Sterling Savings

Monthly Income Account - Frequently asked questions

Q. How long does it take to open an account?

We do our best to keep this process as speedy and straightforward as we can. By supplying us with everything we need at the same time as you make your application, you will be helping us to keep the process to a minimum. The What we need you to provide document gives you a step-by-step outline of the information we need and the format in which it has to be supplied.

Q. I'm an existing customer. Do I need to fill in an application form?

If you're an existing customer, you may be able to open your new account even faster by making your application by phone. There's no extra paperwork - just one call. Phone +44 (0) 1534 825 064.

Q. What is the minimum opening balance?

The minimum opening balance for an Monthly Income Account is £25,000.

Q. How much can I deposit in the Monthly Income Account?

You can deposit any amount between £25,000 and £1,000,000.

Q. How much access do I have to my money?

You have the flexibility of enjoying up to one withdrawal per month without giving notice or losing interest.

Q. Can I access my account using internet banking?

You can use internet banking to check the balance, view account activity, order historic statements and interest certificates. You can also arrange transactions, in the same currency as your account, to accounts in the UK and worldwide. Simply register by calling our Internet Banking Helpdesk on +44 (0)1534 848 521 Monday to Friday 09.00 to 17.00 UK local time.

Q. What if I need access to more than £5000 per month?

If you need access to more than £5000 per month, all you have to do is give us 90 days notice. If you need your money more quickly you can get immediate access. We'll charge you the equivalent of 90 days' interest on the amount you withdraw.

Q. When is my interest paid?

When opening the account, you are able to choose which date the interest will be paid each month, leaving you in control of when you receive your monthly income.

Q. Can I have my interest paid back into my account?

Interest is paid away monthly on the date set by you. Although interest cannot be paid back into your Monthly Income Account, you can choose to have your interest paid into another account held with us or any other bank held within the UK banking system. Transmission charges may apply if interest is paid into another bank.