| Tier | No withdrawals each month | One or more withdrawal(s) each month# | ||||
|---|---|---|---|---|---|---|
| AER%* | Gross% | Net% | AER% | Gross% | Net% | |
| £1 - £50,000 | 3.04 | 3.00 | 2.40 | 0.00 | 0.00 | 0.00 |
^ The first £50,000 of your balance will earn the interest rate in the table above. Any balance over £50,000 will not receive any interest.
* The AER will be lower if you withdraw in any month.
# No interest is paid on the full balance for the month in which a withdrawal is made.
Explanation of terms
AER means Annual Equivalent Rate. AER illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different offers.
Net rate is the rate payable after the deduction of lower rate tax (which may be reclaimed by non-taxpayers on completion of an Inland Revenue R85 form). As the rate of tax may vary, the net rate is given for illustration only and is rounded to two decimal places.
Gross rate means that credit interest is paid without income tax being deducted. You can receive your interest paid gross if you are a non-tax payer and have completed an Inland Revenue R85 form.
