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Savings FAQs

It couldn’t be easier to open a savings account with Progressive. Saving for your future is one of the best decisions you’ll ever make so it’s important that you choose the right account for you. We’ve put together some Frequently Asked Questions from our valued Members. If you don’t find the answer to your query here, simply contact us or visit your local branch.

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Savings FAQs

How do I open a savings account?

You can open an account in person at any of the Society’s branches or agencies. Please click here to find your local branch and agency contact numbers and locations.

Alternatively, you can download and complete an application form and forward it to us, together with a cheque to open the account, and a certified copy of valid photographic ID to prove your identity as the account holder, Nominee or Controller.

What identification documents do I need to open a savings account?

Click here for a full list of identification requirements, which include a valid UK or ROI Passport, valid UK or ROI Driving Licence, a valid Electoral Card and a current Smart Pass.

Are there other ways to verify my identity?

We undertake a search with a Credit Reference Agency or Data Reference Agency. They supply us with information, including from the Electoral Register, for the purpose of verifying your identity.

A record of the search is then retained. The search will not be seen or used by lenders to assess your ability to obtain credit. We may however use the information for the prevention of money laundering.

If we’re unable to verify your identity from the information provided you will be required to produce two items of documentation as proof of your identification.

What is a Personal Savings Allowance?

The Personal Savings Allowance lets savers earn interest on savings income, tax-free – up to a certain amount.

Everyone’s allowance will be different and various factors are taken into consideration.  Further information on the Personal Savings Allowance can be found here.

When will my Bond mature?

Your Bond will mature at the end of the term stated on your account.

We’ll write to you at least 14 days before maturity to advise you of your options. If we don’t receive written instructions from you, the quoted rate of interest will cease to apply on the date of maturity and the balance of your Bond will be rolled over into a new Bond with a similar term and the interest rate prevailing at that time.

How is interest calculated?

Interest is calculated on a daily basis up to and including the day before a withdrawal.

For funds lodged into an account by cash, electronic transfer and direct debit, interest is paid from the day of receipt. For cheques and debit cards, interest is paid from the day following receipt of the funds.

How do I change my address and personal details?

It’s very important that you keep us up to date with any changes to your address or personal details.

Simply call into any of our branches and complete a Savings Amendment Form. Remember to bring your Passbook and valid photographic ID along with you.

Can I change my mind after opening an account?

Yes. We offer a 14-day cooling off period (excluding Fixed Rate Bonds) from the date of your account opening (or from the day we provide you with a copy of the terms and conditions) during which you can choose to close the account for any reason.

Subject to our normal cheque clearing requirements, your deposit along with any interest earned, will be returned to you.

How do I go about closing my savings account?

We’d be very sorry to lose you as a Member.

However, subject to the account terms and conditions, you can close your account by calling into any one of our branches. Just bring your passbook and some valid photo ID.

How do I send money electronically to a Progressive savings account?

The following details must be used when making transfer/payments into your Progressive account from your bank:

 

Bank Name                       Progressive Building Society

Address                              33/37 Wellington Place, Belfast, BT1 6HH

Sort Code                          237448

Account Number             60538426

Payment Reference      This is your Progressive account number which  appears on your passbook (11 digits)

This will be subject to your account terms and conditions.

Please refer to your bank for further details or information on electronic transfers.

Is my money protected under the Financial Services Compensation Scheme?

Your eligible deposits with Progressive Building Society are currently protected up to a maximum of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. 

Total balances above £85,000 are not protected.

For joint accounts, each account holder is treated as having a claim in respect of their share. So, for a joint account held by two eligible depositors, the maximum amount that could be claimed is £85,000 each, making a total of £170,000.

For further information please view our Financial Services Compensation Scheme Information leaflet.

How do I find out about an old savings account with Progressive?

If you think you may have a savings account with Progressive that you’ve lost or forgotten about over the years, we can help!

If you’ve come across a passbook or an old statement, or if you think you can recall having an account with us but can’t find any related documentation, call into one of our branches and we’ll happily help you trace it.

Just bring any account documents you may have and photographic ID.  For further information on photographic ID required view our Proving your Identity leaflet here. 

A savings account that hasn’t seen any transactions for 15 years or more will become dormant, so you’ll stop receiving statements. You can reactivate a lost or dormant account by simply calling into a branch and making a transaction.

At what age can I open an ISA?

You must be aged 16 or over to open a Cash ISA, or aged 18 or over to open a Stocks and Shares ISA, Innovative Finance ISA or Lifetime ISA.

You may wish to open a Junior ISA on behalf of your child, aged 18 or under. Please note that children born between 1 September 2002 and 2 January 2011 with Child Trust Funds are not eligible to save into a Junior ISA as well. You can however transfer funds from a Child Trust fund into a Junior ISA.

We offer Cash ISA and Cash Junior ISA at Progressive.

How many ISA accounts can I have?

There are 4 types of ISA:

  • Cash ISA
  • Stocks and Shares ISA
  • Innovative Finance ISA
  • Lifetime ISA

You can have one of each type in each tax year with a minimum age of 18 for all ISAs except the Cash ISA where the minimum age is 16. 

The maximum combined amount you can have across all types of ISA each tax year is known as the ISA allowance.

How do I transfer my ISA from another provider to Progressive?

It’s simple. You can transfer your ISA from another provider to Progressive by calling into any of our branches and completing a Cash ISA Transfer Request Form.  Please bring details of your existing ISA and valid photo ID.

At Progressive we can only accept the transfer of your existing Cash ISA with another provider into the following Progressive Cash ISAs:

  • Cash ISA (Issue 5)
  • 1 Year Fixed Rate ISA Bond (Issue 3)
  • 2 Year Fixed Rate ISA Bond (Issue 5)
  • Help to Buy: ISA – to fund part or all your initial deposit up to £1,200.

Please note, the transfer can take up to 15 banking days to complete.

 

Can I transfer my ISAs from previous years?

Yes, subject to the terms and conditions of the ISA you are applying for.

Can I transfer my existing Progressive Cash ISA to another ISA provider?

Yes, subject to the specific account terms and conditions. Your new ISA provider will ask you to complete a transfer form, which they will forward to us to begin the transfer process.

We’d much rather you stay with us though!

What happens if an account holder passes away?

We will first and foremost offer our sincere condolences. We will then guide and support you as to what to do with the account.

Please visit any of our branches or call our helpline on 0800 029 4998, 9am – 5pm, Monday to Friday. 

Our Bereavement Support guide explains all the steps you’ll need to take to sort out any accounts held with us.

How do I make a complaint about my savings account?

Should we fail to meet your, and our, high expectations, we offer an internal complaints procedure, which covers all aspects of our savings service. 

Branch staff will explain the procedure to you and give you written information if you request it. 

Complaints that cannot be resolved internally can be referred to:

The Financial Ombudsman Service

Exchange Tower, London E14 9SR

Tel: 0800 023 4567 or 0300 123 9123

Email: complaint: info@financial-ombudsman.org.uk  

How can I protect myself against fraud?

We have a robust anti-fraud system in place. We also ask you to check out our helpful tips on protecting yourself, including the FFA’s Take Five. Keep a close eye on your account activity and never divulge your account details.

In the unlikely event of fraud, please notify us immediately and our trained team will respond to you as quickly as possible.

For specialist advice relating to fraud prevention, click here.

What are the opening times of our branches?

We have 12 branches in towns and cities all across Northern Ireland. Call in and talk to us about any of our services, we’d be more than happy to help you.

We look forward to seeing you.

For opening times of all branches, click here.