7 Day Saver
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7 Day Saver |
|
Min Investment Amount |
Investment Amount |
Gross (%) |
AER (%) |
Net (%) |
|
£100 |
£100 to £500,000 |
0.80 |
0.80 |
0.64 |
|
|
|
|
|
Rates effective from 1st April 2009
A great save
If you are looking for a savings account, where you are prepared to provide 7 days notice for a withdrawal the 7 Day Saver could be for you.
Features
- A choice of 7 days notice or a loss of 7 days gross interest for immediate withdrawals
- A guarantee that the rate will be no lower than the Bank of England Base Rate until 31 May 2009.
Age restriction:
- Available to customers aged 16 or over.
Minimum initial investment required to open and operate the account:
Minimum/Maximum deposit:
- £100 minimum
- £500,000 maximum
Restrictions on deposits:
- Cash and coins not accepted by post
Withdrawals:
- For penalty withdrawals 7 days notice is required
- Immediate withdrawals will incur a charge equivalent to 7 days gross interest on the amount withdrawn
- Minimum withdrawal amount is £100
- A withdrawal can be arranged by visiting your local Branch or Agency or, if you choose to operate your account by post and telephone, by writing to us using our Freepost service or telephoning us with your request.
- Any cheques deposited must be cleared before a withdrawal can be made on them. After paying in a cheque, you will not be able to make a withdrawal against the deposit until the sixth banking day following receipt.
- Should, for whatever reason, the account balance be reduced to less than £100 then the Society reserves the right either to close the account and return the funds to you at your registered address by cheque or pay an interest rate equivalent to the lowest tier on our Classic Gold account.
Interest:
- Interest rates on this account are variable and interest is calculated on a daily basis
- Credited annually to the account on 1st April
Tax:
- Interest will be paid or credited after deduction of income tax at the appropriate rate
- Non-taxpayers must first complete the appropriate HM Revenue and Customs declaration (R85) to qualify to have interest paid without deduction of tax (Please contact your local Tax Office if you are unsure about your eligibility for Tax-free interest)
Additional Information:
- An account can be opened in single or joint names but is restricted to one account per customer.
- On account opening choose to operate your account by Branch or Agency, or by telephone and post.
- No transfers are allowed from other Stroud & Swindon accounts.
- Click here to view the full terms and conditions for this product.
How do I open a 7 Day Saver?
This account is specifically for personal savers and is not available for business use.
Summary of account:
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Summary Box
Key Product Information for our 7 Day Saver |
|
Account name |
7 Day Saver |
|
Interest rates (AERs) |
Current rates are listed above. Interest rates are variable. |
|
Tax status |
Gross or net of income tax |
|
Conditions for bonus payment |
Not applicable |
| Withdrawal arrangements |
7 days notice required or loss of 7 days interest for withdrawals made without notice |
| Access |
Branch, Agency, telephone or post |
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).