Premium Reward - Issue 2
|
Premium Reward - Issue 2 |
|
Min Investment Amount |
Investment Amount |
Gross (%) |
AER (%) |
Net (%) |
|
£1,000 |
£200,000 to £500,000 |
0.75 |
0.75 |
0.60 |
|
|
|
|
|
|
|
|
£25,000 to £49,999 |
0.55 |
0.55 |
0.44 |
|
|
|
|
|
0.40 |
|
|
|
|
|
Rates effective from 1st April 2009
Enhanced interest rates
Premium Reward - Issue 2 is designed for customers looking for a return on their investment that increases with the amount that is saved, and who are willing to restrict the number of penalty-free withdrawals made to three a year.
Features
- Stepped rates of interest
- Make up to three penalty free withdrawals a year
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:
- No notice required
- Three withdrawals can be made each calendar year without penalty.
- Minimum withdrawal amount is £100
- A fourth or subsequent withdrawal in any calendar year will be subject to a penalty equivalent to 30 days loss of gross interest on the amount withdrawn
- Minimum withdrawal amount is £10 in Branch or Agencies.
- For accounts operated by telephone or post the 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 or 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 £1,000 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
- 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.
- Click here to view our full terms and conditions for this account.
How do I open a Premium Reward - Issue 2?
This account is specifically for personal savers and is not available for business use.
Summary of account:
|
Summary Box
Key Product Information for our Premium Reward 2 |
|
Account name |
Premium Reward 2 |
|
Interest rates (AERs) |
Current rates are listed above. Rates on this account are variable. |
|
Tax status |
Gross or net of income tax |
|
Conditions for bonus payment |
Not applicable |
| Withdrawal arrangements |
3 penalty free withdrawals each calendar year. Any subsequent withdrawal will be subject to a charge equivalent to 30 days' loss of gross interest |
| 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).