Direct saver (Issue 2)
Direct saver is an account providing easy access to your savings via the postal system and telephone without notice.
Interest rates - Direct saver (from 28 October 2009)
ANNUAL RATES INCLUDING 0.75% BONUS
| Balance | Gross | AER | Net |
|---|---|---|---|
| £10,000+ | 1.75% | 1.38% | 1.40% |
| £1,000+ | 1.00% | 0.63% | 0.80% |
ANNUAL RATES EXCLUDING 0.75% BONUS
| Balance | Gross | AER | Net |
|---|---|---|---|
| £10,000+ | 1.00% | 1.00% | 0.80% |
| £1,000+ | 0.25% | 0.25% | 0.20% |
SHOULD YOUR ACCOUNT FALL BELOW THE MINIMUM OPENING AND OPERATING BALANCE OF £1,000 THE ACCOUNT WILL BE CLOSED AND THE BALANCE, WITH ANY INTEREST DUE, WILL BE RETURNED TO YOU.
| Key features | |
|---|---|
| Interest rates: | See above, rates are variable |
| Tax status: | Interest normally paid net after deduction of income tax or gross subject to certification |
| Conditions for bonus payment: | A fixed bonus of 0.75% for 6 months from the date account opened |
| Withdrawal arrangements: | Cheque or electronic transfer |
| Access: | Via the post or telephone. Not available in branch |
| Minimum opening balance: | £1,000 |
| Maximum investment: | £250,000 single £500,000 joint |
| Eligibility: | Available exclusively through Savings Direct. Post code restrictions do not apply. |
| Interest payment: | Paid annually on 31 March |
| Payment account: (Payment Services Regulations 2009) |
Yes Please refer to 'Payment Transactions and Services leaflet' |
To view the Direct Saver account specific terms & conditions, please click here
To view the general savings account terms & conditions, please click here
Gross means the contractual rate of interest payable not taking account of the deduction of income tax at the appropriate rate.
Net rates are illustrative only and allow for deduction from gross rate of income tax at the specified rate i.e. assuming rate of income tax at 20%.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Tax Free is the contractual rate of interest payable where interest is exempt from income tax.
