The interest rate is a bank managed rate of 1.35% 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 £1013.50

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.

Information can be requested on the telephone, as can withdrawals when we have your nominated bank account set up. Alternatively, instructions can be sent to us in the post. These will need to be authorised by the correct number of signatures in accordance with the latest mandate.

Yes, you can make withdrawals from this account by giving 32 days’ notice and there is no charge for doing so.

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

Withdrawal requests need to be signed in accordance with the mandate, or requested via telephone banking by the signatories detailed on the mandate.

No charges apply to this account (except for those referred to in our terms and conditions, where we permit early withdrawal at our discretion with charges on transfer before notice period served).

‘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.