Postal Account
| Balance: | Gross Interest Rate/AER: | Net Interest Rate: |
|---|---|---|
| £5,000+ | 1.65% | 1.32% |
| £25,000+ | 1.85% | 1.48% |
| £75,000+ | 2.00% | 1.60% |
| Summary Box Key Product Information for our Savings Accounts | |
|---|---|
| Account Name | Postal 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 - No notice required or penalties charged for withdrawal but the withdrawal must be by cheque made payable to the account holder for a minimum of £500 |
| Access | Post Only via Postal Investment Department based at Beverley |
| General Product Information | |
|---|---|
| Availability | Available nationwide |
| Minimum Investment | To open a Postal Account you need a minimum of £5,000 |
| 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 Postal 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 Postal Account can produce a monthly income from the interest earned on your savings. 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 |
