Base rate
tracker
Apply nowAn easy access savings account with an interest rate guarantee
Frequently Asked Questions
If you can't find the answer you are looking for please call us on 0845 3000 164 and we will be happy to help you.
Questions
1. Who can open a Norwich Union Base Rate Tracker Savings Account?
2. How do I open an account?
3. What happens once I've completed my application?
4. Are there any charges for this account?
5. How secure is my money?
6. How do I make deposits?
7. How do I make withdrawals?
8. How do I close my account?
9. How and when is interest paid?
10. When will I receive statements?
11. What is my nominated bank account?
12. How do I get more information?
Answers
1. Who can open a Norwich Union Base Rate Tracker Savings Account?
- UK residents aged 16 or over.
- Accounts can be opened in single or joint names.
- Minimum investment is £1,000.
You will need to complete an application form. Complete the application and enclose a cheque made payable to the account holders(s) (minimum opening balance £1,000)
Occasionally the Bank of Scotland will request further documents if their checks have been unsuccessful; for example, you are not registered on the voters roll at your current address. This will typically be a utility bill or bank statement in your name showing your current address.
3. What happens once I've completed my application?
Once we receive your completed application form, and supporting documents (verification of identity form and cheque), we will arrange for your original documents to be sent to the Bank of Scotland for them to complete the necessary money laundering checks in order to comply with their banking obligations.
Once the Bank of Scotland have completed the money laundering checks we will transfer your cheque into your Base Rate Tracker Savings Account and issue you a Welcome Pack. Your new account should be open with your savings earning interest within 5 working days of us receiving your application and your verification of identity form.
The day after you receive your Welcome Pack you should receive your PIN (Personal Identification Number). This is sent separately for security purposes. Once you receive this you will be able to operate your Base Rate Tracker Savings Account by phone.
4. Are there any charges for this account?
There are no charges for normal transactions. All deposits and withdrawals are free.
A charge will be made for services not normally involved in running the account. You will be told what these are before the transaction is made.
Your account is easy to access and yet secure. When we open your account we will send you a PIN (Personal Identification Number) for access to your account on the telephone. It's important that you do not divulge your PIN to anyone.
When you ring us to transact on your account you will be asked for two random numbers from your PIN.
Who better to trust than Norwich Union to introduce you to a savings account you can rely on? What's more, because we've arranged for your account to be provided by Bank of Scotland, you can be sure that your money's in expert hands.
Bank of Scotland is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under the scheme are limited to 100% of the first £2000 and 90% of the next £33,000 of a depositors total deposits with Bank of Scotland subject to a maximum payment of £31,700 to any one depositor. Details of the scheme are available on request.
You can pay lump sums into your account by:
- Electronic transfer (BACS) - from your nominated bank account. This may take up to 3 business days to clear into your account.
- Cheque made payable to the account holder(s) - this will take 4 business days to clear.
You can pay regular amounts into your account by standing order
There is a minimum amount for additional payments:
- £20 for a monthly standing order or direct credit.
- £50 for all other payments.
You can make withdrawals by:
- Electronic transfer to your nominated account - this may take 3 business days to clear.
- Transfer to a Norwich Union investment policy.
There is no maximum amount for withdrawals but if the balance falls below £1,000, a lower rate of interest will be paid. Details are available on request.
You can close your account at any time by phone or in writing.
The funds will be paid by electronic transfer (BACS) to your nominated account.
9. How and when is interest paid?
Interest is calculated on your daily cleared balance and paid monthly on the last business day of each calendar month. Interest is paid directly into your Base Rate Tracker savings account.
10. When will I receive statements?
You'll get a monthly statement during the first week of each month, showing all transactions and current interest rates.
11. What is my nominated bank account?
This is the bank account on your application that you can transfer funds to and from your Base Rate Tracker savings account.
12. How do I get more information?
If you have any further queries please call us on 0845 3000 164, where one of our call centre team will be happy to help. Lines open Monday - Friday, 8.30am - 5.30pm.
Apply nowAn easy access savings account with an interest rate guarantee
WC02030 11/2007
