Reward Saver (Issue 3)
Up to 1.75% gross p.a* variable
(up to 0.75% gross p.a.*/AER** plus 1.00% bonus)
Our Reward Savings accounts offer you immediate access to your savings and a bonus on your interest for every three months you don't touch your money. You never know when you might need your savings and this account lets you have the best of both worlds; immediate access to your money if you need it, and a bonus if you don't.
Plus, this is not an introductory offer that runs out.
The bonus rolls every three months from the date you open your account. So our Reward Savings accounts keep on rewarding you.
| Summary Box Key Product Information for our Savings Accounts |
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|---|---|---|---|---|---|---|---|
| Account name | Reward Saver (Issue 3) | ||||||
| Interest rates (AERs) |
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| Tax status | Interest is paid net of tax unless you have registered an R85 form | ||||||
| Conditions for bonus payment | Bonus is paid every three months. See section What will stop me earning my bonus interest for penalties for withdrawal. | ||||||
| Withdrawal arrangements | No restrictions on withdrawals | ||||||
| Access | Access is via post, or one of our branches | ||||||
About Reward Savings Accounts
How does the bonus work?
Our reward savings accounts offer immediate access to your money. If you don't touch your money for three months from account opening we pay you a bonus of 1.00% p.a./AER. This is a variable interest rate. This rolls on for every three months you have the product. This is not an introductory bonus that disappears, but one that continues for as long as the account is open.
Am I allowed to withdraw money?
Yes, all our reward saver accounts are immediate access. If you need to withdraw some money, you would lose the bonus interest for the current three month period. Once that is complete and a new three month period begins you would again be eligible to earn bonus interest.
For Example: Shirley opens a Reward Saver account in June with an opening balance of £2000. She makes no withdrawals for three months and at the end of August, Shirley receives her base and bonus interest. Her new three month bonus period begins again in September. Shirley withdraws £500 in October. At the end of November (the end of three months) she receives her base interest but no bonus interest as she made a withdrawal in that three month period. In December she starts a new three month bonus period.
What will stop me earning my bonus interest?
You will not receive a bonus if you make a withdrawal or transfer within a three month period. If you close your account you will not receive a bonus for the last three month period of the account being open.
How is my interest paid?
Base and bonus interest is paid upon completion of each three month period of holding the account. We will add this money to your account.
What else do I need to know to open an account?
The minimum opening balance of a Reward Saver account is £1000. To open the Reward Saver you need to be aged 7 over. The maximum balance is £1,000,000 (£2,000,000 for joint accounts). Please make sure you read our Savings Terms and Conditions.
| Minimum investment | Investment amount | Gross p.a. / aer % * | Net | Bonus |
| £1,000 | 0.50 | 0.40 | 1.00% | |
| £50,000 + | 0.75 | 0.60 | 1.00% |
current rates valid from 1 June 2010
| Minimum investment | Investment amount | Gross p.a. / aer % * | Net | Bonus |
| £1,000 | 0.50 | 0.40 | 1.00% | |
| £50,000 + | 0.75 | 0.60 | 1.00% |
previous rates not applicable
* The gross rate is the rate before deducting tax at the rate applicable to savings income.
** The annual equivalent rate (AER) is a notional rate which illustrates the contractual rate (excluding any bonus interest payable) as if paid and compounded on an annual basis.
