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Select Access Saver

You'll get a higher interest rate if you make no more than 4 withdrawals in a calendar year.


What's nice about it:

  • Get a variable rate of 0.60% Gross / AER , paid annually on 1 January, if you make no more than 4 withdrawals in a calendar year.

  • Open this account with a £500 deposit and keep it open with a minimum balance of £1.
  • Manage your account, by making deposits or withdrawals, over the phone or in-branch.

    • You cannot withdraw from, deposit into or access this account through online or mobile banking.
    • More than 4 withdrawals in a calendar year will result in a reduced interest rate of 0.10% Gross / AER .
  • Available as a sole or joint account.
  • Our Select Access Saver is provided by Britannia.
    Britannia Logo

Summary Box for Britannia Select Access Saver 8

  • The information provided below is a summary of the key features of our Select Access Saver and is not intended to be a substitute for reading its terms and conditions.

Account name

Britannia Select Access Saver 8


What is the interest rate?

Interest paid annually

0.60% Gross 0.10% Gross

If you make four withdrawals or less in a calendar year.

If you make five withdrawals or more per calendar year.

  • Interest is calculated daily and will be paid into your account annually on the first Business Day after 1 January.

What happens after my fifth withdrawal in a calendar year?

The lower interest rate will apply from your fifth withdrawal until 31 December in the same calendar year.

After my fifth withdrawal, when will I get the higher interest rate again?

You'll get the higher interest rate again on 1 January in the new calendar year. From that date, you'll be able to make another four withdrawals before getting the lower interest rate.


Can Britannia change the interest rate?

Yes - the interest rate is variable, which means it can go up or down.

We may change your interest rate for various reasons, please see the 'When we can make changes to interest rates' or 'Changing these terms and ending this agreement' section of our General Terms and Conditions for more details.

When we increase our interest rates - we'll tell you about the change within 30 days after it's happened.

When we decrease our interest rates we'll inform you by personal notice at least two months before we make the change.

We don't need to notify you of an interest rate change if you've got less than £100 in your account.


What would the estimated balance be after 12 months based on a £1,000 deposit?

Where you have made four withdrawals or less in a calendar year, giving you the higher interest rate

Account balance after your last withdrawal Balance after 12 months
£1,000.00 £1,006.00

Where you have made five withdrawals or more in a calendar year, giving you the lower interest rate

Account balance after your last withdrawal Balance after 12 months
£1,000.00 £1,001.00

We have worked this out assuming:

  • The 12 months starts on 1 January and is also the day you made your last withdrawal.
  • We haven't changed the interest rate in the 12 month period.
  • You haven't made any additional deposits or withdrawals.

As you'll receive the higher interest rate until your fifth withdrawal, you should never experience a full 12 months at the lower rate. This scenario has been used to demonstrate the impact of making more than four withdrawals.


How do I open and manage my account?

Can I apply for this account?

To apply, you must:

  • Be aged 16 or over.
  • Be a UK resident

Please note:

  • You can only have one Select Access Saver 8 account at a time.
  • If you close a Select Access Saver 8 account, you cannot open another one in that same calendar year.
  • If you have an earlier issue of the Select Access Saver you can still apply for this account.

How do I apply for this account?

You can apply for this account:

  • Online
  • Over the phone
  • In branch

Is there a minimum and a maximum balance?

The minimum opening balance is £500, but you only need £1 to keep this account open. This means you need £500 to open it, but can withdraw your money afterwards (provided there's at least £1 left).

The maximum balance is £1,000,000. You've got 14 days from when we open your account, to pay in the minimum balance of £500. You can do this in one lump sum or through multiple payments. If after 14 days you haven't met the minimum balance, we'll close the account immediately and return any funds to you.

How do I make deposits into this account?

By cash, cheque, or transfer from another account held with us or another provider (such as by using their app, setting up a standing order or Direct Debit).

How do I contact you to discuss this account?

By telephone or visiting a branch.


Can I withdraw money?

Yes, whenever you want. However, you'll get a lower rate of interest after your fifth withdrawal in a calendar year.

You can make withdrawals over the phone via a linked account, in branch or by post.

How do I make those withdrawals?

Over the phone - to do this, you'll need to link an existing current account (held either with us or elsewhere) to your Select Access Saver 8. This can be done during the application process or after you've opened the account, by contacting us.

In branch - you can withdraw cash, cheques or make internal transfers.

By post - you can send us a withdrawal request and we will send your money to you by cheque in the post or by internal transfer. You can request withdrawal forms over the phone and in branch, or download them online.


Additional information

Interest earned from this account will count towards any of your available personal savings allowance.

We will pay interest without deducting income tax. If you earn more interest than the amount permitted as tax free income, you will have to pay tax on the interest earned directly to HM Revenue & Customs. If you are not sure whether you will have to pay income tax, we recommend that you contact your local tax office or HM Revenue and Customs or visit www.gov.uk/hmrc/savingsallowance.

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.

Gross - The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

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

Business Day - A Business Day is usually Monday to Friday (excluding bank holidays).

Apply for our Select Access Saver

To apply, you need to be:

  • 16 or over.
  • A UK resident.
  • You can only have one Select Access Saver 8 account at any one time. If you close your account, you can't open another Select Access Saver 8 within that same calendar year.
  • If, however, you have an earlier Select Access Saver account - between issues 1 and 6 - you can also open this account whilst it's available.

Ready to apply?

Please read our terms and conditions and other important documents before applying.
  • All the information you've read so far (e.g. features, eligibility) can be found in the important documents below. We recommend that you save a copy of these important documents for future reference.
Apply now

Important documents

pdf

Product Specific Terms and Conditions & Summary Box (which contains interest rates)

Download PDF (1.10MB)
pdf

Britannia General terms & conditions

Download PDF (242KB)
pdf

Managing your Britannia Savings account (including Charges)

Download PDF (521KB)
pdf

How we use your personal information

Download PDF (204KB)
  • Important
  • Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.
  • The Co-operative Bank reserves the right to decline or accept any application and/or deposit.

Unanswered questions?

    Help for existing customers

    Get extra information about applications, rates and accessing your savings account.

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    Co-operative Bank

    We’re part of The Co‑operative Bank, and we share the same ethical values too.

    smile, Britannia and The Co‑operative Bank are trading names of The Co‑operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).

    The Co‑operative Bank reserves the right to decline any application.

    References to tax are based on our understanding of current tax regulations - these may change and depend on the customer’s individual financial circumstances.

    You can subscribe to a smile/Co‑operative Bank/Britannia Cash ISA if you have not subscribed to another cash ISA with another provider in the current tax year.