| Regular Saver |    |
Whether you're looking to put money away for a rainy day, save up for something a little bit special such as a new car, a wedding, a holiday, or even just set some cash aside to cover unexpected bills, Regular Saver will help you to save for the things you really want. By saving little and often you'll soon see your money start to add up to a lot.
| Summary Box | |
| Key product information for our Savings Account | |
| Account Name | Regular Saver |
| Interest rates (AER's) | Interest rates are variable. Our current rates of interest and bonuses are shown below or can be found in our 'Interest rate summary' leaflet. Alternatively you can call our 24 hour rateline on 0845 795 9666 |
| Tax status | Interest will be paid net of tax unless you have registered to receive it gross |
| Conditions for bonus payment | To qualify for the bonus, you need to make at least 11 monthly payments of between £10 - £250 in the interest year and make no more than two withdrawals in the interest year |
| Withdrawal arrangements | Instant access |
| Access | Branch |
The Regular Saver can only be opened and operated at one of our branches. Postal applications cannot be accepted. You need to open a Regular Saver with between £10 and £250.
How much can I save?
It's up to you how much you save each month as long as it is between £10 and £250. You can also miss one monthly payment in each interest year*.
You don't have to pay the same amount in every month and can vary your monthly payments up to the £250 limit.
You can make more than one payment each month too, as long as you don't go over the £250 monthly maximum.
Your regular payments must reach us by the 25th of the month and you can pay money into your account at any branch:
- in cash
- by cheque
- by standing order to make payments directly from your bank account.
If you choose to pay money in by standing order, please remember to set your payment date at least one week before the 25th. This will ensure that the money reaches your account on time.
*The interest year runs from 1 October to 30 September.
How often can I make withdrawals?
You can make up to two instant access withdrawals from your account in each interest year and still qualify for the regular saver bonus interest rate. If you make more than two withdrawals you will earn interest at the basic rate without the bonus for the whole of that interest year.
If you do need access to your money just take your passbook into any branch.
If you close your account, you will not qualify for the bonus rate in that interest year. Your interest will be paid at the basic rate without the regular saver bonus.
How much interest will I earn?
The current Regular Saver rates are shown below. There is a regular saver bonus rate and a basic rate without the bonus.
To qualify for the bonus interest rate all you need to do is:
- Make at least 11 monthly payments of between £10 to £250 in the interest year (1 October to 30 September)*
- Make no more than two withdrawals in the interest year (1 October to 30 September).
If during the interest year you miss more than one monthly payment; make a monthly payment of less than £10 or more than £250; or make more than two withdrawals you will still earn interest but it will be at the basic rate without the regular saver bonus. The basic interest will apply for the whole of that interest year.
We will pay your interest into your account every year on 30 September.
* If you open your account part way through the interest year, you can miss one monthly payment up to 25 September and can still qualify for the bonus interest rate.
Current interest rates from 01 April 2009
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Typical example: Based on a customer earning 3.45% gross/AER including bonus. If a customer paid £250 into their regular saver account by standing order which was received on the first day of every month in the interest year, they would earn £60.64 in interest at the end of the interest year. The amount of interest paid would be different if money was received on different dates during the month, if rates change and if money is paid in cash or by cheque (as money will start earning interest from different dates).
*We will pay your interest with tax taken off at the lower rate of 20% (net interest). If you do not pay tax and have filled in an HM Revenue & Customs R85 form, we will not take tax off your interest (gross interest). Different forms will be needed to claim tax-free interest on our International, Charity, Corporate Deposit and Club accounts. Tax-free interest cannot be claimed on a Professional Client Deposit Account.
AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year.
+ The net rates shown assume income tax at the lower rate of 20% has been taken.
Interest rates are variable