Calculate your savings return
About our Savings Calculator
You can use our handy savings calculator to work out how much interest you are likely to earn on your savings.
How do interest rates work?
An interest rate is a percentage of how much you will earn based on the amount you save. Interest is paid to you by your savings provider. Interest earned on your savings can then be used to help you save towards large payments, for example mortgage deposits.
Does the base rate affect my interest payments?
The Bank of England Base Rate is separate to all of our savings interest rates at the Tipton. Unless your savings account specifically states that it follows base rate, there will be no automatic changes to your interest rate when base rate changes. However, it is not uncommon for increases or decreases in base rates to influence providers decisions in the savings rates they offer.
How does compound interest work?
Compound interest is where interest is added to the amount you have saved, and you then continue to earn interest on the higher amount. For example, if you have £1,000 saved and total interest of £1.00 is paid on 31 December, any future interest will be calculated based on £1,001.00.
How often is compound interest paid on a savings account?
This is solely dependent on the account. All savings account providers are required to show a Summary Box for each account. The frequency of interest payments will be detailed in this.
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FAQs
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- Can I access my savings account online?
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We do not currently have the facility for you to access your savings account online.
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- Do I need my passbook to pay into my account?
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You do not need your passbook to pay money into your account. We will be happy to update your passbook next time you visit our offices.
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- What happens if my interest rate changes?
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With the exception of Fixed Rate Savings, the interest rates on our accounts are variable and can change at any time. If we reduce your interest rate we will contact you by post before the changes are effective.
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- How do I get an interest certificate?
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If you need to confirm the total interest you've earned on your account, you can request a Section 975 tax certificate for any of the previous six tax years.
From the tax year 2016/17 onwards, Section 975 certificates have been replaced by Interest Certificates. We will not automatically issue Certificates annually. Instead we will only issue a new Interest Certificate on request. If you need an Interest Certificate, or a Section 975 certificate for a previous tax year, you can request one at any of our branches, by calling 0121 557 2551 or by completing our online form.
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- Can I set up payments from my account?
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We do not offer current accounts and therefore, no electronic payments can be set up from your account.
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