Current interest rates
Issue 42: Fixed Term Start date: 14/06/2012 | Maturity date: 14/06/2013
| Balance | Bank of England Base Rate (earned until fixed term start date) Gross/AER (variable) | 1 Year Fixed Term Deposit Account (Non-Personal) Gross/AER |
| £10,000 – £5,000,000 |
0.50% |
1.75% |
Interest payment periods
Interest will accrue at the fixed rate from the start date but will not be applied until the maturity date 12 months later.
Definitions
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%).
Key product information
| Account name |
1 Year Fixed Term Deposit Account (non-personal) |
Interest rates
(AERs) |
Deposits made during the offer period will earn a variable rate of interest at the Bank of England base rate, until the actual start date of the fixed term (shown above), when the fixed interest rate will begin. This variable interest will be added to your original deposit at the start of the fixed period. After the start date the interest rate is fixed until the maturity date shown above.
The interest earned during the one year term will be applied to the account on the maturity date.
|
| Tax status |
Interest is paid net of basic rate income tax (currently 20%) but may be paid gross if the appropriate HM Revenue and Customs form is completed. |
| Conditions for bonus payment |
No bonus payment applies to this account. |
| Withdrawal arrangements |
No partial withdrawals are allowed and you can't close a fixed term deposit account before the maturity date.
|
| Access |
Access only at the maturity date.
We'll write to clients before the account matures to ask what they'd like us to do with their money.
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