Peterborough United (POSH) Account
The POSH Account is a savings account which generates a bonus for Peterborough United Football Club. Norwich & Peterborough Building Society will pay an annual bonus to Peterborough United Football Club equivalent to 0.5% gross of the average total balance held in all POSH associated accounts during the previous year.
So the more you save, the more your club receives. It’s not just the club who benefits, though, you earn interest on your savings too.
Could be ideal if you…
- Are keen to support your football club
- Want easy access to your money
- Save from £100 (£10 for under 16s) up to £1 million
- Pays a variable** rate of interest
- Interest paid annually
- Unlimited withdrawals, subject to daily withdrawal limits (see factsheet)
- Register to view your account online
|Account name||POSH Account|
|What is the interest rate?||
This product pays a variable** rate of interest of:
Rates effective from 02/09/2016
Whether you need to pay tax is dependent on your own personal circumstances and so may be subject to change in the future.
† Interest is paid gross i.e. without tax being taken off on all our savings accounts – ISA accounts pay interest tax-free.
* AER stands for the Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
** Variable rate of interest means that the interest rate payable on your account can change and can move both up and down.
Payment of interest
|Can Norwich & Peterborough Building Society change the interest rate?||We can make changes to the interest rate on this account for particular reasons. General Savings and Investment Condition 4 sets out those reasons and how we will notify you of the changes.|
|What would be the estimated balance after 12 months based on a £1,000 deposit?||
After 12 months your balance would be £1,002.50.
We have worked this out assuming a £1,000 deposit is made on account opening, no further deposits or withdrawals are made throughout the 12 months, the interest earned is added to the account and no changes are made to the current interest rate.
This is provided for illustrative purposes only and does not take into account your individual circumstances.
|How do I open and manage my account?||
You have to be at least 7 years old and a UK resident to open the account. The account can be held on your own, or jointly with someone else.
Account opening and management
Accounts can be opened with a minimum of £10 (for under 16s) and £100 (for over 16s) in the following ways:
The account can be managed in branch or by post.
The maximum balance is £1 million.
If you currently have an existing Norwich & Peterborough Society account it may be possible to transfer to this product, subject to meeting eligibility criteria. Please check with us to see whether this is possible.
|Can I withdraw money?||
The POSH account allows instant withdrawals, subject to daily limits (see factsheet), without loss of interest.
Please be aware if a withdrawal is made from the account by CHAPS a charge of £23.50 will be incurred. Proof of name ID will be required.
The account is passbook based. You should try and have your passbook updated at least once a year.
This is a Non-payment account, please refer to the General Savings and Investment Conditions for more information.
Share account, for personal customers only.
For full details of the product please refer to our POSH account factsheet.
What if I change my mind?
At Norwich & Peterborough, we understand how important it is for you to be satisfied with your savings accounts. If you open a new savings account (other than a fixed rate bond) and within 14 days of opening it or the day on which you receive the terms and conditions (whichever is the later), you decide that it does not meet your requirements, we will transfer the balance to another Norwich & Peterborough account. This is called a 'cancellation' period. Alternatively, we will return the balance to you without any charge or notice being required. Any transfer or refund will be subject to the relevant funds having cleared. A period of at least four full Working Days, excluding the day you paid a cheque into your Account, must be allowed for cheques paid into the Account to clear. Occasionally, cheques may be returned unpaid after this period.
This cancellation period does not apply to fixed rate bonds.
If you do wish to change your mind please visit your local branch or call us on 0345 300 2511.