Proof of identity and address verified electronically in the first instance.
No additional deposits or partial withdrawals under any circumstances. However, additional bonds can be opened (subject to availability).
If you select to have your interest:-
a)
Paid annually
Interest will be payable on 5 April each year.
b)
Paid monthly
Interest will be payable on the last working day of each month to a bank/building society account via BACS.
In exceptional circumstances, the bond may be closed during the first 12 months subject to a charge equivalent to 100 days’ interest (which will be deducted from the capital sum if necessary). Therefore, if you close your account in the first 100 days, you will get back less than you originally invested.
The interest rate on the bond will be revised on the 1st day of the month following any change in the Bank of England Base Rate and the gross AER is guaranteed to then be at least 0.5% above the Bank of England Base Rate.
This bond can only be opened directly at our Head Office. To request an application form call
08451 22 00 22* or it can be downloaded from this website.
The society reserves the right to close this bond at any time after the initial 12 month period, subject to 60 days notice in writing.
Minimum
Investment £500
Gross
Rate
% p.a/AER
Net
Rate
% p.a.
Annual and monthly interest
1.00
0.80
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.
*For customer service and training purposes, calls to Kent Reliance may be monitored and/or recorded.
