Interest Rates
Effective from 26/08/2010
| AER | Gross PA | Net PA | ||||||
| £50,000 or more | 1.00% | 1.00% | 0.80% | |||||
| Less than £50,000 | 0.40% | 0.40% | 0.32% |
- Minimum opening balance of £50,000. Must be UK resident, for tax purposes. You must be 18 years or older.
- New customers can enjoy a great rate of 2.50% equivalent AER variable (2.47% gross p.a variable) for 3 months from account opening. After 3 months the interest rate will revert to the Growth Saver variable rate currently 1.00% AER (gross p.a 1.00%) on deposits of £50,000 or more
- If the balance falls below £50,000 then the variable rate will be 0.40% AER (gross p.a 0.40%)
- Interest is calculated daily and credited to your account on the last day of each month.
- AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid for 12 months and compounded once each year.
- Gross per annum is the annualised rate before deduction of tax at standard rate.
- Net per annum is the annualised rate after deduction of tax at standard rate (currently 20%).
- Interest is variable.
- We may record or monitor calls.
- Full details of historical base rates are available from the Bank of England Website