Limited Access Savings Account

A Limited Access Savings Account allows you to access your money but only a set number of times per year. It is best for someone who would not access their savings very often and in return for limiting your access you will receive a higher rate of interest.

Withdrawals are limited up to 4 times a year
No notice required for making withdrawals
No limit on depositing funds

Product Summary

Key product features & criteria:

Minimum balance – £1
Maximum balance – £5m
Plan your finances by limiting your withdrawals
You can withdraw funds up to 4 times in an account year
‘Account Year’ means the 12-month period from the date that the account was opened and each subsequent period of 12 months thereafter
The interest rate is variable. This means it can go up or down at any time.
You may close this account at any time
Manage your savings account in branch and online with our mobile app and Internet Banking
A minimum balance of £1 is required to open the account
Paying money into a Limited Access Savings Account - in branch, by cheque, or by transferring money from another account with us or another provider.
How to withdraw – transfer to an SBI UK current or savings account with us or another provider.
You can’t set up standing orders or direct debits.
You can’t have a cheque book.
Interest is paid on the last working day of the month. If you place an outward transfer on a non-working day or withdraw funds from your account, after interest has been credited for the month, the system will adjust any overpaid interest to your account to reflect the change in balance at the end of the next month.
We reserve the right to close the account if the balance in the account falls below the minimum specified amount. We would give you 60 days notice before doing this.
All the interest we pay you, will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid
For more information see our General Terms and Conditions of Service.

Interest Rates

Rates applicable w.e.f 15.09.2023

Account balance	Gross rate	AER*
£1 - £ 5,000,000.00	2.65%	2.65%

*AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once a year. Gross is the contractual rate payable before the deduction of income tax at the rate specified by law.

Terms & Conditions

Am I eligible?

Before you apply, check that you meet the eligibility requirements.

You are over 18 years old
You are a UK resident for tax purposes
You have a permanent UK address

If all of these statements are correct, you can apply for our Limited Access Savings Account.

Just check which documents you’ll need and complete our application form.

Limited Access Savings Account
Account name	Limited Access Savings Account
Interest rates	For current interest rates visit: https://sbiuk.statebank/personal/interest-rates
Tax status	All the interest we pay you, will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Interest paid	Monthly Interest is paid gross (without taking off tax)
What would the estimated balance be after 12 months based on a £1,000 deposit?	On a deposit of £1,000, estimated balance would be £1,026,82 You’ll earn an interest of approximately £26.82. This is based on: Interest calculated daily and compounded monthly. £1,000 being deposited in the account at the time it is opened, and no further deposits or withdrawals being made over the 12-month period. The interest rate as detailed on www.sbiuk.com/personal/interest-rates and doesn’t take into account any changes in the rate of interest over the 12-month period
Conditions for bonus payable	There is no bonus available on this account.
Withdrawal arrangements.	Maximum to 4 withdrawals in an accounting year.
Access	In branch, online