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DirectSaver Reserve
When you’re reserving your money for something special like a car or holiday, it makes sense to take it out of your everyday current account until you need it. And when you do; just transfer it back. As long as you don’t make withdrawals on more than 12 days in a calendar year, DirectSaver Reserve is a rewarding way to link to your current account and be more in control of your savings. And for the first 6 months after opening your DirectSaver Reserve you'll receive an extra 1% gross* interest bonus^.
DirectSaver Reserve is managed by phone or online so you’re always in the driving seat. You can steer your money from your DirectSaver Reserve account to your current account and vice versa. In return for an excellent interest rate, you can make withdrawals on up to 12 days in a calendar year. It’s your call, or click.
| Summary Box Key Product Information for our Savings Account |
|
|---|---|
| Account Name | DirectSaver Reserve |
| Interest Rates (AER's) | The Interest rate is variable. |
| Tax Status | Interest is paid net* of basic rate tax |
| Condition for bonus payment | An extra 1% gross* interest bonus is payable for the first 6 months^. Please note the bonus is subject to a tax deduction if you are a UK taxpayer |
| Withdrawal arrangements |
Withdrawals can be made on up to 12 days during a calendar year. The minimum withdrawal amount is £100. Withdrawals are made by moving funds to your linked current account. If withdrawals are made on more than 12 days the account will be transferred to a DirectSaver account and the 1% bonus will only be paid to the date of the 13th day of withdrawal |
| Access | This account is operated by telephone, internet or post |
Features
- Minimum balance and deposit of £100
- Maximum balance of £1,000,000
- Call 0845 121 7905 to deposit money over the phone with your debit card. You can also deposit funds by cheque through the post, or by using your nominated current account provider’s telephone or internet banking services#
- Call 0845 121 7905 to make withdrawals (minimum of £100 which will be transferred to your nominated current account which takes 4 working days, excluding the day of instruction)#
- Interest is paid annually by the first working day after 1st January into this account
- Keep track of your balance with a statement (every 25 transactions or 3 months, whichever is sooner)
- Can be opened as a joint account so long as it’s linked to a current account held in either one or both of these names
#For information on the clearing of funds, please refer to section 7 of the General Terms and Conditions.
Opening Times: Mon-Fri 8am-8pm, Sat 9am-12noon
Calls may be recorded and/or monitored.
Benefits
- Keep your higher interest rate when you keep withdrawals to 12 days a year or less
- Easily transfer money to and from your current account
- Manage your account online. Register for online servicing once your account is open
*For an explanation of terms used such as AER, Gross and Net, please see our .
^Paid on the balance of the account over its first 6 months provided you keep a minimum balance of £100 and make withdrawals on no more than 12 days during this time.
Britannia ia a trading name of The Co-operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS) that would pay compensation to eligible customers in the unlikely event of the Bank becoming insolvent. Find out more
Terms and Conditions
