40 Day Savings Account (previous rates)
|
40 Day Notice Savings Account |
|
Min Investment Amount |
Investment Amount
(annual interest) |
Gross (%) |
AER (%) |
Net (%) |
|
£500 |
£100,000 plus |
4.15 |
4.15 |
3.32 |
|
|
£50,000 to £99,999 |
4.05 |
4.05 |
3.24 |
|
|
£25,000 to £49,999 |
3.95 |
3.95 |
3.16 |
|
|
£10,000 to £24,999 |
3.70 |
3.70 |
2.96 |
|
|
£5,000 to £9,999 |
3.45 |
3.45 |
2.76 |
|
|
£2,000 to £4,999 |
3.40 |
3.40 |
2.72 |
|
|
£500 to £1,999 |
3.25 |
3.25 |
2.60 |
|
Min Investment Amount |
Investment Amount
(monthly interest) |
Gross (%) |
AER (%) |
Net (%) |
|
|
£100,000 plus |
4.07 |
4.15 |
3.26 |
|
|
£50,000 to £99,999 |
3.98 |
4.05 |
3.18 |
|
|
£25,000 to £49,999 |
3.88 |
3.95 |
3.10 |
|
|
£10,000 to £24,999 |
3.64 |
3.70 |
2.91 |
|
|
£5,000 to £9,999 |
3.40 |
3.45 |
2.72 |
|
|
|
|
|
Rates effective from 1 March to 30 April 2008
High interest notice savings account
Features
- Interest rates 'tiered' to match your balance
- Monthly income option on balances of more than £5,000
- You will need a minimum balance of £500 to keep your account open
- £500 Minimum initial investment required to open and operate the account
- Gross interest rates for eligible non-taxpayers
- £1 minimum, £500,000 maximum cash or cheque deposit
- Interest calculated on daily basis and credited annually to the account at midnight on 1st July or if you prefer, paid monthly, provided that your balance does not fall below £5,000
Age restriction:
Restrictions on deposits:
- Coins totalling less than £25 will be accepted if sorted and bagged
Withdrawals:
- Up to £500 cash and £5,000 cheque
- Cheque withdrawals over £5,000, can be arranged at any branch
- 40 days notice in writing is required for penalty free withdrawals. Immediate withdrawals incur 40 days loss of interest on the amount withdrawn
- Any cheques deposited must be cleared before a withdrawal can be made on them
Interest:
- Interest can be transferred to another account that you may have with us, or directly into your bank account (if the amount of monthly interest falls below £20, the interest will be credited to the account).
Tax:
- Interest will be paid or credited after deduction of income tax at the appropriate rate
- Non-taxpayers must first complete the appropriate Inland Revenue declaration (R85) (Please contact your local Tax Office if you are unsure about your eligibility for tax-free interest)
How do I open a 40 Day Notice Savings Account?
This account is specifically for personal savers and is not available for business use.
Net rates assume the lower rate of income tax of 20%. These figures are rounded and are for illustrative purposes only.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded each year.
GROSS: The gross rate is the contractual rate of interest before the deduction of tax at the appropriate rate specified by law. Interest will be paid gross to non-taxpayers subject to the required HM Revenue and Customs certification (R85).