Savings accounts
Interest rates
Rates correct as at 29th November 2011 but are subject to variation (current Bank of England Base rate is 0.50%)
The following sum shows how interest is calculated:
Daily Cleared Balance x Gross Annual Rate / 36500 = Daily Gross Interest
Existing savings accounts
Smart Saver
Cash ISA
Fixed Term Deposit
Privilege & Privilege Premier Savings
Savings Plus
Linked Savings
Youth accounts
Pathfinder Worldwide
Save Direct Worldwide
Previous interest rates can be found in the Previous Interest Rates page.
Smart Saver
Effective from 11th March 2009
| Gross% | AER% | Net% | Interest Credited | |
|---|---|---|---|---|
| Smart Saver £1+ | 0.25 | 0.25 | 0.20 | Yearly |
Fixed Term Deposits
Effective from 29th November 2011
| Gross % | AER% | Net% | Interest Credited | |
|---|---|---|---|---|
| 1 year (monthly) | 2.46 | 2.49 | 1.96 | Interest paid monthly / Interest paid on maturity |
| 2 year (monthly) | 2.96 | 3.00 | 2.36 | |
| 3 year (monthly) | 3.25 | 3.29 | 2.60 | |
| 1 year (on maturity) | 2.50 | 2.50 | 2.00 | |
| 2 year (on maturity) | 3.00 | 3.00 | 2.40 | |
| 3 year (on maturity) | 3.31 | 3.31 | 2.64 |
Cash ISA
Effective from 1st April 2011
| Gross % | AER% | Net% | Interest Credited | |
|---|---|---|---|---|
| £1+ | 0.50 | 0.50 | - | Interest paid annually on 5th April Maximum investment for cash ISA: £5,340 |
Privilege Premier Savings
Effective from 11th March 2009
| Gross% | AER% | Net% | Interest Credited | |
|---|---|---|---|---|
| £1-£99,999 | 1.00 | 1.00 | 0.80 | Yearly |
| £100,000+ | 1.03 | 1.03 | 0.82 | Yearly |
If you convert your account to a Privilege current account, a lower rate of interest will be paid on the Privilege Savings Account (see table below):
Privilege Savings
| Gross% | AER% | Net% | Interest Credited | |
|---|---|---|---|---|
| £1+ | 0.75 | 0.75 | 0.60 | Yearly |
Savings Plus
Effective from 11th March 2009
| Gross% | AER% | Net% | Interest Credited | |
|---|---|---|---|---|
| £1+ | 0.50 | 0.50 | 0.40 | Yearly |
Linked Savings
Effective from 11th March 2009
| Gross% | AER% | Net% | Interest Credited | |
|---|---|---|---|---|
| £1+ | 0.25 | 0.25 | 0.20 | Yearly |
Accounts for children (Bonus account and Future Fund)
Effective from 18th January 2010
| Gross% | AER% | Net% | Interest Credited | |
|---|---|---|---|---|
| £1-£999 | 0.25 | 0.25 | - | Interest paid Gross yearly* |
| £1,000-£4,999 | 0.25 | 0.25 | - | |
| £5,000+ | 0.25 | 0.25 | - |
* provided account holder is eligible and R85 form is completed
Pathfinder Worldwide
Effective from 11th March 2009
| Gross % | AER% | Net% | Interest Credited | |
|---|---|---|---|---|
| £1 - £2,499 | 0.06 | 0.06 | - | Interest is calculated daily and paid Gross monthly |
| £2,500 - £4,999 | 0.09 | 0.09 | - | |
| £5,000 - £14,999 | 0.12 | 0.12 | - | |
| £15,000 - £49,999 | 0.15 | 0.15 | - | |
| £50,000 - £99,999 | 0.18 | 0.18 | - | |
| £100,000+ | 0.21 | 0.21 | - |
Save Direct Worldwide
Effective from 11th March 2009
| Gross % | AER% | Net% | Interest Credited | |
|---|---|---|---|---|
| £1 - £249 | 0.06 | 0.06 | - | Interest is paid Gross annually |
| £250 - £4,999 | 0.06 | 0.06 | - | |
| £5,000 - £14,999 | 0.09 | 0.09 | - | |
| £15,000 - £24,999 | 0.12 | 0.12 | - | |
| £25,000 - £49,999 | 0.15 | 0.15 | - | |
| £50,000 - £99,999 | 0.18 | 0.18 | - | |
| £100,000+ | 0.21 | 0.21 | - |
Gross rate means the contractual rate of interest paid before deduction of income tax at the rate specified by law.
Net is the rate of interest that would be payable after allowing for the deduction of income tax at the rate specified by law.
AER means the Annual Equivalent Rate and illustrates the contractual rate of interest as if paid and compounded each year.
Interest is calculated daily on all accounts.
