Regular Saver

Are you are looking to put money away for a rainy day or save up for something a little bit special such as a new car, a wedding or a holiday?

With our Regular saver account, by saving a little each month you’ll soon see your money start to add up to a lot.

Account details

Summary of key account details

Account name	Regular Saver
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	Paid annually if you make at least 11 monthly payments of £10 - £250 and make no more than two withdrawals in the interest year
Withdrawal arrangements	Instant access
Access	Branch

Your interest

You’ll earn a fantastic annual bonus as long as you make at least 11 monthly payments of between £10 and £250 and don’t make more than two withdrawals in an interest year. The interest year runs from 1st October to 30th September.

If you open your account part way through the interest year, you can miss a monthly payment before 25 September and still qualify for the bonus interest rate.

We will pay your interest and any bonus you have earned on 30 September each year. Every year, we’ll send you a statement telling you how much interest you’ve earned, the rates that have applied to your account over the last year and the current rate of interest.

If you close your account, you will not qualify for the regular saver bonus rate in that interest year and your interest will be paid at the basic rate without the regular saver bonus.

Paying money in

You can pay money into your account at any branch using cash, a cheque or standing order. Your monthly payments must be made between the 1st and 25th of each month.

If you choose to pay in by standing order, please make sure you set your payment date to at least one week before the 25th to ensure the money reaches your account on time.

You can miss one monthly payment in each interest year. You can also make more than one payment in a month if you want to, but you must not pay in more than £250 in one calendar month. If you do, or you pay in less than £10, you’ll still earn interest but it will be at the basic rate (without the regular saver bonus) for the rest of that interest year.

Taking money out

You can make up to two instant access withdrawals in an interest year
(1 October to 30 September) and still qualify for the regular saver bonus interest rate.

If you make more than two withdrawals in an interest year you will earn the basic rate without the regular saver bonus for the whole of that interest year.

How to open a Regular Saver account

Regular Saver is available to UK residents aged 16 or over and you will need just £10 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 Regular Saver 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 1 April 2009

Balance	Gross rate / AER*		Net rate+
	with bonus	without bonus	with bonus	without bonus
£10 - £250,000	3.10	0.10	2.48	0.08

Previous interest rates from 1 March 2009

Balance	Gross rate / AER*		Net rate+
	with bonus	without bonus	with bonus	without bonus
£10 - £250,000	3.25	0.25	2.60	0.20

*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.