Account Name: COMMUNITY SAVINGS ACCOUNT
What is the interest rate?
The applicable credit interest rates are as follows:
|Community Savings Account Monthly Interest||Instant Access||Up to £100,000||0.03||0.03|
|30+ day rate||Up to £100,000||0.03||0.03|
|60+ day rate||Up to £100,000||0.04||0.04|
Credit interest is calculated on a daily basis and is paid monthly. The credit interest rate will depend on how often you take money out of your account:
|When you make a withdrawal rate||Rate|
|If you made a withdrawal less than 30 days ago||Instant Access Rate|
|If you haven’t made a withdrawal for 30 consecutive days||30 Day Rate|
|If you haven’t made a withdrawal for 60 consecutive days||60 Day Rate|
Can the Bank change the interest rate?
Yes, the Bank can change the interest rates at any time in line with the clause 2.4.2. of the Community Savings Account.
Additional Terms and Conditions:
We’ll make the change immediately and tell you about it once the change has been made.
We’ll let you know at least 30 days before we make the change.
What would the estimated balance be after 12 months based on a £1,000 deposit?
|Initial deposit||Rate type||Interest rate||Interest Earned||Total balance at the end of the 12 months|
|£1,000||Rate for first 30 days||0.03% AER (0.03% Gross)||£0.02||£1,000.38|
|Rate for next 30 days||0.03% AER (0.03% Gross)||£0.02|
|Rate for rest of the year||0.04% AER (0.04% Gross)||£0.33|
For the purpose of this calculation, it is assumed:
- Initial deposit of £1,000
- No additional deposits
- No withdrawals
- No change to the interest rate during the 12 months
How do I open and manage my account?
Annual turnover of up to £6.5 million
How to open the account:
Open online or in branch
- No minimum deposit
- No maximum balance
How to manage the account:
Once opened you can manage your account online, in branch or by phone.
Can I withdraw money?
Yes, you can make as many withdrawals as you like but this may affect your interest rate. No notice is required.
If you take money out when we’re paying you interest at our 30 Day Rate:
We’ll pay you at our Instant Access Rate on the cleared balance of your Account from the day after you make the withdrawal. You’ll start getting the 30 Day Rate again once 30 days pass without you taking money out.
If you take money out when we’re paying you interest at our 60 Day Rate:
We’ll pay you at our 30 Day Rate on the cleared balance of your Account from the day after you make the withdrawal. You’ll start getting the 60 Day Rate again once 30 days pass without you taking money out. If you make another withdrawal in that time, you’ll go back to the Instant Access Rate.
This is a sterling instant access savings account and can only be used as a savings account.
- AER stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year
- Gross is the rate of interest if interest was paid and not compounded each year
Rates correct as at 26.09.16