least this amount in the account to keep it open.
• The minimum operating balance must be met for interest to be earned.
• Subsequent payments in can be made from £1.
• The maximum balance for this account is £1 million.

Can I withdraw money?

• Yes, as long as you’ve set up the relevant security and access measures, you can withdraw in branch or by post, subject to the minimum operating balance.
  
• The minimum withdrawal amount is £1. You don’t need to give us notice and there are no penalties.
  
• If you withdraw by electronic payment, this must be to a UK bank or building society in the name of the association or, if allowed by the mandate, in the name of the trustee(s).
  
• Withdrawals must be for the benefit of the association and as provided for in the mandate. 
  
• We won’t make an electronic payment to any other type of account.

Additional information

• The Annual Equivalent Rate (AER) shows what the interest rate would be if interest was paid and added each year.
• We pay all savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future.
• Accounts can be withdrawn from sale at any time and without notice.
• If any of the account holders are not existing members of the Society, we’ll require their National Insurance number, confirmation of address and some form of identification to open the account. If you're opening the account in branch, please bring proof of ID as set out in our ‘Proving your Identity’ document or at skipton.co.uk/help-and-support/savings-help in the ‘Useful Documents’ section. If you’re on the electoral roll for your current address, we may be able to verify your identification electronically. To do this, please call us on 0345 850 1722 and we’ll let you know straight away if you’ve passed our checks. If we can’t verify your identity electronically, you’ll need to provide us with proof of ID.
  We’ll also need a signed mandate from the association’s representatives on their letterhead, confirming who can hold and manage the account. In some circumstances we may need to ask for more information.