Branch Reserve Account - previous rates
Rates effective from 1st January 2008 to 29th February 2008
High interest notice savings account
Features
- Operated by Branch only
- Minimum balance of £3,000 to open and maintain the account
- Maximum balance of £50,000
- Gross interest rates for eligible non-taxpayers
- Interest calculated on daily basis
- Interest credited annually to the account at midnight on 1st April each year
- Limited to one account per customer
- Instant access - 3 penalty free withdrawals in a calendar year, then a charge equivalent to 30 days interest applies
Age restriction:
- Anyone over the age of 18, who is a UK resident can open an account
Restrictions on deposits:
- Coins totalling less than £25 will be accepted if sorted and bagged
Withdrawals:
- Up to £500 cash and £5,000 cheque
- Minimum withdrawal amount is £100
- Cheque withdrawals over £5,000, can be arranged at any branch
- 3 penalty free withdrawals in a calendar year, then a charge equal to 30 days gross loss of interest applies
- Any cheques deposited must be cleared before a withdrawal can be made on them
Interest:
- Interest is calculated on a daily basis and will be credited to your account annually at midnight on 1st April each year
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 Branch Reserve Savings Account?
- This account can only be opened via one of our branches or agencies. To find your local branch or agency please go to Branch Finder
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).