Members reward (issue 1)
The Members Reward account is avialable exclusively to existing Marsden members who have a minimum of 5 years continuous membership with the Society at the date the account is opened.
Interest Rates - Members reward (issue 1) - from 29 July 2010
| Balance | Gross | AER | Net |
|---|---|---|---|
| £10,000+ | 1.25% | 1.25% | 1.00% |
| Key features | |
|---|---|
| Interest rates: | See above, rates are variable. If the balance falls below £10,000 a rate of 0.10% gross/AER variable applies |
| Tax status: | Interest normally paid net after deduction of income tax or gross subject to certification |
| Conditions for bonus payment: | N/A |
| Withdrawal arrangements: | Instant access, subject to normal operating limits displayed in branch |
| Access: | Branch |
| Minimum opening balance: | £10,000 |
| Maximum investment: | £250,000 single £500,000 joint |
| Eligibility: | Existing Marsden member with 5 years confinuous membership. Account has to be opened in person at a branch |
| Interest payment: | Paid annually on 31 March |
|
Payment account: |
No |
To view the Members Reward account 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.
