Oxbury Forest Saver: Product Summary
This summary contains key information about your Oxbury Forest Saver 1 Year Fixed Bond, you should read it carefully and keep it safe for future reference.
- No fees or charges
- Eligible deposits between £1,000 - £85,000
Oxbury Forest Saver 1 Year Fixed Rate Bond – Campaign 1
- Oxbury Forest Saver does not pay an interest rate.
- Oxbury use an equivalent annual interest rate of 0.70% AER to fund the planting of Woodland Carbon Code compliant trees in accredited UK sites to offset carbon dioxide emissions and enhance biodiversity
- A £15,000 deposit would offset an individual’s average carbon emissions as per the WWF calculator for 1 year
NO. This account has a fixed rate of interest, so the rate won’t change during the term.
Below is an example of what the future balance might be for an account balance of £1,250 with interest paid annually. We have also shown the estimated balance for other deposit amounts, as well as the amount of carbon you can mitigate.
|Initial Deposit||Gross rate||Balance after 1 year||CO2e tonnes mitigated||Example impact mitigated|
|£1,250||0.00%||£1,250||0.9||A Return Flight London to Dubai||£15,000||0.00%||£15,000||10.5||The average UK resident’s annual carbon footprint||£50,000||0.00%||£50,000||35||The equivalent of 10 return flights from London to Singapore||£85,000||0.00%||£85,000||59.5||Approximate impact of a new build 2 bedroom house|
The estimated balance projections assume that:
- The account is opened with the amount stated and interest starts being earned straight away
- No further deposits or any withdrawals are made
- To open this account you will need to apply from a desktop, laptop or tablet device. You will then need a smartphone to use the Oxbury App to authenticate the access to your Oxbury Online Banking
- Accounts can be opened on an individual basis
- You can open this account with a minimum deposit of £1,000 and a maximum of £85,000. This is the maximum amount that can be held in the account
- You will have 14 days from the account being opened to fund your account, after this period of time no further deposits will be accepted
- If the minimum account balance of £1,000 has not been reached during this 14 day period the account will be automatically closed and any funds returned to your Linked Account
- You will need your current account sort code and account number to open your new savings account, this will become your Linked Account. We can only accept funds into your Oxbury account from your Linked Account
- The fixed term starts from the date of receipt of your first deposit
No. You cannot make withdrawals from a Fixed Rate Bond before the end of the fixed term. We will contact you at least 30 days before your account matures to explain your options and next steps.
At maturity you can either give us an instruction to open a new account with Oxbury or give us an instruction to return your money to your Linked Account.
In the event we do not receive any instructions from you we will convert your fixed terms savings account to an Easy Access Account and send you an updated Product Summary and details on how to access your savings.
AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once each year.
Accounts can be withdrawn from sale to new customers at any time and without notice.
What do you need to open an account?
This account is widely available so long as you:
- Are an individual aged 18 or over
- Have a UK bank or building society current account, on which you are named as an account holder
- Are resident in the UK (including for tax purposes). Our accounts cannot be held in trust or by US Persons (meaning US citizens, residents, green card holders or taxpayers in respect of their worldwide income)
- Have read this Oxbury Forest Saver Product Summary and our General Terms and Conditions If you would like more information, please contact us before you open your new account.
Your eligible deposits with Oxbury are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme https://www.oxbury.com/fscs-guide.pdf
You can find out if your money is protected in two easy steps by using the FSCS Protection Checker at https://www.fscs.org.uk/check-your-money-is-protected/