Marsden Building Society

eSaver account (issue 3)

The Marsden eSaver account is specifically designed for our personal customers who want the convenience of being able to operate their savings remotely.

eSaver account (issue 3) Interest rates - from 17 April 2014

BalanceGrossAERNet
£250+ 1.05% 1.05% 0.84%
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: N/A
Withdrawal arrangements: Future date faster payment or CHAPS
Access: Marsden online service
Opening/operating balance: £250
If the balance falls below £250, a rate of 0.10% gross/AER variable applies
Maximum investment: £250,000 single
Additional investments: Faster payment or CHAPS
Eligibility: Personal customers aged 18+
Interest payment: Paid annually on 31 March
Record of investment: No passbook will be issued.  Transaction history,statments and tax certificates available online
Payment account: No

To view the Marsden online terms & conditions, please click here

To view the eSaver 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.

 

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

 

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%.  Interest is normally paid at the net rate other than if the account holder is entitled to receive interest gross and has registered an R85 (relevant form), or the account is exemp from income tax.

Tax Tax free is the contractual rate of interest payable where interest is exempt from income tax.