Is the Trust Fund Deposit Account right for you?
The Trust Fund Deposit Account is designed to work efficiently alongside the trust's existing bank or building society current account as an interest deposit facility.
Key Product Information for our Savings Account(s)
|Account Name||Trust Fund Deposit Account|
Please see below for full information.
Interest rates are variable.
Interest is payable gross as long as confirmation of the beneficiary’s tax status as evidenced by the Trust Deed and the following documentation or as
Tax treatment depends on individual circumstances and may change.
|Conditions for Bonus Payment||No bonus payment applies to this account.|
No notice period or penalties for withdrawals.
|Access||Telephone or postal banking.|
Current Interest Rates
Effective from 4 July 2013
Gross Interest Rate/AER (variable)
|£500 and above||0.40%|
*There is currently no charge for early withdrawal from 7 Day Notice accounts.
Previous Interest Rates
For previous interest rate information for your account please contact our Customer Service staff on 0845 845 0829.
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.
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.