Branch Instant Savings Account
Rates effective from 1st December 2008
Low Transaction Savings Account with immediate access
Features
- Enhanced rates of interest
- No loss of interest on withdrawals
- Instant access to your savings with no penalties for withdrawals
- Gross interest rates for eligible non-taxpayers
- £10 minimum initial investment required to open and operate the account
- No notice required to make withdrawals
- Account is operated through a Stroud & Swindon branch
Age restriction:
Minimum/Maximum deposit:
- £10 minimum, £500 cash and up to 5 cheques (total value at least £100) per day maximum up to £500,000
Restrictions on deposits:
Withdrawals:
- Any cheques deposited must be cleared before a withdrawal can be made on them
- Up to £100 - £500 cash can be withdrawn instantly
- Cheque withdrawals over £100, payable to account holder only, can be arranged at any branch
Interest:
- Interest rates on this account are variable
- Interest can be transferred to another account that you may have with us, or directly into your bank account
- Interest calculated on daily basis and credited annually to the account at midnight on 1st April
Tax:
- Interest will be paid or credited after deduction of income tax at the appropriate rate
- Non-taxpayers must first complete the appropriate HM Revenue & Customs declaration (R85) to qualify to have interest paid without deduction of tax (Please contact your local Tax Office if you are unsure about your eligibility for tax-free interest)
How do I open a Branch Instant Savings Account?
This account is specifically for personal savers and is not available for business use.
Summary of accounts:
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Summary Box
Key Product Information for our Branch Instant Account |
|
Account name |
Branch Instant |
|
Interest rates (AERs) |
Current rates are listed above. Interest rates are variable. |
|
Tax status |
Gross or net of income tax |
|
Conditions for bonus payment |
Not applicable |
| Withdrawal arrangements |
Instant Access |
| Access |
Branch or agency |
Net rates assume the lower rate of income tax of 20%. These figures are rounded and are for illustrative purposes only.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded each year.
GROSS: The gross contractual rate of interest before the deduction of tax at the appropriate rate specified by law. Interest will be paid gross to non-taxpayers subject to the required HM Revenue & Customs certification (R85).