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 29 June 2010
AER - stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
Gross rate - is the rate of interest before the deduction of income tax.
Net rate - is the rate after the deduction of income tax, currently at the rate of 20%. Subject to the required certification non taxpayers are able to receive their interest gross.
