Operating Your Savings Account
How do I add money to my account?
Money can be added to your account in one of the following ways - just choose the option that best suits you!
- Ask your bank to make a direct transfer. Simply contact your bank and quote the following numbers:
- Sort Code: 40-40-22
- Account Number: 40724971
- Customer Reference Number: xxxxxxxx (Your customer reference is the same as your 8 digit Scarborough Building Society account number.)
You must allow at least three bank working days for the payment to reach the Society where payments are made from a bank or building society account - please take this into account when asking your bank to send payments.
- For customers using our branches you can pay cash or cheques into your account over the counter. Please make the cheque payable to ' Scarborough Building Society/Your Name'.
- For Investment Direct customers you can send a cheque, making it payable to Scarborough Building Society/Your Name, to:
- Investments Direct
- PO Box 160
- Scarborough
- North Yorkshire
- YO11 3WY
How can I withdraw from my account?
Please see specific account details for information on any withdrawal restrictions applicable to your chosen account.
Branch Accounts: Withdrawals can be made at one of our branches and can be in the form of a cheque or cash (subject to cash withdrawal limits). Please see our General Investments terms and conditions for details.
Direct Accounts: Withdrawals made through Investments Direct can be sent via cheque or by BACS. BACS payments will be sent directly to your nominated bank account which, for your own security, must be an account held in your name(s), or in joint name(s) with others. It usually takes 3 bank working days for a BACS transfer to become available in your nominated account.
What if I change my mind?
Not a problem! As with all our investment accounts you have a 14 day right to cancel period in which you can close your account without charge or penalty. Please see the Society's General Investment Conditions for full details.
What happens if my balance falls below the minimum required?
If your balance falls below the minimum level for your account, then the interest rate paid will be equal to the Society's Variable Base Savings Rate. Details are available on request.
When will my interest be paid?
If you choose to have your interest paid annually it will be added to your account on the anniversary of it opening. The Society reserves the right to change the day on which the interest is added to your account. You may also elect to have the interest transferred to another Scarborough Building Society account or paid to another bank or building society.
If the account allows, you may decide you want to receive a monthly income from your savings. If you choose to have your interest paid monthly, you can elect to have the interest added to your account, transferred to another Scarborough Building Society account or paid to another bank or building society. Monthly interest will be added to your chosen account on the first working day of each month.
* The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate (the net figures quoted assume liability at a tax level of 20% for illustrative purposes only).
** AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Please note that the account specific Terms and Conditions may preclude you from earning these rates.