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Interest Rates
Please find a list of the latest interest rates below:
|
Account
|
Open/Closed | Gross % | Gross AER % | Net % |
| 4 Month Notice (Variable Rate) Deposit Account | Closed to new applicants |
3.30 |
3.34 |
2.64 |
| 6 Month Notice Deposit Account (Variable Rate) | Closed to new applicants |
3.35 |
3.39 |
2.68 |
| 12 Month Notice Deposit Account (Variable Rate) | Closed to new applicants |
3.65 |
3.65 |
2.92 |
| Hallmark | Closed to new applicants |
2.95 |
2.95 |
2.36 |
AER – Annual Equivalent Rate which illustrates what the interest rate would be if interest was paid and compounded annually.
Net – The rate of interest paid after the deduction of income tax at the lower rate of 20%.
Historic Interest Rates
We pride ourselves in offering competitive rates on our savings products. If you wish to see the historic rates paid on our Four, Six and Twelve Month Notice deposit accounts please click here.
Payment of Interest
Interest accrues daily and is credited to the various savings products as follows:
| Product | Period |
| Four Month Notice | Quarterly (end March/June/Sept/Dec) |
| Six Month Notice | Quarterly (end March/June/Sept/Dec) |
| Twelve Month Notice | Annually (30 November) |
Variation of Interest Rates
The interest rates will be increased on seven days notice, at our discretion. The interest rates will be decreased:
a. automatically, in line with reductions in the Bank of England base rate (on seven days delay), and
b. otherwise, at our discretion, on notice, in line with the notice period of the respective account.
Deduction of Tax
Tax is normally deducted from interest credited to depositors. Interest on Fixed Rate Savings Bonds of £50,000 or more is paid without the deduction of tax. Interest can otherwise be paid without the deduction of tax upon receipt of a duly completed H M Revenue & Customs documentation. The appropriate forms are available on request. A tax deduction certificate is available at the end of each tax year on request.