- FSCS protects deposits up to £85,000 per person
About Teachers Building Society
Teachers Building Society was founded in 1966 by the National Union of Teachers (now the National Education Union) to help teachers and other education professionals onto the property ladder and provide a safe haven for their savings. Today, the Teachers Building Society offers a wide range of mortgage options to teaching professionals as well as a variety of competitive savings options which are available to all.
As a mutual organisation, Teachers Building Society is run solely for the benefit of their members, rather than shareholders. This means that instead of paying dividends to shareholders, they invest their profits back into the products and services they offer, ensuring that their mortgage and savings rates are as competitive as possible.
The FSCS protects deposits made into savings accounts offered by Teachers Building Society through our marketplace, and Teachers Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
AER is the Annual Equivalent Rate and represents what the interest rate would be if interest was realised and paid once each year.
Accrued interest is calculated daily, compounded monthly and paid gross without prior deduction of tax.
Interest is credited monthly on the last day of each month and paid to you on termination of your savings product.
The interest rate applicable to your deposit is variable.
Should the bank set a date to lower the interest rate, you will be given a minimum of 90 days’ notice. You may receive less notice if the rate increases.
Please review the Meteor Asset Management (MAM) Terms and Conditions for more information.
The estimated balance after 12 months on a deposit of £1000 is £1003.51. This projection is for illustrative purposes only and does not take into account individual circumstances.
To open this savings account, you must apply online through Raisin. Savings accounts at Raisin are only available through this online application process, and to be eligible to apply, you must:
● Be a UK resident who is aged 18 or over
● Hold a UK bank or building society account from which you will fund your application
● Have a valid mobile phone number and email address
● Have a UK National Insurance Number
Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) check.
The minimum amount you can deposit is £1000, and the maximum amount you can deposit is £85,000 (per product and banking institution).
You can manage your savings account through Raisin by logging into your Raisin Account. You can contact Raisin by telephone, by email or in writing by using the contact details provided in the Raisin Terms & Conditions.
Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.
You may withdraw the full deposit amount only. This will be subject to a 90 day notice period. You are unable to add to the initial deposit or make partial withdrawals. Funds may be returned to your Raisin Account in two separate payments by MAM following the notice period expiry. For further information, please refer to clause 4.21 of the MAM Terms and Conditions.
If termination is received on a non business day (either weekend or public Holiday), the notice period will start from next business day.
Once notice has been given it can’t be revoked.
If a termination falls on a non-business day, then payment will be made on the next business day and interest will be paid for the additional days. e.g. If a notice account terminates on a Saturday and funds are returned on the Monday, interest will be paid for the intervening Sunday.
MAM, with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.
Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to Teachers BS by MIM on the second business day after arriving in the MIM account. It can therefore take up to 3 business days for an ordered product to be set up and start earning interest.
Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.
You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening this savings account. For further information, please refer to clauses 1.18 and 1.19 of the MAM Terms and Conditions.