The interest rate is a bank managed rate of 1.00% Gross/AER.

Interest accrues on the daily balance at the above rate. This rate may vary from time to time and we will notify you of any changes.

Interest is added to or deducted from the account on the 31 December each year.

Yes. As this account pays a variable rate of interest, it can change over time – the general terms and conditions explain how this happens. We will always let you know of any planned changes to the rate. For example, we may review our interest rates if the Bank of England base rate changes.

If you deposit £1,000 when you open the account, the balance after 12 months will be £1,010.00.

This assumes:

• You do not withdraw any money and interest is paid into this account.
• The interest rate stays the same.
• You do not add any more money.

A minimum deposit of £1 is required when opening an account.

Once fully completed application and mandate forms are received in the post and the necessary checks have been carried out by our team, we will be delighted to open your account with us.

If you change your mind, you can advise us in writing and we will cancel the account free of charge within 14 days of opening.

Deposits can be added at any time via your own online banking service, standing order or post.

Online banking will soon be available for Kingdom Bank organisation customers.

All instructions should be authorised by the correct number of signatures in accordance with the latest mandate.

Yes, you can make two withdrawals from this account per calendar month and there is no charge for doing so.

All withdrawals must be made to an account in the same name.

Instructions for withdrawals must be made through telephone banking by the signatories detailed on the mandate.

‘AER’ stands for ‘Annual Equivalent Rate’. Whenever you see an advert for a  savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.