Willow Trust Savings Account
Rates effective from 20th February 2009
A simple way to save and support a local charity
Stroud & Swindon is proud to be associated with the Willow Trust, a charity that provides river boat trips for seriously ill and disabled people of all ages. The Willow Trust will receive a cash donation from Stroud & Swindon each year equivalent to 1% of the average total balance held on the account type throughout the year. (The annual donation will not exceed £10,000 p.a.)
Features
- Enhanced rates of interest
- Instant access to your savings with no penalties for withdrawals
- Gross interest rates for eligible non-taxpayers
- £25 minimum initial investment required to open and operate the account
- No notice required to make withdrawals
Age restriction:
Minimum/Maximum deposit:
- £1 Branch/Agency
- £100 Telephone/Post
Restrictions on deposits:
Withdrawals:
- Any cheques deposited must be cleared before a withdrawal can be made on them.
- Up to £500 cash can be withdrawn instantly
- Cheque withdrawals over £100, payable to account holder only, can be arranged at any branch
- No loss of interest
Interest:
- Interest rates on this account are variable
- Interest can be transferred to another account that you may have with us, or directly into your bank account
- Interest calculated on daily basis and credited annually to the account at midnight 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 Inland Revenue 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)
How do I open a Willow Trust Savings Account?
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 Willow Trust Savings Account |
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Account name |
Willow Trust Savings Account |
|
Interest rates (AERs) |
Current rates are listed above. Interest rates are variable. |
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Tax status |
Gross or net of income tax |
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Conditions for bonus payment |
Not applicable |
| Withdrawal arrangements |
Instant Access |
| Access |
Branch |
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).