Account Year means the 12-month period from the date that the account was opened until the day before the account anniversary. This applies to each period of 12 months thereafter.
When applying online or when you provide an email address; our main way of communicating with you about your account will be by email, unless a letter is required.
Interest is calculated daily on each penny in the account.
Interest rate definitions explained:
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
- Gross p.a. is the interest rate without tax deducted.
You may need to pay tax on any interest that exceeds your Personal Savings Allowance.
For more information please visit HM Revenue & Customs’ (HMRC) website hmrc.gov.uk.
The tax information provided 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 are effective from 21 June 2018.