Members reward 95 (issue 1)
The Members Reward 95 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 95 (issue 1) - from 24 May 2011
ANNUAL RATE
| Balance | Gross | AER | Net |
|---|---|---|---|
| £50,000+ | 2.05% | 2.05% | 1.64% |
| £25,000+ | 1.95% | 1.95% | 1.56% |
| £10,000+ | 1.75% | 1.75% | 1.40% |
| Balance | Gross | AER | Net |
|---|---|---|---|
| £50,000+ | 2.00% | 2.02% | 1.60% |
| £25,000+ | 1.90% | 1.92% | 1.52% |
| £10,000+ | 1.70% | 1.71% | 1.36% |
| 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: | 95 days notice subject to normal operating limits displayed in branch. It is not possible to withdraw funds immediately by paying a penalty equivalent to 95 days interrest |
| Access: | Branch |
| Limited Issue 1: | This product may be withdrawn without notice at any time. Only one account can be opened per customer per issue, whether this is a sole or joint application |
| Minimum opening balance: | £10,000+ |
| Maximum investment: | £250,000 single £500,000 joint |
| Eligibility: | Existing Marsden member with 5 years confinuous membership. |
| Interest payment: | Paid annually or monthly to a nominated bank account or Marsden Building Society instant access account |
|
Payment account: |
No |
To view the Member Reward 95 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.
