Search the site

Over 60’s Access

Home > Savings > Easy Access > Over 60's Access
Product
Balance
AER
Gross
 
Over 60’s Access
£1,000 - £24,999
0.20%
0.20%
Product
Over 60’s Access
Balance
£1,000 - £24,999
AER
0.20%
Gross
0.20%
£25,000 - £49,999
0.40%
0.40%
Product
Balance
£25,000 - £49,999
AER
0.40%
Gross
0.40%
£50,000+
0.60%
0.60%
Product
Balance
£50,000+
AER
0.60%
Gross
0.60%
  • Minimum opening balance £1,000
  • Save up to £250,000 subject to an overall Society limit of £750,000.
  • Available to new members and existing members aged 60 years and over residing in the United Kingdom.
  • A passbook will be issued when the account is opened.
Summary Box
Account NameOver 60’s Access
What is the Interest Rate?
    • Interest is variable and the rates are currently as follows:
      • £1,000 to £24,999.99 = 0.20% Gross/AER*
      • £25,000 to £49,999.99 = 0.40% Gross/AER*
      • £50,000+ = 0.60% Gross/AER*
    • Interest is calculated daily and  paid annually on 31 March.
    • Interest can be added to the account, paid to a bank or another Loughborough Building Society account.
    • For a full list of our current interest rates click here.
Can the Loughborough Building Society change the Interest Rate?
    • We may change interest rates at any time.
    • For further information about why we may change the rate and how we will tell you about a change, please refer to section 7.4 of the Society’s General Terms and Conditions.
What would be the estimated balance after 12 months based on a £10,000 deposit?
    • Based on the current interest rate, if you deposited;
      • £1,000 in the account, after 12 months you’d have £1,002
      • £25,000 in this account, after 12 months you’d have £25,100
      • £50,000 in the account, after 12 months you’d have £50,300
    • Please note that these projections are provided for illustration purposes only and assumes that no changes take place on the account after the initial deposit is made.
How do I open and manage my account?
    • To open an account you need to provide a completed application form, the minimum investment of £1,000, proof of your identity and address.
    • Maximum balance of £250,000, subject to an overall Soceity limit of £750,000.
    • Available to new members and existing members aged 60 years and over residing in the United Kindgom.
    • This account can be operated via branch and post.
    • No further deposits will be allowed if the account becomes a closed issue.
    • A passbook will be issued when the account is opened.
Can I withdraw money?
    • Instant access, subject to the Society’s normal daily limits which are: £500 cash or £99,999 cheque per day at any branch or agency office. Larger amounts of cash up to £2,000 and cheques over £99,999 require at lease 24 hours notice.
    • The minimum amount left in the account to keep the account open must be £1,000.
    • A passbook must be presented when a withdrawal is requested.
Additional Information
    • Interest is payable gross (no tax is deducted). However, you may be liable to pay tax depending on your income, for further details go to www.GOV.UK and search Personal Savings Allowance.
    • *Gross means the contractual rate of interest payable before the deduction of income tax. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Terms and Conditions

Before opening this account please read our General Terms and Conditions.

 

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS).  The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations.  It’s important that you read the FSCS Information Sheet. It provides basic information about the protection of your savings deposits.

Opening an account is easy and you can do that in any of our branches or by post.

Simply download, print and complete the application form.  Then return your completed form, necessary identification and opening cheque to your preferred branch or post it to Loughborough Building Society, 6 High Street, Loughborough LE11 2QB.

Cheques must be payable to the account holder.

For postal applications we will accept photocopy identification documents as long as they are certified by an appropriate person such as a solicitor, accountant, bank or building society official or other financial services approved person and we are provided with sufficient information to be able to contact that person.

You should read all the product information to ensure this account is right for you and also the Financial Services Compensation Scheme Information Sheet and our General Terms and Conditions.

Download an application form