Classic Gold Account
|
Classic Gold Account |
|
Min Investment Amount |
Investment Amount
(Annual Interest) |
Gross p.a. (%) |
AER
(%) |
Net p.a. (%) |
|
£25 |
£50,000 plus |
0.30 |
0.30 |
0.24 |
|
|
£25 to £49,999 |
0.25 |
0.25 |
0.20 |
|
Min Investment Amount |
Investment Amount
(Monthly Interest) |
Gross p.a. (%) |
AER
(%) |
Net p.a. (%) |
|
£25 |
£50,000 plus |
0.30 |
0.30 |
0.24 |
|
|
£25 to £49,999 |
0.25 |
0.25 |
0.20 |
|
|
|
|
Rates effective from 1st September 2010 |
Classic Gold is the choice for the general saver who requires the flexibility of penalty-free instant easy access to their savings.
Features
- Easy access to your savings with no penalties for withdrawals.
- Choose to operate your account in branch/agency, or by telephone/post.
Age restriction:
Minimum initial investment required to open and operate the account:
- £25 minimum initial investment to open and operate your account.
Minimum/Maximum deposit:
- £1 minimum for Branch or Agency operated accounts.
- £100 minimum for telephone and postal operated accounts.
- £500,000 maximum.
Restrictions on deposits:
- Coins totalling less than £25 will be accepted if sorted and bagged in Branches or Agencies only.
- Cash and coins are not accepted by post.
Withdrawals:
- No notice required.
- No loss of interest.
- Up to £500 cash in Branches or Agencies.
- Cheque withdrawals over £10 can be arranged at any Branch or Agency.
- For accounts operated by telephone or post, the minimum withdrawal amount is £100. Withdrawal requests can be made 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.
Interest:
- Interest rates on this account are variable and interest is calculated on daily basis.
- Credited annually to the account at midnight on 1st April or if you prefer, paid monthly at midnight on the first day of each month commencing 1st of the month after you open the account, provided that your balance does not fall below the minimum amount of the account. If the month falls on a Sunday or a Bank holiday, interest will be credited on the next working day.
- Monthly interst can be transfered to another account that you may have with us, paid directly into your bank or building society account or credited to your Classic Gold 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 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:
- On account opening, you can choose to operate your account by Branch or Agency, or by telephone and post.
This account is specifically for personal savers and is not available for business use.
How do I apply for this account?
Summary of account:
|
Summary Box
Key Product Information for our Classic Gold |
|
Account name |
Classic Gold |
|
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 |
Easy Access |
| Access |
Branch, Agency, telephone or post |
Interest rates are subject to change from time to time. Changes to our rates are published either in national newspapers or in writing, within 30 days of the effective date.
AER: stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
GROSS: The gross rate is the contractual rate of interest before the deduction of tax.
NET: Net rates are shown (rounded to two decimal places) for illustrative purposes after deduction of income tax at 20%.