Manchester Rainy Day Saver
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Open with £1 and invest up to £1 million (plus any resulting interest)
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A variable rate of interest which allows 1 penalty free withdrawal each anniversary year
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1.90% Gross pa/AER (variable) will be paid upon making 2 or more withdrawals
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Apply online or in branch
This account might be for you, if you:
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Don't need regular access to your savings
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Only want to access your savings once per anniversary year in return for a higher rate
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Would like to make additional deposits to your savings
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Want a variable rate of interest
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Are aged 16 or over
This account might not be for you, if you:
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Want regular access to your savings
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Do not want a variable rate of interest
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Want to make more than one withdrawal in each anniversary year
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Want a fixed savings rate over a fixed term
Gross interest is the full rate of interest you earn, before any tax is taken off. We won’t deduct tax from the interest we pay on money in your account. You will need to pay any tax you may owe to HM Revenue & Customs (HMRC). AER means Annual Equivalent Rate. It shows what the interest rate would be if interest was paid into your account once a year and you earned interest on that interest.
Summary information
| Account Name | Manchester Rainy Day Saver |
|---|---|
| What is the interest rate? | 1 withdrawal or less (in each annual anniversary period) Annual gross pa/AER 4.25% (Variable) Upon 2nd withdrawal (in each annual anniversary period) Annual gross pa/AER 1.90% (Variable) Interest is paid: Annually, on the anniversary of the day we receive your initial Deposit. |
| Can Manchester Building Society change the interest rate? | Yes, we can change the rate of interest payable on this account. The account is a variable rate account which means the rate of interest paid may change throughout the lifetime of the account. Please refer to the ‘interest, charges and changes’ section of the savings general terms & conditions, which sets out the reasons for which Manchester Building Society may change the interest and the procedure for doing so. The ‘upon 2nd withdrawal’ interest rate will apply from your 2nd withdrawal date until the day prior to your annual anniversary date. The interest rate and withdrawal limits will be reset on your account annual anniversary date. |
| What would the estimated balance be after 12 months of account opening based on a £1,000 Deposit? | No withdrawals (Variable) Deposit at account opening: £1,000.00 Interest earned: £42.50 Balance after 12 months: £1,042.50 Please note this projection is based on no deposits or withdrawals made. 2 withdrawals made (Variable)
Withdrawals made: £20, withdrawals of £10 are made at the end of months 1 and 2 Interest earned: £22.53 Balance after 12 months: £1002.53 Please note this projection is based on no further Deposits or withdrawals made. |
| How do I open and manage my account? | Opening your account: In branch or online. For existing online customers you can log into your Manchester Building Society account to apply. Giving us instructions for your account: In branch, by post, by telephone, online or by secure message (for accounts opened and operated online). Minimum Opening Deposit: £1 Maximum Opening Deposit: £1 million Maximum Account Balance: £1 million (plus any resulting interest) |
| Can I withdraw money? | Withdrawals/transfers can be made and are limited to 1 per annual anniversary period to qualify for the ‘1 withdrawal or less’ rate. If 2 or more withdrawals are made from the account per annual anniversary period, you will be paid the ‘upon 2nd withdrawal’ interest rate until the day before your annual anniversary date. The withdrawals limit is reset on the account annual anniversary date each year. |
| Additional information | Tax status: Interest will be paid gross which means no tax is deducted. It is your responsibility to pay any tax due, based on your individual circumstances. Reimbursement of Authorised Push Payment (APP) fraud From 7th October 2024, new regulations strengthen protection for customers who suffer financial losses due to Authorised Push Payment (APP) Fraud. If you make a payment on or after 7th October 2024, as result of APP fraud, you may be eligible for a refund. Further information about your reimbursement rights. Transferring Windfalls to CharityAll new customers agree to assign any windfall benefits which they may become entitled to on a future conversion or takeover of the Society to the Community Foundation. This is our Charitable Assignment Scheme. By agreeing to this assignment, any windfall benefit will be given to the Community Foundation, one of the leading community foundations in the UK serving Tyne & Wear and Northumberland. This agreement lasts for the first five years of membership, is irrevocable and is a condition of opening an account. Your agreement to open an account with us will be deemed your agreement to the Charitable Assignment Scheme. Please see Transferring windfalls to charity on our website or within our savings general terms and conditions for further details. |
Terms and conditions
Please make sure you've read the terms and conditions before applying
Protecting your money
Financial Service Compensation Scheme (FSCS)
Your eligible deposits with Newcastle Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. This limit is applied to the total of any deposits you have with Newcastle Building Society and Manchester Building Society (as a trading name of Newcastle Building Society). Any deposits you hold above the £85,000 limit are unlikely to be covered.
New customer
Apply onlineExisting customer
Log inIn branch
Visit your local branch. If you’d like to open an account in-branch, you may need to arrange an appointment. Before visiting, please call ahead.