Swansea Building Society to increase interest rate on savings

Swansea Building Society is increasing the interest rate payable on all its savings accounts, with the change coming into effect on January 1, 2022.


The building society’s decision was taken prior to the recent rate change announced in the Bank of England’s (BOE) base rate, and all its savings account interest rates will be increased by 0.15%.


The Society is also making additional changes to its range of savings accounts. With immediate effect, it is now accepting Cash ISA transfer in requests, and the maximum amount that can be held across all Society savings accounts per customer has been increased to £1m.


Furthermore, its business instant and 90-day notice accounts are now available for new account openings.


From January 1, 2022, the Society’s Personal Premier Account and Business Premier Accounts will be renamed Instant Access Saver Account and Business Instant Access Saver Account respectively – with no changes to the current terms and conditions.


The Society is also relaunching its Regular Saver Account for new account applications, which will now be called Regular Monthly Saver Account.


Lastly, the Society’s savings account aimed at helping young adults save, titled the First Adult Saver Account, will see the maximum age for new and existing account holders increase to 40 years of age (currently 30) and the maximum that can be saved in the account rise to £40k, with no restrictions on the number of withdrawals that can be made, subject to providing 7 days’ notice.


Alun Williams, Chief Executive at Swansea Building Society, said:


“The Society has enjoyed an excellent year, and while the Society’s Board is mindful of the challenges that lie ahead during these difficult times, we believe that the Society is now able to increase the interest rates paid on our savings accounts. This reflects our belief that the Society is in a good position to effectively operate both now, and in the future, ensuring we build on the foundations successfully laid down over the last 99 years of operations.


“We are also making some changes to our range of savings accounts, which are aimed at making things more straightforward and flexible for savers as we move towards our centenary year.”