Interest rates
The Scotland Rugby Savings Account offers an impressive rate of return.
Scotland Rugby Savings Account Rates as from 1 February 2009
| Summary Box Key Product Information for our Savings Account(s) |
|
|---|---|
| Account Name | Scotland Rugby Savings Account |
| Interest Rates (AERs) |
Please see below for full information. Interest rates are variable. |
| Tax Status | Interest is normally payable after allowing for deduction of income tax at the specified rate (currently 20%) but may be paid gross if the appropriate completed HM Revenue and Customs form is provided. |
| Conditions for Bonus Payment | For bonus rate information please see below. The bonus rate is paid for 6 months. |
| Withdrawal Arrangements | No notice period or penalties for withdrawals. |
| Access | Internet/Phone/Post |
| Balance | Gross Interest Rate* | AER including bonus* | AER without bonus |
|---|---|---|---|
| 100 and over | 1.75% | 1.25% | 0.75% |
*This rate includes a bonus of 1% available on the first account you open. The bonus is paid for 6 months.
These interest rates are variable. Current rates can be obtained on our pre-recorded 24hr interest information line 0870 845 0829.
Interest Periods
Interest will be paid quarterly on the first business day of January, April, July and October.
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 and capitalised to the account once a year — please note that the actual interest rate on your account will be lower as interest is applied quarterly. However, you do receive the same amount of interest overall in the course of the year if interest remains in the account.