Capital Account
| Balance: | Gross Interest Rate/AER: | Net Interest Rate: |
|---|---|---|
| £5,000+ | 1.00% | 0.80% |
| £10,000+ | 1.10% | 0.88% |
| £25,000+ | 1.20% | 0.96% |
| £75,000+ | 1.25% | 1.00% |
| Summary Box Key Product Information for our Savings Accounts | |
|---|---|
| Account Name | Capital Account |
| Interest Rates (AER) | Please see interest rates above |
| Tax Status | Interest is paid net after the deduction of basic rate tax OR Gross without deduction of tax subject to a fully completed R85 form which is available upon request from the Society |
| Conditions of bonus payment | Not Applicable |
| Withdrawal arrangements | Immediate Access on one withdrawal per month of up to £5,000 providing the minimum balance of £5,000 is maintained. A penalty of 90 days loss of interest on the amount withdrawn will be incurred on other withdrawals during the month or where the withdrawal brings the account balance below £5,000 or for closure prior to maturity |
| Access | Post/Branch |
| General Product Information | |
|---|---|
| Availability | Available nationwide |
| Minimum Investment | To open a Capital Account you need a minimum of £5,000. |
| Fixed Term | The investment is for an initial period of one year. Your account will mature on the last day of the month in which the account was opened after a period of one year. On maturity the investment can be renewed for a further year, (the terms and conditions of which will be notified to you one month prior to maturity, or you can transfer your savings to any other account as defined in the Society's literature available at that time. |
| Tiered Interest | As soon as your savings reach a higher band, the total sum invested earns a higher rate of interest. If the account falls below £5,000 the terms and conditions of the Capital Account remain in place but the lowest interest band from the current instant access account will apply. Interest added or paid on 31st December. |
| Monthly Income | Providing your balance exceeds £5,000, the Capital Account can produce a monthly income from the interest earned on your savings, providing you with the dual benefit of both attracting a high rate of interest and offering the flexibility to draw that interest on a monthly basis. The interest rate for this option will be slightly lower than the rate paid for annual interest being added to the account. Further details are available from the Society |
