AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Gross interest is paid directly into your account without tax deducted on 31 March each year. You might be required to pay tax on savings interest – this should be arranged directly with HMRC through your tax return.
Will the interest rate change?
The interest rate is variable and can change – if it increases, we’ll update our website and, if the rate goes down, we’ll write to you 14 days before it changes.
The minimum opening deposit amount is £100, up to a maximum of £1,000,000.
You can only make deposits into your account by bank transfer from a nominated bank account in your name. Similarly, you can only make withdrawals from your account into the nominated bank account in your name.
Can I withdraw money?
Yes. You can make an unlimited number of withdrawals online to a nominated bank account without notice, penalties or charges.
You can make withdrawals in Relationship Centres too. You’ll need to bring proof of ID with you (for example, a valid Passport) and your signature (for example, a valid driving licence).
Gross interest is paid directly into your account without tax deducted each year on 31 March. You might need to pay tax on savings interest - this should be arranged directly with HMRC through your tax return.
If you're a basic rate taxpayer and have savings income or interest of more than £1,000 (£500 for higher rate taxpayers), you'll have to pay some tax on this. You can find out more by calling HMRC on 0300 200 3300 or visit hmrc.gov.uk