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
|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|
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|
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.