The high interest Club and Association Deposit Account
Club and Association Deposit Interest Rates
The Club and Association Deposit Account is designed to work efficiently alongside your existing current account as a high interest deposit facility.
The interest rate is guaranteed to be no less than 0.25% below the Bank of England Base Rate until 31 December 2012.
| Minimum Balance | £500 |
| Maximum Balance | £5,000,000 |
| Minimum Withdrawal | £100 |
| Bank of England Base Rate | Currently 0.50% |
| Previous Base Rate to 5th March 2009 | 1.00% |
Current Interest Rates - Effective from 29 January 2010
| Balances | Gross Interest Rate/AER |
|---|---|
| £50,000 and above | 1.50% |
| £500 to £49,999 | 1.25% |
| Balances | Gross Interest Rate/AER |
|---|---|
| £50,000 and above | 2.00% |
| £500 to £49,999 | 1.75% |
Interest rates are variable.
Interest Payment Periods
Interest Payment/Statements issued Monthly†/Quarterly/Annually
†On request for balances in excess of £50,000.
Interest rate when compounded will equal the annual rate.
Definitions
On the interest rate table you may see some terms you are unfamiliar with. These are:
AER — Stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. (As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time).
Gross — This is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).
The AER advertised is based on interest paid gross and capitalised to the account once a year - please note that other interest payment periods are available and the actual interest rate on your account will be lower if you have interest applied more frequently, but when compounded will equal the AER.