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.
Acceptable Documentation to prove your Identity
Why does Newcastle Building Society ask for identification?
Under UK money laundering regulations we must verify the identity of all of our customers to a satisfactory level. These regulations are in place to help prevent criminals from using financial products and services for their own benefit.
What identification will I need to provide?
The Society will initially attempt to identify all customers electronically by using software which checks a series of databases for identification information. This search does not affect your credit rating, however in some cases we may find it necessary to request paper identification to prove name and/or address. Existing customers may have already been identified in-line with current regulations therefore we will tell you should further documents be required. Whenever paper identification is requested you will be informed of whether we require proof of name, proof of address or both.
Non EU Nationals
If you are not an EU citizen we may request a copy of your passport and proof of your right to reside within the UK.
Documents must be original items (unless otherwise stated) posted to you at your residential address. Unfortunately we are not able to accept internet or branch prints of statements or bills. When both name and address paper identification proof is requested, we are unable to accept two documents of the same type e.g. Driving Licence for name proof and driving licence for address proof. In addition, we are unable to accept two documents from the same organisation. Should you so choose, we will accept certified copies, but only from a registered Solicitor or an employee of a FCA regulated organisation (e.g. bank clerk). The certifier’s name, position, organisation and contact details must be visible as we may contact the certifier to validate the certification. If the document you are providing does not reflect your name due to a recent change (e,g, marriage) we will require appropriate official evidence of this change (e.g. marriage certificate). This document will need to show the link between the old and new name.
If you are not able to meet the identity requirements laid out in this document and have no other banking facilities, please visit your local branch or telephone our head office to discuss what other documents we may be able to use to verify your identity.
Principal Office: Portland House, New Bridge Street, Newcastle upon Tyne NE1 8AL.
Newcastle Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Newcastle Building Society is entered in the Financial Services Register under number 156058. You can check this on the Financial Services Register or by contacting the Financial Conduct Authority on 0800 111 6768. Call 0345 734 4345 or visit us online www.newcastle.co.uk
Proof of name:
- Valid Passport (photocopy acceptable unless hand written)
- Valid Full UK Photocard Driving Licence (photocopy acceptable)
- Valid Full UK Driving Licence (old style paper)
- Benefits Agency Letter confirming entitlement to state benefits (dated within 3 months)
- Birth Certificate (18 and under in full time education)
- Valid Biometric Photocard Residency Permit confirming right to reside
- Stamped Court of Protection Power of Attorney document (Donor Only)
- Government Pension Statement (dated within 12 months)
- HMRC Tax Code Notification (dated within 12 months)
Proof of address, showing first initial and surname as a minimum and when not used for proof of name:
- Valid Full UK Photocard or old paper style Driving Licence (photocopy acceptable)
- UK Bank/Building Society Statement (dated within 3 months)
- UK Credit Card Statement (dated within 3 months showing account activity) card number can be blacked out if desired
- Mortgage Statement (dated within 12 months)
- Gas or Electricity Statement (dated within 3 months)
- Landline Phone or Broadband Bill (dated within 3 months)
- Water Bill (dated within 12 months)
- Council Tax Bill (dated within 12 months)
- HMRC Correspondence relating to Tax Liability (not P45 or P60 and dated within 12 months)
- Government Pension Statement (dated within 12 months)
- Letter from the Benefits Agency confirming entitlement to state benefits (dated within 3 months)
- Letter from your Solicitor confirming the sale of your previous property posted to your current address (dated within 3 months)
- Stamped Court of Protection Power of Attorney document (Donor Only)
- National Insurance Number confirmation letter (under 18s only)
- Student Loan Statement or Confirmation Letter (dated within 12 months for age 21 or under)
- Letter from the Home Office confirming right to reside (dated within 3 months) *Cannot be used if Biometric Res Card is used for Proof of Name
- Residential Care Home/Invoice on letterhead (dated within 3 months)
- Reference from Commanding Officer (Armed Forces for BFPO) (dated within 3 months)
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) from the date shown on your welcome 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. 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.
If you change your name, the last 3 characters on your roll number will change and anyone who sends funds to your account should be advised of this change.
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 0345 734 4345.
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, you can close your account, or request partial withdrawals via telephone by calling us on 0345 734 4345.
How do I operate an online savings account?
When you open an online savings account you’ll be asked to create a password and create memorable information. We’ll issue you with a unique User ID and when you log in you’ll be asked to provide your User ID and password along with details from your memorable data. Simply enter these details on the log-in page and you will 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. The funds will automatically transfer once the notice period has passed. Alternatively, you can give us a call on 0345 734 4345 to advise us of your notice to withdraw.
How do I operate a telephone savings account?
When you open a telephone savings account with us, you'll be given a unique user ID. You will need to quote this when you call our savings line. Our friendly advisers will then help you manage your telephone savings 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, please call us on 0345 734 4345 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 0345 734 4345. 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.
How can I withdraw from my account?
Withdrawals can generally be made to either your nominated bank account or via cheque to the address registered on your account.
Who will the cheque be made payable to?
All cheque withdrawals requested by telephone must be made payable to the account holder’s full name. If a cheque is required to be made to a third party we require signed confirmation from the account holder. This cheque will be sent to the account holders registered address.
How long does it take to transfer funds to my nominated bank account?
If you set up a payment online, our website will ask you for the date you wish for the funds to leave your account. As requested, the funds will leave that day and reach your nominated bank by close of business the following working day.
Do you offer a faster payment facility?
Unfortunately we don’t. We offer a Standard Payment facility for withdrawals; this will ensure your funds will reach your nominated bank account within two working days of leaving the Society. This came into effect as of the Payment Service Directive January 2012.
Do you offer a CHAPS facility?
We only offer CHAPS for house purchases and a charge of £30.00 is incurred.
What are the bank account details that I need to use for funding the account?
Please use the following details to fund your NBS account:
Sort code: 23-59-54
Bank Account number: 00000008
Reference: Your full individual NBS account or reference number (For example ABC 1234567 XYZ, failure to quote your full account number may result in the payment being returned.)
Can I send in a cheque?
Yes, please make this payable to yourself with the reference: Newcastle Building Society. Also, please quote your account number on the back of the cheque or on the accompanying letter.
Can I change from a single to a joint account?
Yes you can although you will need to complete an ‘addition of account holder form’. The additional applicant may be required to send paper documents to confirm their identity and address. Please note ISA accounts can only be held in a single name.
Can I change from a joint to a single account?
Yes, of course. We will ask you to send in written confirmation to us and this should be signed by all existing account holders, asking us to change the account to a single account.
Can you send correspondence to another address?
No we can’t. Instances in which this applies would only be Power Of Attorney or death of investor accounts (please see below for more details).
I’m a non tax payer, what do I do?
We can register this in branch or via telephone by taking your National Insurance Number and completing a declaration. Alternatively, you can set this up yourself once on our website if you have an online account.
I have changed address, what do I need to do?
Change of address can be made in writing or by visiting any of the branches. If in writing, the letter must detail both new and previous addresses, the letter must be signed by all account holders and state all account numbers
If you have an online savings account you can change your address by logging onto your account and going to the ‘change details’ section.
I’ve recently got married, what do I need to do to change my account details?
Congratulations! You can send us your original or a certified copy of your marriage certificate and a letter signed with your old and new signatures. Or we can send a form for you to complete but we would still need sight of the marriage certificate. You can also visit one of our branches who will be able to process this change.
How can I change my e-mail address?
You may change this by writing to us with a signed and dated letter or alternatively send us a secure message from your savings online account. You can also visit one of our branches who will be able to process this change. We cannot take this request over the telephone or via e-mail.
When will I start to earn interest on my account?
If a deposit is made by investment cheque, then two working days after the investment is made. If a deposit is made by electronic transfer, you will receive interest on the day we receive your funds.
ISA cheques receive interest from the date of the cheque.
When will you inform me of rate changes?
We will notify you by email or letter at least 30 days prior to any rate reduction on your account. Any rate increases are also issued by email or letter and this is typically issued ahead of the rate increase.
Can I change from monthly to annual interest (or vice versa)?
Yes, we can take this request over a recorded line, or alternatively log onto your account and follow the on screen instructions. Please note this may be product specific; please check individual Terms & Conditions.
Is it possible to receive my interest by cheque?
No, interest can only be paid back into the NBS account or transferred to your third party interest account or another NBS account in your name.
Can I change the bank account I have setup for interest payments?
- Yes, you can complete details under the ‘change details’ section on our website while logged into your account.
- If you don’t have online access, please write to us with a signed and dated letter advising of this change.
- We would need the sort code, account number and the account holder’s name (must be an account in the customer’s name).
Why do companies check identity?
Whether you’re a new or existing customer, we need to confirm your identity when you open a new account with us. This is so that we can meet UK Money Laundering regulations to help stop criminals from using financial products or services for their own benefit. We only ask for enough information to allow us to open your account.
Will the identity search affect my credit history?
- No, it won’t. This is not a credit search and will not affect your credit history or future applications for credit. This is a check against publicly available records and credit records using an electronic authentication system.
- This search is performed on receipt of your account opening form. For the majority of applicants we will be able to confirm your identity and address this way. This also prevents us requesting sensitive documents from you through the post where possible.
What happens after I have applied for an account online?
- You will be presented with a nine character reference number once you have completed the application if you have not received this you may not have fully completed the form online.
- You will also receive an email confirming your application reference as well of any additional details we may require to open your account.
- If you pass our identity and residency checks we will send you a welcome pack three to five working days after we receive your application, which includes everything you need to start saving.
Why am I being asked to provide certain information about me and my tax residence status
Please see the following link from the HMRC website for further info https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/386413/Automatic_exchange_of_information_-_account_holders.pdf
I have submitted my application online; can I cancel as I have changed my mind?
Yes, we understand from time to time people may change their mind. If you chose to cancel your application after you have funded the account you can do so by putting this in writing or cancelling it over the telephone within 14 calendar days. Alternatively, if you do not fund your account it will automatically close within a set number of days depending on the product.
Am I able to transfer funds from my building society account to a bank account?
The good news is yes you can. We offer electronic payments to one existing nominated bank account in your own name; funds will reach your nominated bank by close of business the following working day.
- House purchase payments will be in the form of a CHAPS payment to the solicitor (within the U.K), which guarantees funds are received in the account on the same day of process. The fee is £30.00, providing our Investment Services department receives the request by 11am on the same day. Payments requested after this time will reach the account the following working day.
What is the maximum withdrawal I can make in branch?
This amount is £500 cash per day, per account. Should you require a one-off larger cash withdrawal, please request this at least 48 hours in advance. Please note that this arrangement is not available for third party withdrawals and would also not be available on a regular basis or on consecutive days. This is subject to the Terms & Conditions of your product.
Will I need to take identification with me?
Yes, you do and again this is all about protecting your identity and making sure the correct person is opening the account. So, it's always helpful to have documentary ID with you just in case we need it, such as a passport or driving licence, a bank statement or other bill showing your address details. These must be three or more months old.
Is there a charge for cheque withdrawals?
Customers are able to withdraw funds by cheque without paying a fee. However should you require more that 5 cheques in 1 day there will be a fee of £3 for each additional cheque.
Who do I make the cheque payable to?
Please make this payable to yourself if you are the account holder or in the account holder’s name with the reference: Newcastle Building Society. Also, please quote your account number on the back of the cheque or on the accompanying letter.
How long will it take for my cheque to clear?
If you pay a cheque into your Newcastle account please allow six working days if it is a non-NBS cheque, however if it is an NBS cheque we can clear it straight away.
Do I have to come into branch to make a withdrawal?
No, we can issue cheques by post and phone. If you send us a letter please state your name, address, account number, who the cheque is to be made payable to and for how much. If your account has a passbook please enclose this with the letter to ensure that it is updated accordingly. We will then post it back to your registered address.
Can I have a tax certificate for my account?
Yes we can issue tax certificates on request for your accounts.
Can I make a withdrawal without my passbook?
For branch-based accounts we will require your account passbook/card to make a withdrawal. For telephone or postal account we do not require your passbook/card, however we recommend that you send us your passbook /card to keep it up to date. It is possible to make an investment without a passbook/card.
Is it possible for somebody else other than account holders to transact on my account on my behalf?
Yes, in order for a third party transaction to be processed an authority to withdrawal form is required, and must be completed by account holder(s). A letter of authority from the account holder can be accepted but only if it contains the same amount of detail as the authority to withdraw form. Withdrawals in cash are limited to £100, but there is no stated limit for cheque withdrawals.
Following a third party withdrawal why does the cheque need to be sent in the post?
Following the transaction, both the passbook/card and the cheque must be retained in the branch and sent out to the customer on the same day, a letter will also be sent out to the customer with these confirming the full details of the transaction. These are security measures to protect our members
What if my passbook/card is lost or stolen?
Let us know as soon as possible. You must notify NBS in person at any branch, by telephone or by letter and the Society will issue you with a lost / stolen passbook declaration. For security, the account holder(s) must then complete a lost/stolen passbook declaration within the next three days. Following receipt of the declaration, a new passbook will be issued and sent to your address.
Can I pay bills from my account?
All NBS accounts are designed for savings and as a result there is no facility to have bills paid directly from your account. You may withdraw a cheque (depending on product T&Cs) from your account to pay your bills.
Can I have money paid into my account?
Depending on your product terms and conditions you are able to invest into your account by cash, cheque, faster payment or standing order. You need to ensure the person who is sending the payment has your relevant details, including sort code and your full account number (i.e. ABC 1234567 XYZ).