We’ll usually contact you about your account by email, unless we need to send you a letter. If we don’t have a valid email
address for you, then we’ll contact you about your account by sending a letter.
Interest rate terms explained
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
The interest rate without tax deducted.
Personal Savings Allowance (PSA)
You may need to pay tax on any interest that takes you over your PSA. The treatment of your account for tax purposes will depend on your individual circumstances. All tax information is based on our understanding of current law and HM Revenue & Customs practice, both of which may change. For more information, visit hmrc.gov.uk.
The tax information is based on our understanding of current law and HMRC practice, both of which may change.
The interest rates and information in this summary box came into effect on 6 April 2020.