1. Home
  2. Our products
  3. Savings
  4. Select Access Saver

Summary box

Account name

Britannia Select Access Saver 7

What is the interest rate?

If you make four withdrawals or less in a calendar year
Gross
1.10%
AER
1.10%
if you make five withdrawals or more in a calendar year
Gross
0.10%
AER
0.10%

Interest is calculated daily and will be paid into your account annually on the first working day after 1 January.

What happens after my fifth withdrawal in a calendar year ?

The lower interest rate will apply from your fifth withdrawal until 31 December in the same calendar year.

After my fifth withdrawal, when will I get the higher interest rate again?

You'll get the higher interest rate again on 1 January in the new calendar year. From that date, you'll be able to make another four withdrawals before getting the lower interest rate.

Can Britannia change the interest rate?

Yes, the interest rate is variable which means it can go up or down.

We may change your interest rate for various reasons, please see the changes 'When we can make changes to interest rates' section of our General Terms and Conditions for more details.

When we increase our interest rates - we'll tell you about the change within 30 days after it's happened.

When we decrease our interest rates - we'll inform you by personal notice at least two months before we make the change.

What would the estimated balance be after 12 months, based on a £1,000 deposit?

Where you have made four withdrawals or less in a calendar year, giving you the higher interest rate

Account balance after your last withdrawal Balance after 12 months Interest earned
£1,000 £1,011 £11

Where you have made five withdrawals or more in a calendar year, giving you the lower interest rate

Account balance after your last withdrawal Balance after 12 months Interest earned
£1,000 £1,001 £1

We have worked this out assuming:

  • The 12 months starts on the 1 January and is also the day you made your last withdrawal
  • We haven't changed the interest rate in the 12 month period
  • You haven't made any additional deposits or withdrawals

As you'll receive the higher interest rate until your fifth withdrawal, you should never experience a full 12 months at the lower rate. We have just used this example to show the impact of making more than four withdrawals.

How do I open and manage my account?

Can I apply for this account?

To apply, you must:

  • Be aged 16 or over
  • Be a UK resident

Please note:

  • You can only have one Select Access Saver 7 account at a time
  • If you close a Select Access Saver 7 account, you cannot open another one in that same calendar year
  • If you have an earlier issue of the Select Access Saver you can still apply for this account

This account can be opened as a sole or joint account.

How do I apply for this account?

You can apply:

  • Online
  • Over the phone
  • In branch

Is there a minimum and a maximum balance?

The minimum opening balance is £500, but you only need £1 to keep this account open. This means you need £500 to open it, but can withdraw your money afterwards (provided there's at least £1 left).

The maximum balance is £1,000,000.

How do I make deposits into this account?

By cash, cheque, or transfer from another account held with us or another provider (such as by using their app, setting up a standing order or Direct Debit).

How do I contact you to discuss this account?

By telephone or visiting a branch.

Can I withdraw money?

Yes, whenever you want.

However, you'll get a lower rate of interest after your fifth withdrawal in a calendar year.

You can make withdrawals over the phone via a linked account, in branch or by post.

How do I make those withdrawals

Over the phone - to do this, you'll need to link an existing current account (held either with us or elsewhere) to your Select Access Saver 7. This can be done during the application process or after you've opened the account, by contacting us.

In branch - you can withdraw cash, cheques or make internal transfers.

By post - you can send us a withdrawal request and we will send your money to you by cheque in the post. You can request withdrawal forms over the phone and in branch.

Additional information

Interest earned from this account will count towards any of your available personal savings allowance.

We will pay interest without deducting income tax. If you earn more interest than the amount permitted as tax free income, you will have to pay tax on the interest earned directly to HM Revenue & Customs. If you are not sure whether you will have to pay income tax, we recommend that you contact your local tax office or HM Revenue & Customs or visit www.gov.uk/hmrc/savingsallowance

Eligibility

  • 16 or over.
  • A UK resident.
  • Have £500 or more for an initial deposit.

Approval is based on an assessment of your personal circumstances.

Ready to apply?

Before you do

We recommend that you read the important documents below – including our Terms and Conditions - and save copies of them for future reference. All the information you’ve read so far (e.g. features, eligibility) can be found in them.

Please note: our Terms and Conditions are changing with effect from the 13th January 2018. Please see the attached Britannia Savings Summary of Changes document which explains what we’re changing and why.

Product Specific Terms and Conditions & Summary Box (which contains interest rates)

Download Product Specific Terms and Conditions & Summary Box (which contains interest rates) PDF (1.10MB)

Summary of changes to our Britannia Savings Terms and Conditions with effect from 13th January 2018.

Download Britannia General Terms and Conditions PDF (114KB)

Britannia General Terms and Conditions

Download Britannia General Terms and Conditions PDF (979KB)

How we use your personal information

Download How we use your personal information PDF (290KB)
Apply Now

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.

The Co-operative Bank reserves the right to decline or accept any application and/or deposit.

smile, The Co-operative Bank and Britannia are trading names of The Co-operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).