Savings & Investments from The Catholic Building Society

The Westminster 90 account is designed for people who would like to put a sum aside whilst looking for a good rate of return on their investment. It also comes with the option of receiving the interest monthly*.

Invest from £500

The minimum investment is £500, with a maximum of £150,000. Your Investment is recorded in a passbook and a statement is issued as at 31 December each year.

Five interest rate bands have been created to encourage you to keep saving – the more you save, the more interest you will earn. As your savings reach each new band, we will pay you a better interest rate on the entire amount. Remember, the same rates apply, whether you have your interest annually, or select the monthly option.

Check the current interest rates

Monthly Income and Interest

*Provided your balance is at least £10,000 you are able to have interest paid to your nominated bank account on a monthly basis.

Alternatively, interest will be added to the account each year on 31 December, which can be withdrawn without the need to give notice and without penalty.

Opening your Westminster 90 Account

If you are a non-taxpayer we can pay interest gross, provided you complete Inland Revenue Form R85 and you register it with us. If you become a non-taxpayer after you have opened your account, just ask us for Form R85, as required.

Managing your Westminster 90

Westminster 90 is a ninety-day notice account. You may make withdrawals without penalty provided you give the requisite notice. There is no minimum withdrawal amount, although any requests for cash will be subject to the encashment limit prevailing at the time.

If you need access to your funds quickly, you may withdraw part or all of your balance, subject to payment of a penalty equivalent to ninety days interest at the prevailing gross rate on the amount withdrawn.

If you withdraw your entire balance immediately the penalty will be deducted from outstanding capital, if accrued interest is not sufficient to cover it, particularly where monthly or annual interest has already been paid to you.

You can add to your account or access your funds by visiting the Society’s office during normal business hours.

If you prefer, you can also conduct your account through the post. We will supply you with Freepost envelopes and will respond to your requests by return of post. Just let us have your cheque and written instruction, as appropriate, together with your passbook.