Savings rates
Savings Plus with tracker interest
The interest on your linked savings account tracks 0.5%† below the Bank of England Base Rate, guaranteed for the entire life of your Current Account Plus, whatever your balance. Put simply, this means that any changes made by the Bank of England are passed on to you – so you don’t have to worry about looking around for different rates.
Interest rates effective from 11th March 2009
| Savings Plus | Gross % | AER* % | Net** % |
|---|---|---|---|
| £1+ | 0.50 | 0.50 | 0.40 |
Interest rates guaranteed to track 0.5% below the Bank of England Base Rate. Current Bank of England Base Rate 0.5%. Rates & charges correct at 03/09.
If you convert your Current Account Plus to a standard Current account, a lower rate of interest will be paid on the savings account.
| Linked Savings | Gross % | AER* % | Net** % |
|---|---|---|---|
| £1+ | 0.25 | 0.25 | 0.20 |
† The credit interest rate on your Savings Plus account was designed to track 0.5% below the Bank of England base rate. However, following the reductions which have taken the base rate to its lowest ever level, we have not reduced the rates on this savings account by the full percentages at this time.
Withdrawals by cheque from your Savings Plus or Linked Savings will be subject to a £5 charge (per cheque).
*AER = Annual Equivalent Rate – is the notional rate which illustrates the contractual interest rate as if paid and compounded on an annual basis.
Gross = The contractual rate of interest payable before the deduction of income tax at the rate specified by law.
Interest is paid gross and it remains the customer’s responsibility to declare interest earned to their relevant tax authority.
**Net = The rate of interest payable after deduction of income tax at the rate specified by law.
Interest is payable annually on Savings Plus and Linked Savings accounts.
Rates and charges correct at 03/09 and are subject to variation.
Interest is paid on the 5th April.
