Solicitors' Reserve account
Designed for non-designated funds. This immediate access account also benefits from an attractive interest rate.
| Summary Box Key Product Information for our Savings Accounts |
|
|---|---|
| Account name | Solicitors' Reserve account |
| Interest rates (AERs) | 1.50% variable |
| Tax status | Interest is paid net of tax, except in certain account types where it can be paid gross. Please enquire for details |
| Conditions for bonus payment | There is no bonus payment for this account |
| Withdrawal arrangements | Immediate access |
| Access | Access is via post, or one of our branches |
- Open with a minimum of £5,000
- Maximum investment of £2,000,000
- Immediate access to funds
- The interest rate will track and pay at the minimum of the Bank of England base rate.*
- If the balance falls below £5,000 the interest will be fixed at 1.00% gross AER p.a.
- Interest is paid annually on 31 December and credited directly to your account
*Following a change in the Bank of England base rate, our accounts linked to this rate will change within 28 days
current rates | previous rates
| Minimum investment | Maximum investment | Gross p.a. / aer % | Net p.a. % (after deduction of basic rate tax) |
| £5,000 | £2,000,000 | 1.50 | 1.20 |
current rates valid from 7 July 2009
| Minimum investment | Maximum investment | Gross p.a. / aer % | Net p.a. % (after deduction of basic rate tax) |
| £5,000 | £2,000,000 | 1.00 | 0.80 |
previous rates valid from 1 April 2009 to 6 July 2009
Identification for Solicitors' Reserve account
We will also require you to provide an acceptable form of organisation identification detailed below.
- There must be two partners signing to open the account
- Accounts may only be opened by cheque or transfer from an account in the firms name
- We will check with the Law Society for confirmation of your status and that of the firm
