Direct 30 Savings Account
|
Direct 30 Savings Account |
|
Min Investment Amount |
Investment Amount |
Gross (%) |
AER (%) |
Net (%) |
|
£2,000 |
£50,000 plus |
2.00 |
2.00 |
1.60 |
|
|
£25,000 to £49,999 |
1.90 |
1.90 |
1.52 |
|
|
£10,000 to £24,999 |
1.80 |
1.80 |
1.44 |
|
|
£5,000 to £9,999 |
1.65 |
1.65 |
1.32 |
|
|
£2,000 to £4,999 |
1.20 |
1.20 |
0.96 |
|
|
|
|
|
Rates effective from 1st December 2008
Enhanced interest rates
If you are planning to save for a major purchase but can afford to give 30 days' notice then why not benefit from enhanced interest rates with our Direct 30 account.
Features
- Enhanced rates of interest
- Option to withdraw from the account within 30 days (forefeiting the equivalent of 30 days gross interest on withdrawal amount)
- You will need a minimum balance of £250 to keep your account open
- £2,000 Minimum initial investment required to open and operate the account
- Available by phone or post
- £500,000 maximum deposit
- Interest calculated on daily basis and credited annually to the account at midnight on 1st April
Age restriction:
Restrictions on deposits:
Withdrawals:
- Minimum withdrawal is £100
- Withdrawals will be transferred direct to your bank or building society account via BACS (Bank Automated Clearing System)
- Withdrawals can be arranged by telephoning us with your request.
Interest:
- Interest rates on this account are variable
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 Direct 30 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 Direct 30 Savings Account |
|
Account name |
Direct 30 |
|
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 |
30 days notice or immediate access with 30 days gross loss of interest |
| Access |
Telephone or post |
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).