Classic Gold Savings Account
|
Classic Gold Savings Account |
|
Min Investment Amount |
Investment Amount
(annual interest) |
Gross (%) |
AER (%) |
Net (%) |
|
£5 |
£50,000 plus |
0.80 |
0.80 |
0.64 |
|
|
£25,000 to £49,999 |
0.70 |
0.70 |
0.56 |
|
|
£10,000 to £24,999 |
0.65 |
0.65 |
0.52 |
|
|
£5,000 to £9,999 |
0.60 |
0.60 |
0.48 |
|
|
£500 to £4,999 |
0.55 |
0.55 |
0.44 |
|
|
£5 to £499 |
0.50 |
0.50 |
0.40 |
|
Min Investment Amount |
Investment Amount
(monthly interest) |
Gross (%) |
AER (%) |
Net (%) |
|
£5,000 |
£50,000 plus |
0.80 |
0.80 |
0.64 |
|
|
£25,000 to £49,999 |
0.70 |
0.70 |
0.56 |
|
|
£10,000 to £24,999 |
0.65 |
0.65 |
0.52 |
|
|
£5,000 to £9,999 |
0.60 |
0.60 |
0.48 |
|
|
|
|
|
Rates effective from 1st December 2008
Every day instant access account
Classic Gold is the choice for the general saver who requires the flexibility of penalty-free instant access to their savings.
Features
- Instant access to your savings with no penalties for withdrawals
- Interest rates ‘tiered’ to match your balance
- No notice required for withdrawals
- Monthly income option on balances of more than £5,000
- £5 Minimum initial investment required to open and operate the account
- Gross interest rates for eligible non-taxpayers
- £1 minimum and £500,000 maximum cash or cheque deposit
Age restriction:
Restrictions on deposits:
- Coins totalling less than £25 will be accepted if sorted and bagged
Withdrawals:
- Any cheques deposited must be cleared before a withdrawal can be made on them
- Withdrawals up to £500 cash and £5,000 cheque
- Cheque withdrawals over £5,000 can be arranged at any branch
- No loss of interest or penalties on withdrawals
- Any cheques deposited must be cleared before a withdrawal can be made on them
Interest:
- Interest rates on this account are variable
- Interest calculated on daily basis and credited annually to the account at midnight on 1st April or if you prefer, paid monthly, provided that your balance does not fall below £5,000
- Interest can be transferred to another account that you may have with us, or directly into your bank account (If the amount of monthly interest falls below £20, the interest will be credited to the account)
Tax:
- Interest will be paid or credited after deduction of income tax at the appropriate rate
- Non-taxpayers must first complete the appropriate Inland Revenue declaration (R85) (Please contact your local Tax Office if you are unsure about your eligibility for tax-free interest)
How do I open a Classic Gold Savings Account?
This account is specifically for personal savers and is not available for business use.
Summary of account:
|
Summary Box
Key Product Information for our Classic Gold Savings Account |
|
Account name |
Classic Gold Savings Account |
|
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 rate is the 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 and Customs certification (R85).