Important information for all savings accounts
The passbook must accompany any withdrawal.
We may change the interest rate from time to time.
Details of our current interest rates are available here, or in our investment rate leaflet.
Where required by legislation, interest will be paid or credited after deduction of income tax at the appropriate rate or, subject to the required certification, gross. Where the tax deducted exceeds an investor's tax liability (if any), a claim may be made to the Inland Revenue for repayment of tax. For individuals whose income falls within the lower or basic rate bands, the tax deducted will match their liability to tax on the interest and they will have no more tax to pay on it. Individuals who are liable to tax at rates above the basic rate bands will have to pay additional tax on the interest to cover the difference between the tax deducted and the higher rate tax due.
If you do not have to pay income tax you may fill in form R85 (Please note: this link will open the page in a new browser window), and we will pay you interest without deduction of tax. Please ask at your local branch for this form if you need one. If you have any queries on your tax liability you should get in touch with your Inland Revenue tax office.
You must include the amount of interest you earn in your yearly Income Tax Return.
What if I decide the account is not for me?
Tell us within 14 days of opening the new account if it does not meet your needs and you can have your money back or switch to another account without losing interest.
How to operate your account from a distance
- Deposits
- Write your name and account number on the back of the cheque
- Place your passbook and cheque(s) in the envelope
- Applying notice on your account (where applicable)
- Complete the withdrawal slip, ticking the appropriate box
- Forward to us in the envelope but do not include your passbook
- Withdrawals
- Send your passbook with completed and signed withdrawal slip
- To close your account, send your passbook and mark the withdrawal slip 'TO CLOSE' (Cheques will be made payable to account holder only and will be sent to the registered address)
- Interest
- To update your passbook for interest payments please send your passbook to us in the envelope provided stating your requirements
- Statements
- Annual statements are issued as shown in the account leaflet or online information
