A passbook based savings account - for a lump
sum that you don’t want to touch
"earn up to 3.55% gross/AER" (fixed)
Correct as at 21 June 2010
Important: This account can only
be opened and operated through our branch
and agency
network. Our accounts are only available to UK residents.
For an information pack simply pop into our branch or agencies
Main features of the account
Minimum opening deposit £100 (£10,000 for monthly interest).
Maximum investment £1,000,000.
Term - 3 years.
No age restriction.
Additional deposits can be made until the current issue is closed to new customers.
Proof of identity and address verified electronically in the first instance.
You cannot make withdrawals or close the account under any circumstances during the fixed rate period.
The savings account is a fixed term investment. We will write to you at least 10 days prior to maturity with details of further investment opportunities with the Society. If we do not hear
from you with alternative instructions, the balance of your account will be transferred
automatically to the Society’s Fixed rate easy access account on maturity.
Interest will be payable annually on 5 April and on maturity, unless you have selected to have your interest paid monthly to a nominated account.
Minimum Opening Deposit £100
(£10,000 for monthly interest)
Gross Rate % p.a.
Net Rate % p.a.
AER
%
Annual interest
3.55
2.84
3.55
Monthly interest
3.49
2.79
3.55
Correct as at 21 June 2010
AER - stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
Gross rate - is the rate of interest before the deduction of income tax.
Net rate - is the rate after the deduction of income tax, currently at the rate of 20%. Subject to the required certification non taxpayers are able to receive their interest gross.
