50 Day Notice Account - Interest Rates
The rates below are for New and Existing Customers.
Effective from 22 November 2008
Interest | £1 to £499 Annual | £500 to £250,000 Annual | £5,000 to £250,000 Monthly |
|---|---|---|---|
AER | 2.50% | 3.10%* | 2.84%* |
Gross | 2.50% | 3.10%* | 2.80%* |
Net | 2.00% | 2.48% | 2.24% |
*Members will receive 0.15% extra interest.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
Net Rates allow for the deduction of income tax at the lower rate. Interest will be paid to you less tax at this rate. If you don't pay tax, you have two options; either to arrange to receive your interest without tax deducted , by requesting the relevant form from ourselves, or to reclaim the tax later.
Gross rate is the contractural rate of interest before the deduction of income tax at the rate specified by law.
If you are a non tax payer you can download an R85 or R105 form at www.hmrc.gov.uk/taxback.
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