Minimum
opening deposit £50 (£5
for under 18's) Minimum balance
£1.
Proof of identity and address verified electronically in the first instance.
Add
to your savings as and when
you like.
Take money out of your account when you need it - up to £500 cash, £50,000 by cheque from our branch (lower limits may apply at our agencies) or by post to our Head Office.
Interest
is added to the account annually
on 5 April.
Minimum Opening
Deposit £50 (£5 for under 18's)
Gross
Rate % p.a./AER
Net
Rate % p.a.
Annual interest
0.10
0.08
As at 1 March 2010
Annual
Equivalent Rate or AER illustrates
what the interest rate would be if
the interest was paid and added each
year. Please note that every advertisement
for a savings product which quotes
an interest rate will contain an AER
allowing you to compare at a glance
what return you can expect from your
savings over time.
AER - interest which is paid
annually on 5 April is the same
as the appropriate gross rate or
tax free rate. For accounts where
the interest is paid monthly the
AER is shown.
Gross rate is the rate of interest
before deduction of income tax.
Net rate is the rate after
deduction of income tax which is currently
20%. Subject to the required certification
non tax payers will be able to receive
any interest at a gross rate.
