Rainbow 120
Rainbow 120 is designed for customers who have savings of £25,000 or more and are able to give 120 days' notice for withdrawals in return for a higher rate of interest.
Interest rates - Rainbow 120 (from 28 October 2009)
ANNUAL RATES
| Balance | Gross | AER | Net |
|---|---|---|---|
| £100,000+ | 1.55% | 1.55% | 1.24% |
| £50,000+ | 1.35% | 1.35% | 1.08% |
| £25,000+ | 1.15% | 1.15% | 0.92% |
MONTHLY RATES
| Balance | Gross | AER | Net |
|---|---|---|---|
| £100,000+ | 1.30% | 1.31% | 1.04% |
| £50,000+ | 1.10% | 1.11% | 0.88% |
| £25,000+ | 0.90% | 0.90% | 0.72% |
Where the balance falls below £25,000, Rainbow instant access annual rates apply
| 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: | 120 days' notice or 120 days' loss of interest, subject to normal operating limits displayed in branch |
| Access: | Branch |
| Minimum opening balance: | £25,000 |
| Maximum investment: | £250,000 single £500,000 joint |
| Eligibility: | Personal customers resident in the UK |
| Interest payment: | Paid annually on 31 December or monthly |
|
Payment account: |
No Please refer to 'Payment Transactions and Services leaflet' |
To view the rainbow 120 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.
