Swansea Building Society is increasing the interest rate payable on all of its savings accounts, with the change effective January 1, 2022.
The building company’s decision was made before the recent rate change announced in the Bank of England’s (BOE) base rate, and all interest rates on its savings accounts will be increased by 0, 15%.
The Company is also making additional changes to its range of savings accounts. With immediate effect, it is now accepting ISA cash transfer requests, and the maximum amount that may be held in all Company savings accounts per client has been increased to £ 1million.
In addition, its instant and 90-day notice business accounts are now available for new account openings.
As of January 1, 2022, the Company’s personal Premier account and Business Premier accounts will be renamed Instant Access Saver Account and Business Instant Access Saver Account respectively – without modification of the current terms and conditions.
The Company is also relaunching its regular savings account for new account requests, which will henceforth be referred to as the regular monthly savings account.
Finally, the Company’s savings account aimed at helping young adults save, called the First Adult Saver Account, will see the maximum age of new and existing account holders increase to 40 (currently 30) and the maximum that can be saved in the account is £ 40,000 with no restriction on the number of withdrawals that can be made, subject to 7 days notice.
Alun Williams, Managing Director of the Swansea Building Society, said:
“The Company has had an excellent year, and while the Company Board is aware of the challenges that lie ahead in these difficult times, we believe the Company is now in a position to increase the interest rates paid on our accounts. savings. This reflects our belief that the Company is well positioned to operate effectively both now and into the future, ensuring that we build on the foundations successfully established over the past 99 years of operation.
“We’re also making some changes to our range of savings accounts, which aim to make things simpler and more flexible for savers as we approach our centenary.”