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Savings Builder account

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Managing your account

Interest rate

Balance examples

Manage your Savings Builder

Earn 0.30% AER/Gross p.a. (variable) on balances up to £10,000

Eligible for Round Ups

No longer available to new customers

Summary Box

Account name: Savings Builder

What is the interest rate?

Earn 0.30% interest on your first £10,000 and 0.10% on any amount over £10,000 in your account. Interest is calculated on a daily basis and paid into your account on the first business day of the month. You’ll be able to see and access the interest in your account on the following day.

Can Ednites Credit Union change the interest rate?

Yes, we may change the rate up or down. There are a few reasons for this, such as a change in the Bank base rate. You can find a full list of reasons for an interest rate change in section 9.2 of the Savings Account Terms. We’ll give you at least 14 days’ notice if the rates are going down and your balance is £100 or more. Otherwise we’ll tell you before or shortly after the change. You can find more details about how we’d tell you about a change in section 9.2 of the Savings Account Terms.

What would the estimated balance be after 12 months based on a range of deposits?

These are only examples and do not take into account your individual circumstances. They assume that no further deposits or withdrawals are made; there is no change to interest rates or tiers; and any interest earned stays in the account.

How do I manage my account?

You can manage your account on our mobile app, online or by telephone.
You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (online, by telephone or on the mobile app).
No minimum deposit is required to open the account and there is no maximum balance limit.
If you close your account, you will not earn interest for the month of closure.
You can use Round Ups with Savings Builder.

Eligible current and savings account required. Conditions and app criteria apply

Can I withdraw money?

Can I withdraw money from my account?

How can I withdraw money?

What happens if I close my current account?

How do I get additional support with my banking?

Banking My Way is a free service that allows you to record information about the support or adjustments you need to make banking easier. You can also let us know any additional support you may need to ensure all of our colleagues are aware of this. The information will be shared on our internal systems and therefore you will not need to repeat these requirements every time you interact with us.

Once your account is open, you can record this through Online Banking or with our colleagues in branches or over the phone.

Learn more about Banking My Way

Tools to help you Save

Once you’ve registered and your account appears in mobile banking you can utilise some of our savings features.

Savings Goal tool - Our savings goal tool can help you to save towards your goal and track your progress – whatever it is you’re saving for.

Round Ups - Switch on Round Ups, and we’ll send the spare change from your debit card spend to your savings account. It's saving, made simple.

Definitions

AER: stands for Annual Equivalent Rate. It shows you what the rate would be if interest was paid and compounded each year.

Gross: The interest rate you are paid without the deduction of income tax.

p.a.: per annum (per year).

Please take a look at the important legal info:

Savings Account Terms (45 pages)

Savings Account Rates including Information Sheet (28 pages)

FSCS Information Sheet and Exclusions List (2 pages)

Got your savings sorted?

Then why not take our free Digital Financial Health Check. From everyday spending to planning for the future, it’s full of hints and tips to help you get your finances on track.

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