Designed exclusively for senior members as part of retirement
Pension must be paid direct to the account
Easy Access - no limit on withdrawals
Additional investments can be made at any time
Minimum investment £10, Maximum investment £100,000
Guarantee that the rate will track at 0.50% below the bank of England base rate - reviewed annually on 30th November
Minimum Investment
£10
Product Type
Other Accounts
Interest paid
Annually on the 30th November or monthly on last working day of month
Summary Box Key Product Information for our Savings Account(s)
Account Name
Oak Account
Interest rates (AER's)
Tier
Annually
Monthly
AER
Gross
Net
AER
Gross
Net
£10 - £100,000
0.05%
0.05%
0.04%
0.05%
0.05%
0.04%
Effective Date
06/03/2009
Variable
Tax Status
Gross / Net
Conditions for bonus payment
N/A
Withdrawal arrangements
There is no notice period or charge for withdrawal (subject to branch cash withdrawal limits).
Access
At a branch
Gross means without UK income tax deducted Net means the rate of interest which would be payable after allowing for deduction of income tax at the specified rate i.e. assuming rate of income tax at 20%. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Rates are illustrative only and have been rounded to two decimal places. Tax-Free is the contractual rate of interest payable where interest is exempt from income tax.
