What is a savings account?
Basically a savings account is somewhere that you can store your savings. You'll earn interest on the money you put into your account, so just by leaving the money in your account your savings will grow.
What documentation do I need to open a savings account?
All customers who enter into a business relationship with the Society must prove their identity and residency. The preferred method is via an electronic authentication system. This will match personal details against a range of publicly available records and credit records. Details of credit histories will not be made available to us and, although the data provider may log the search, it will not be used for future credit assessment purposes.
There are many reasons why a match may not be obtained, for example if you have recently moved house, have little or no credit etc. In these situations, documentary evidence may need to be requested. A list of acceptable proofs of identity and residency are listed below:
Proof of Identity
Please provide one of the following documents (please note, an original document is required in all cases excluding passport or driving license, where a copy is required):
Current Full Passport, Current Full Driving Licence (inc, counterpart if photocard), Current Firearms Certificate, HMRC Coding / Tax Liability Notice (12), Original Benefits Correspondence re Right to Benefit (3).
Proof of Residency
Current Full Driving Licence (with counterpart if photocard), Recent Utility Bill (3), Council Tax Bill (12), Bank / Building Society Statement (3), Mortgage Statement (12), Pension Statement (12), HMRC Correspondence re: tax liability (12).
Note: We must use the most recent information so the figure displayed in ( ) is the maximum acceptable age of the documents in months that we will accept. In addition a proof of identity and a proof of residency cannot be from the same data source. For example you can not provide a HMRC Coding Notice for ID and HMRC correspondence for residency.
The majority of our customers who have existing accounts will have already submitted documents to prove identity, should this be the case there is no requirement to repeat the process. However, some customers who have had long standing business relationships may not have produced satisfactory documentation and, if this is the case, the process for new customers must be adopted. For further guidance please contact your local branch or call us on 0845 600 4368.
Although we require original documents, we do not recommend that highly valuable documents, are sent through the post. We will endeavour to accept clear photocopies of passports and driving licenses in most circumstances. In the rare occurrence that we need originals we will contact you to request these. All other documents must be certified by a solicitor, accountant, post master or government official. The certifier must be clearly identifiable and further verification of authenticity may be sought.
We will accept other documents if you are unable to supply a document from the list above. Please contact your local branch or call us on 0845 600 4368 for further details.
The documents should be sent to:
Newcastle Building Society
New Bridge Street
Newcastle upon Tyne
We will return all documents.
Can I change my mind about opening a savings account once I've applied?
Of course you can. If you're not completely happy with your choice, you have the right to cancel within 14 calendar days (excluding public holidays) of your receipt of your confirmation letter from Newcastle Building Society. Any requests to cancel must be made in writing to the Society's Principal Office. If you decide to cancel, the Society will send a cheque to cover your original investment, plus any interest earned. Interest will be paid at prevailing Nova Plus rates, subject to the deduction of the lower rate of tax (currently 20%). This right can be exercised regardless of the notice period applicable to the account.
Can children open savings accounts?
Yes. Children under the age of 7 will need to have their account opened by a parent or guardian. While children aged 7 or over can open an account for themselves.
What if I need to change my personal details?
If you need to change personal details such as your name or address, you should notify us immediately in writing. Alternatively, you can complete a 'Change of Details' form and return this together with suitable proof of residency/identity.
Will I receive an account statement?
To find out how often you should be receiving statements, please refer to the Savings Generic Terms and Conditions. If you have any questions about your statement or about any passcard entries, you can call us on 0845 600 4368.
How do your joint accounts work?
If you have chosen to open a joint savings account, both you and your chosen partner will have access to the account. This means you can both make deposits and withdrawals. When applying, you can choose whether a signature will be required from one or both parties in order to make a withdrawal. The Terms and Conditions associated with the account will apply to both account holders.
What happens if there is a dispute between joint account holders?
You should notify the building society immediately in the event of a dispute between joint account holders, if you're account allows withdrawals to be made with only one signature. This also applies when a couple chooses to separate or divorce. Following this we will only permit withdrawals from the account upon receipt of a signed instruction from both account holders.
What happens if one of the joint account holders dies?
In the event of the death of any customer the account will remain open in the name of the remaining account holder(s).
Are statements and communications sent to both holders on a joint account?
Unless we receive written notification requesting correspondence to be sent to both account holders, all correspondence will be sent to the first named account holder only.
Who has membership rights on a joint account?
For membership purposes only the first named account holder on a joint account will be given membership rights of the Society.
How much can I withdraw from my account in branch?
Withdrawals from savings account are available by cash or cheque from our branches, subject to cleared funds being available in your account, a passcard being produced and suitable identification provided.
You can withdraw up to:
- £500 cash from any account in any one day
- Cheques totalling £50,000 from any account in any one day
What if I need a cheque for more than £50,000?
Cheques for over £50,000 are available by post within 3 working days from our Principal Office. You can request them in writing using the following address:
Newcastle Building Society
New Bridge Street
Newcastle upon Tyne
Alternatively, telephone transfers can be arranged with suitable notice and payment of the necessary fee. Please note, details of withdrawal terms at our network of agents can be obtained from your local branch or our Principal Office.
How do I operate an online savings account?
When you open an online savings account with us, you'll be asked to provide a unique log-in ID and password. Simply enter these details on the log-in page and you be able to access your online savings account. You can then make deposits and withdrawals, create customised statements, arrange direct debits and change your details. Please see our online demo for more information.
Please note, you cannot manage an online savings account in branch or over the phone. Newcastle Building Society can not be held liable for unauthorised use of your User ID/Password information.
How do I give notice that I want to make a withdrawal with an online account?
If you have a notice account, you can select Make a Transaction and choose a future date within the accounts notice period to automate the transaction. You can then transfer the funds out of your account online when the notice period has passed. Alternatively, you can give us a call on 0845 600 4368 to advise us of your notice to withdraw.
How do I operate a telephone banking account?
When you open a telephone bank with us, you'll be given a unique user ID and password. You will need to quote this code when you call our savings line. Our friendly advisers will then help you manage your telephone banking account. Withdrawals can be made by transferring funds to an alternative account or they can be sent out by post.
Please note, you cannot manage a telephone savings account in branch or online. Newcastle Building Society can not be held liable for unauthorised use of your User ID/Password information.
How can I avoid unauthorised use of my unique user ID and Password?
We advise that you:
- Destroy any notification you receive once the information has been memorised
- If you need to make a note of this information, please try to ensure it's written in a way that is only recognisable to you and that it is kept in a safe place
- Take care to ensure that no one else can observe you when you are using this information to gain access to your account
- Do not store this information on your computer
What do I do if I think someone has seen my unique user ID or password?
If you think someone may have found out your unique user ID or password is, please call us on
0845 600 4370 so we can place a stop on your account. We will then provide you with a new user ID and password. In certain circumstances it also may be necessary for you to provide us with suitable proof of residency and identity.
What do I do if I've lost or forgotten my unique user ID or password?
Simply call us on 0845 600 4370. We will have to put a stop on your account while a new user ID and password are provided but you will soon be able to access your account again. In certain circumstances it also may be necessary for you to provide us with suitable proof of residency and identity.