Kent Reliance Building Society

Paying money in

With any of the Society’s savings accounts you are able to add to your savings as and when you like, up to a maximum balance of £1 million. Cash ISAs are subject to HM Revenue & Customs limits. You cannot add to bonds (but you can open additional bonds, subject to availability).

By bank transfer (BACS)

If you want to pay money in using BACS simply supply your bank/building society, employer or pension provider with the following bank details in order for them to send the funds direct to us.

a) Sort code: 62-24-97.

b) Account details: this will be the numerical element of your account reference with a zero added in front of the number to make it eight digits long. For example 01234567.

Please quote your whole account number (which includes the prefix and the suffix), for example DIS1234567KRB, as the reference. If you do not quote this reference the transfer of your funds may be delayed.

By standing order - You can have a regular payment made directly into your account by standing order - just ask at any of our branch or agencies, or phone our Head Office for a standing order form to give to your bank/building society/employer/pension provider, or use the bank details above.

Via post to Head Office - Simply post a cheque (but not cash) made payable to one or more account holder's, together with your passbook (not applicable for statement based accounts) to Kent Reliance Building Society, PO Box 174, Chatham, Kent ME4 4WG. The transaction (if applicable) will be recorded in your passbook which will be returned to you. Please make sure you write your account number on the reverse of your cheque. Post-dated cheques are not acceptable. The Society accepts no responsibility for cheques which are cleared in advance of the date written on them.

Via the branch and agency network

Take your passbook and deposit (cash or cheque) into any of our branch or agencies. The transaction will be recorded in your passbook and the balance updated.

Statement based accounts can only be opened and operated by post through our Head Office. We do not offer a counter facility for statement based accounts.

If you pay by cheque which is subsequently returned unpaid by the bank/building society it is drawn on, we will debit your account with the amount of your cheque. We will inform you in writing and, if applicable, request your passbook in order for it to be amended. We will return the cheque to you on request.

Taking money out:

Via post to Head Office - You can write to Head Office requesting a withdrawal of cleared funds by cheque or BACS subject to the terms of your account. Please make sure that you quote your account number and include your passbook if appropriate.

Important: Cash will not be sent through the post and we do not offer a counter facility at Head Office. Please allow six clear working days for clearance on all cheques paid in before withdrawal can be made against them. Cheques will only be sent to the registered address, unless you are transferring your ISA to another provider. When we receive a transfer or withdrawal request, we may contact you by telephone to confirm your instructions and to make you aware of our current range of saving and investment products.

Via the branch and agency network - Withdrawal of cleared funds are subject to the terms of your account. You can normally withdraw £500 in cash or £50,000 by cheque from passbook accounts in any one day, at any of our branch or agencies. A few days’ notice is required for cash withdrawals in excess of £500 to a maximum of £2,500.

Clearing cycle

The central clearing cycle for cheques and automated payments is normally three working days. However, Kent Reliance asks you to allow six clear working days for cheques before you can draw against them.

Earning interest on your account

The interest earned is paid annually on 5 April and, depending on the particular account, is normally added to the balance of the account.

Interest is normally paid net of tax having been deducted at 20%. However:

	Interest on ISAs is paid in full with no tax deducted.
	Non taxpayers who are ordinarily resident in the UK can arrange to have their interest paid gross by completing a form R85 available from our branch and agency network by calling our Head Office on 08451 22 11 22* or by downloading one from our website.
	If you need to check whether you are eligible to have your interest without tax deducted call HM Revenue and Customs helpline on 08459 800 645.

Except for fixed rate accounts, interest rates can vary. Current rates of interest are set out on the interest rates sheet available at any of our branch or agencies and on this website. When they change we'll also let you know by advertising in The Times and The Sun or by writing to you if you have a variable rate product.

Keeping up to date:

Kent Reliance savers will receive a passbook, written balance confirmation or a statement on opening the account. Our branch and agency network will normally be able to give you your passbook straight away. If you apply by post, you'll receive your passbook or confirmation letter in the post within a few days.

You should keep your passbook, confirmation letter or statement safe. For passbook based accounts all withdrawals require a passbook. If you make regular payments into your account by standing order, you'll need to take your passbook into your nearest Kent Reliance branch/agent or post it to our Head Office from time to time to have it updated.

If you lose your passbook or it is stolen, you must let us know immediately to prevent further withdrawals and have the balance transferred to a new account number (there is a £10 charge to replace a passbook).

Your annual statement

If you have a non ISA passbook based account, a non ISA statement based savings account or a bond you will receive a statement/tax certificate at the end of April each year to show the interest earned for the tax year and the balance at that date. If you have a statement ISA or passbook based account you will receive an annual statement in April showing the interest earned and balance at that date.

Statement based accounts will also receive quarterly statements in January, July and October (if there have been any transactions on the account during the previous quarter).

Note: For a one year fixed rate ISA interest is payable on maturity.

For a one year fixed rate bond interest is paid on maturity, unless the monthly income option is selected.

Fees and charges

	Electronic transfer (CHAPS) - £25 (guaranteed to be processed the same business day if instructions are received before 11.00am)
	Duplicate or interim statement - £10
	Inactive account fee - £10 per annum
	Replacement passbook £10

If we increase or add a charge, we will notify you personally at least 60 days before the change is effective.

Tax on interest

Interest may be paid without deduction of tax to individuals who are eligible and certify that they do not expect to be liable to income tax. In the absence of the required certification, interest will be payable after deduction of income tax at the rate applicable to building society savings accounts. Where the tax deducted exceeds the investor’s tax liability (if any), a claim may be made to HM Revenue & Customs for repayment of tax. In order to determine whether there is any liability to tax at the higher rate, the amount of interest actually paid or credited on the account must be included in the investor’s annual income tax return, together with the amount of gross interest earned. Every year the Society is required to supply to HM Revenue & Customs particulars of interest paid or credited to investors. Interest on ISAs is paid in full with no tax deducted. Non taxpayers who are ordinarily resident in the UK can arrange to have their interest paid gross by completing a form R85, available from our website www.krbs.com, by calling our Head Office on 08451 22 11 22 or through our branch and agency network. If you need to check whether you are eligible to have your interest paid without tax deducted call HM Revenue & Customs helpline on 08459 800 645. We are unable to pay interest without deduction of tax for non UK residents.

Inactive accounts

An inactive account is an account with a balance below £100, on which there have been no customer-initiated transactions for the whole tax year. An inactive account fee will be debited from each inactive account on 31 August each year. If there are insufficient funds in the account to cover the inactivity fee, the balance will be charged as the inactivity fee and we will close the account without further notice. Accounts where the first named account holder is under 16 years of age on 5 April, are exempt from this fee.

Dormant accounts

Where mail is returned to us marked “gone away”, or there have been no customer-initiated transactions on a savings account for a period of three years or more and we have not heard from you during this time, we may flag the account as dormant. To reactivate a dormant account, we will need to establish proof of identity and address. We are a member of the Building Society Association’s Dormant Account Scheme. Flagging your account as dormant does not affect your ownership of funds.

*For customer service and training purposes calls to Kent Reliance may be monitored and/or recorded.