Willow Trust Savings Account (previous rates)
|
Willow Trust Savings Account |
|
Min Investment Amount |
Investment Amount |
Gross (%) |
AER (%) |
Net (%) |
|
£500 |
£500 plus |
3.15 |
3.15 |
2.52 |
|
|
|
|
|
Rates effective from 1st March 2008 to 30th April 2008
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 until December 2006 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.)
For more information on our work with the Willow Trust please read the newsletter.
Willow Trust Newsletter Features
- Enhanced rates of interest
- Instant access to your savings with no penalties for withdrawals
- Gross interest rates for eligible non-taxpayers
- £500 Minimum initial investment required to open and operate the account
- No notice required to make withdrawals
- Interest calculated on daily basis and credited annually to the account at midnight on 1st April
Age restriction:
Minimum/Maximum deposit:
- £100 minimum, £500 cash and up to fives cheques (total value at least £100) per day maximum up to £500,000
Restrictions on deposits:
Withdrawals:
- Any cheques deposited must be cleared before a withdrawal can be made on them.
- Up to £100 - £500 cash can be withdrawn instantly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 can be transferred to another account that you may have with us, or directly into your bank 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) 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.
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).