For those who can commit some of their savings for a fixed period of time to earn an interest rate which is guaranteed to remain fixed and increase each year for the term of the investment
- an investment term of approximately 3 years
- minimum balance £5,000
- interest fixed for the term of the investment
- no withdrawals from, transfers from or early closure of the account prior to the maturity of the Fixed Interest Fixed Term period
- shortly before the end of the fixed investment term we will contact you with details of the options you can take on maturity, one of which may be to extend your investment for a further fixed term
These accounts are available for a short period of time, after which no further additions may be made or new accounts opened. The accounts may be withdrawn without notice and may be replaced by similar accounts paying different rates of interest.
ISSUE FXST6 (Annual Interest)
Key Product Information Summary Box
| Account Name | Fixed Interest Fixed Term Stepped Account - Issue FXST6 (Annual Interest) | |
|---|---|---|
| Interest rates (AER) | gross interest1 / AER2 - Year 1 | net interest3 |
| 2.25% | 1.80% | |
| Fixed Interest until 30 June 2011. | ||
| gross interest1 / AER2 - Year 2 | net interest3 | |
| 3.25% | 2.60% | |
| Fixed Interest until 30 June 2012. | ||
| gross interest1 / AER2 - Year 3 | net interest3 | |
| 4.25% | 3.40% | |
| Fixed Interest until 30 June 2013. | ||
| Interest paid annually on 30 June. Interest added to the account annually or may be paid by transfer to another Cumberland account or a different bank or building society account | ||
| Tax Status | Interest is paid net of basic rate tax. If you are eligible you may register to receive interest paid gross | |
| Conditions for bonus payment | No bonus payment applies to this account | |
| Withdrawal arrangements | It is not possible to withdraw from, transfer from or close the account prior to the maturity date of the Fixed Interest Fixed Term period (30 June 2013). Penalty free withdrawal on maturity date. | |
| Access | Local branch | |
We welcome new applications for these accounts from new and existing customers who live within our branch operating area
- gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law
- annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year
- net interest is the rate of interest which would be payable after allowing for the deduction of income tax at 20%, i.e. the rate specified by law. (net interest rates have been rounded and are for illustrative purposes only)
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