1 Year Fixed Term Deposit Account (non-personal) Interest Rates
The 1 Year Fixed Term Deposit Account offers a fixed rate of interest for 12 months.
Issue 34: Start date: 15/02/2012 | Maturity date: 15/02/2013
| Balance | Bank of England Base Rate (earned until fixed term start date) Gross/AER (variable) | 1 Year Fixed Term Deposit Account (Non-Personal) Gross/AER |
|---|---|---|
| £10,000 – £5,000,000 | 0.50% | 1.75% |
Summary Box Key Product Information for our Savings Account(s) |
|
|---|---|
| Account Name | 1 Year Fixed Term Deposit Account |
| Interest Rates (AERs) |
Deposits made during the offer period will earn a variable rate of interest at
the Bank of England base rate, until the actual start date of the fixed term The interest for the variable rate period will be added to your original investment at the start of the fixed rate period, and will be paid net or gross depending on tax status. After the start date the interest rate is fixed until the maturity date (shown above). Please see above for current interest rate information. |
| Tax Status | Interest is paid net of basic rate income tax (currently 20%) but may be paid gross
if the appropriate HM Revenue and Customs scheme reference number is supplied. Interest will be paid gross on all deposits of £50,000 and over. As these would be classed as Qualifying Time Deposits by HM Revenue and Customs, it is your responsibility to declare interest received to them. |
| Conditions for Bonus Payment | No bonus payment applies to this account. |
| Withdrawal Arrangements | Your money is deposited for a fixed term. No partial withdrawals allowed. |
| Access | Access is normally only at the end of the maturity date. We'll write to you before your account matures to ask what you'd like us to do with your money. |
Interest Periods
Interest will accrue at the fixed rate from the start date but will not be applied until the maturity date 12 months later.
Definitions
On the interest rate table you may see some terms you are unfamiliar with. These are:
AER — Stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. (As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time).
Gross — This is the contractual rate of interest payable before the deduction of income tax at the rate specified by law (currently 20%).
