FlexOne - Interest rates
Here are the interest rates for FlexOne.
Interest rates on your account 1
|Annual Equivalent Rate (AER) 2||Gross p.a. 3||Net p.a. 4|
|Balances up to £1,000||1% variable||1% variable||n/a|
|Balances over £1,000||0%||0%||n/a|
In plain English this means, you'll earn interest on the first £1,000 of your balance each month but you won't get any interest on any part of your balance over £1,000.
All rates are subject to change.
1 If we make a change to these interest rates we'll notify you 2 months in advance if the change is to your disadvantage. If the change is to your advantage we may make it immediately.
How we pay interest: We work out how much interest you’re owed on the last day of each month, then pay it into your account on the first day of the following month.
If you pay income tax, you will have a Personal Savings Allowance which means that some or all of your interest will be tax-free. We don’t take any income tax from your interest before we pay it to you, even if the interest is more than your Personal Savings Allowance. You can find out more about your Personal Savings Allowance and whether you have to pay income tax by calling HMRC or looking on the HMRC website. Your parent or guardian should also be able to help you with this.
2What does AER mean? AER stands for 'Annual Equivalent Rate' and illustrates what the interest rate would be if interest were paid and compounded each year.
3 What does gross mean? Gross p.a. is the interest rate without tax deducted.
4 What does net mean? Net p.a. is the interest rate after the deduction of tax.