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 annually 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.
Yes, you can make withdrawals in our Relationship Centres, 30 days' notice is needed for all withdrawals. You’ll need to bring proof of ID with you (for example, a valid Passport) and your signature (for example, a valid driving licence).
You can also request withdrawals to your nominated account by post.
How will I receive my interest?
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
The deposits in your 30 Day Notice Account are protected by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. If your bank or building society fails and can’t pay back your money, FSCS can automatically pay you compensation:
up to £85,000 per eligible person, per bank, building society or credit union.