Features of the 'Direct Bonus Account 1 (Withdrawn)'
This product is no longer available to new applicants.
No longer available to new applicants
2.92% AER Variable (which includes a 1.00% bonus up to 31 January 2011)
New funds only
One account per customer (single or joint)
Limited Issue
Minimum opening/operating balance £1,000; maximum £100,000
Minimum Investment
£1000
Product Type
Withdrawn Accounts
Interest paid
Interest is paid annually on the 30th April
Summary Box Key Product Information for our Savings Account(s)
Account Name
Direct Bonus Account 1 (Withdrawn)
Interest rates (AER's)
Tier
Period or Bonus
Annually
Monthly
AER
Gross
Net
AER
Gross
Net
£1,000 - £100,000
From 1st February 2011*
2.00%
2.00%
1.60%
N/A
N/A
N/A
£1,000 - £100,000
With 1% bonus up to 31 January 2011*
2.92%
3.00%
2.40%
N/A
N/A
N/A
Effective Date
03/03/2010
Variable Rate
Tax Status
Taxable, paid net (or gross, subject to eligibility and the required R85 registration)
Conditions for bonus payment
*3 withdrawals per account year (1 May - 30 April) – Further withdrawals will result in a lower account interest rate of 1.05% Gross p.a. / AER variable (including 1.00% bonus paid up to 31 January 2011)
Withdrawal arrangements
There is no notice period or charge for withdrawal via BACs (withdrawals via cheque will incur a charge - currently £15) for up to three withdrawals. Fourth and subsequent withdrawals in the same account year (1 May – 30 April) will see the remaining balance receive a rate of 1.05% Gross p.a. / AER variable only (which includes a 1.00% bonus paid up to 31 January 2011). At the start of the next account year, providing your balance is above the minimum £1,000, your account will revert back to the higher variable rate available at that time. Please note: transfers to another account are deemed as withdrawals. Direct (post, telephone). Additional investments can be made at any time up the maximum allowed.
Access
Direct (post, telephone)
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.
