Branch Reward

Branch Reward is the ideal account for your medium term savings. If offers the flexibility of free access to your savings by giving us 60 days’ notice or instant access for emergency withdrawals subject to a charge. Also, for the first 12 months you will earn a special interest bonus of 1% gross p.a.

Account details

Summary of key account details

Account name	Branch Reward
Interest rates (AERs)	Interest rates are variable. Click here to see our current rates of interest.
Tax status	Interest will be paid net of tax unless you have registered to receive gross interest
Conditions for bonus payments	Introductory bonus applies for 12 months from the account opening date
Withdrawal arrangements	You can withdraw your money by giving us 60 days’ written notice. You can have instant access to your money in an emergency, subject to a charge of 60 days’ interest on the amount you withdraw
Access	Branch

Your interest

To welcome you to The Nottingham, you’ll earn a special bonus for the first 12 months from the date you open your account.

We will pay your interest and any bonus you have earned on 1 December each year. It can be paid into your account, into another account with The Nottingham or to another bank or building society account.

Every year we will send you a statement to tell you how much interest you have earned, the rates that have applied to your account over the last year and the current interest rate.

Paying money in

You can pay money into your account either in person at any of our branches using your passbook or by standing order from your bank account.

The minimum investment you can make is £5,000 and you can add to your account up to a maximum of £250,000.

Taking money out

You can make as many withdrawals as you like but must keep at least £5,000 in your account at all times.

You can make free withdrawals by giving us 60 days’ written notice. You can also have instant access to your money but you will be charged 60 days’ interest on the amount you withdraw.

Your passbook will be updated with your new balance every time you make a withdrawal.

How to open a Branch Reward account

Branch Reward is available to UK residents aged 16 or over and you will need at least £5,000 to open an account.

To open an account, just call in to your local branch and speak to one of our advisers.  We’ll have a friendly chat to make sure that Branch Reward is the right account for. We’ll then ask you to fill in an application form and provide proof of your identity and permanent address.

Current interest rates from 14 December 2009

Balance	Gross rate / AER*		Net rate+
	with bonus	without bonus	with bonus	without bonus
£50,000 - £250,000	2.70	1.70	2.16	1.36
£5,000 - £49,999	1.75	0.75	1.40	0.60

*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). 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 rate(s) shown assume(s) income tax at the lower rate of 20% has been taken off.