How can I open a Gold Savings Account?
It's easy.
You just need to already hold a Gold Current Account. You can then open a Gold Savings Account in any branch or by post.
How is interest calculated on this account?
The Gold Savings Account is designed for regular savings, which means you must make a payment into your account each month.
Interest is paid for each full day that your money is deposited in your account. You can put up to £250 in your account the day you open it which will earn a full year’s interest. Each month thereafter you can deposit up to £250 and it will earn interest every day the money is in the account up to the anniversary date when your annual interest is paid.
Eg. Account opened 1 January 2011 with the maximum £250. Interest is earned on this deposit for 365 days (a full year) before the interest is calculated and paid back to the account. If you deposit a further £250 on 1 February, it will earn 334 days interest (February to December) before the interest is calculated and paid back to the account and so on.
You will not receive a full year's worth of interest on the total amount you deposit with us over the 12 month period (maximum £3,000).
After I have opened a Gold Savings Account, how quickly will I need to start saving?
As soon as you can.
You must pay in at least £20 to open your Gold Savings Account within 30 days of the date of your application being accepted.
How much do I regularly need to save in a Gold Savings Account?
To qualify for the Gold Saving Account rate, you need to transfer between at least £20 and up to £250 into your Gold Savings Account every month for a full 12 months.
At the same time, you also need to pay at least £500 into your Gold Current Account every month over that year.
How do I save into my Gold Savings Account?
It's up to you.
You can do it in any branch or you can pay in cheques by sending them to:
Norwich and Peterborough Building Society
Postal Investments Unit
FREEPOST PE 104
Peterborough
PE2 6BR
When you pay a cheque into your account, don't make the cheque out simply to N&P. You should include details about the account or the person you're paying the money to. It's also important to draw a line through the unused space on the cheque so that extra information or numbers can't be added afterwards.
You can also arrange a standing order with your bank or building society for regular payments to be made into your Gold Savings Account, or you can transfer money into your Gold Savings Account at any time. Just quote your Gold Savings Account number and sort code.
Can I open more than one Account?
You can only be named on one Gold Savings Account, although you can hold an account jointly with someone else. You cannot open a new Gold Savings Account after it has been transferred to Easy Plus or if it is closed during the first year.
Do I become a member of N&P when I open a Gold Savings Account?
This is a share account, which makes you a member of the Yorkshire Building Society group of which N&P is a trading name. This means you can join Yorkshire Building Society’s general meetings and you have a vote on what’s decided at them as set out in the Rules of the Society.
Can I open a Joint Account?
You can only be named on one Gold Savings Account, although you can hold an account jointly with someone else.
When will my account start earning interest?
Cheques paid into an account paying a variable rate of interest will earn interest from the second working day after the day we receive them. Cheques paid into an account paying a fixed rate of interest will earn interest from the day we receive them.
Money paid into your account in cash or by Bankers’ Automated Credit will earn interest from the day we receive it. Interest will be added to your account at maturity after the first year.
Your money will earn interest up to, but excluding, the day you withdraw it.
Can I be certain that online banking is absolutely secure?
You can with N&P.
Our online system is extremely robust. It is constantly checked by both internal and external experts. Advanced encryption technology scrambles all sensitive data to provide total confidentiality.
You are given a unique customer number and a 10-character password. When you use the service for the first time you might want to change this password for one that's more easily remembered - but don't write it down or make it too obvious, so that someone else could guess it.
Can I manage my account online?
Yes you can, subject to you being 16 years old or over.
Online you are able to:
- View up-to-the-minute balances on all your N&P savings and current accounts whenever you like.
- Check all payments and withdrawals on your account (where withdrawals are allowed).
- Set up and cancel payments (subject to these services being available on your specific account).
- Transfer funds between your N&P accounts (subject to this service being available on your specific account).
- Send and receive messages regarding your accounts.
To manage your account online you'll need to register for our online banking facility, you can apply online by clicking here.
The maximum amount you can withdraw online is £10,000 per day (subject to account balance and account terms).
Now and again, when carrying out online maintenance, we may have to suspend certain facilities temporarily, so if you find our online service unavailable, please be patient, and do try again later.
For more information on our Internet Banking Service please visit our Internet Banking Section.
What if I'm unhappy with the terms of my account?
Just tell us.
We make it our aim to do the best we can for all our customers. If within 14 day's (7 day's for all Fixed Rate Bond products) you decide that this account is not for you, we will be happy to transfer your money to another N&P account.
Or if you prefer, we will return your money to you without any charge being made, or notice being required.