Direct Transfer Account 2 Interest Rates
Sold via intermediaries only. For account information please call our customer service team on 0345 845 0829.
Current Interest Rates
Effective from 1st September 2016
|Balance||Gross Interest Rate/AER
|£100 and over||0.35%|
Previous Interest Rates
For previous interest rate information for your account please contact our customer service team on
0345 845 0829.
Key Product Information for our Savings Account(s)
|Account Name||Direct Transfer Account 2|
|Please see above for full information.
Interest rates are variable.
|Tax Status||Interest will be paid gross and you will be responsible for paying any tax due to HMRC.|
|Conditions for Bonus Payment||No bonus payment applies to this account.|
|Withdrawal Arrangements||No notice period or charges for withdrawals.|
Interest Payment Periods
Interest will be paid monthly on the first day of the month or quarterly on the first day of January, April, July and October or annually.
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.