Changes to Savings Accounts

Customer notice

To help simplify our range of products, we’re making changes to some of our savings accounts. This means that the interest rates on these products are changing. Depending on the type of account and balance, rate(s) may increase or decrease, but will remain competitive with the rest of the market.

In addition, for a number of products, notice of withdrawal terms, Interest pay dates and minimum/maximum balances will also change. For a small number of accounts, there are some key changes to how they will operate going forward.

Other than the details below, all other account terms and conditions remain unchanged. All interest rates are shown as AER*/Gross Interest (variable) unless otherwise stated.

Product Changes

These accounts can be closed without charge before 6 April 2020.

New Generation Savings  (Annual Interest) – This account will be called ‘Instant Access Savings’ from 4 March 2020

Minimum balance, interest rates and  interest payment date as at 29 January 2020
£50,000 1.30%
£25,000 1.05%
£10,000 0.90%
£5,000 0.70%
£1 0.45%
Interest Payment Date 31 October
Minimum balance, interest rates and interest payment date as at 4 March 2020
£25,000 1.00%
£1 0.70%
Interest Payment Date 31 March

Instant Access  (Annual Interest) – This account will be called ‘Instant Access Savings’ from 4 March 2020

Minimum balance, interest rates and interest payment date as at 29 January 2020
£50,000 1.30%
£25,000 1.05%
£10,000 0.90%
£5,000 0.70%
£1 0.45%
Interest Payment Date 30 April
Minimum balance, interest rates and interest payment date as at 4 March 2020
£25,000 1.00%
£1 0.70%
Interest Payment Date 31 March

These accounts can be closed without charge before 30 April 2020.

Instant Access Accounts Super/Special  (Bi-Annual Interest) – This account will be called ‘Instant Access Savings’ from 30 March 2020

Minimum balance, interest rates and  interest payment date as at 29 January 2020
£50,000 1.30%
£25,000 1.05%
£10,000 0.90%
£5,000 0.70%
£1 0.45%
Interest Payment Date 31 March / 30 September
Minimum balance, interest rates and  interest payment date as at 30 March 2020
£25,000 1.00%
£1 0.70%
Interest Payment Date 31 March

*AER stands for Annual Equivalent rate and illustrates what the interest rate would be if interest was paid and added each year. Tax free stands for the rate where interest is exempt from income tax. Gross interest is the contractual rate of interest payable (without deduction of tax) and you will be responsible for paying any tax you owe on interest as per your individual personal savings allowance.

These accounts can be closed without charge before 30 April 2020.

30 Day Growth (Annual Interest) – This account will be called ‘30 Day Notice’ from 30 March 2020

Minimum balance, interest rates, notice period and interest payment date as at 29 January 2020
£100,000 1.80%
£50,000 1.55%
£25,000 1.35%
£10,000 1.05%
£5,000 0.90%
£500 0.75%
£1 0.45%
Notice of withdrawal If account balance is £10,000 or below, 30 days notice is required. Withdrawals without notice are subject to loss of 30 days interest on the amount withdrawn. If account balance is above £10,000, notice of withdrawal is not required and withdrawals are allowed without loss of interest.
Interest Payment Date 30 April
Minimum balance, interest rates, notice period and interest payment date as at 30 March 2020
£25,000 1.30%
£500 1.00%
Notice of withdrawal 30 days required. Without notice, withdrawals are subject to loss of 30 days interest on the amount withdrawn.
Interest Payment Date 31 March

30 Days Notice Account Issues 1 & 2 (Annual or Bi-Annual Interest) – This account will be called ‘30 Day Notice’ from 30 March 2020

Minimum balance, interest rates, notice period and interest payment date as at 29 January 2020
£100,000 1.80%
£50,000 1.55%
£25,000 1.35%
£10,000 1.05%
£5,000 0.90%
£500 0.75%
£1 0.45%
Notice of withdrawal If account balance is £15,000 or below, 30 days notice is required. Withdrawals without notice are subject to loss of 30 days interest on the amount withdrawn. If account balance is above £15,000, notice of withdrawal is not required and withdrawals are allowed without loss of interest.
Interest Payment Date Annual: 30 April, 28 February
Bi-Annual: 31 March / 30 September
Minimum balance, interest rates, notice period and interest payment date as at 30 March 2020
£25,000 1.30%
£500 1.00%
Notice of withdrawal 30 days required. Without notice, withdrawals are subject to loss of 30 days interest on the amount withdrawn.
Interest Payment Date 31 March

30 Days Notice Account (Monthly Interest) – This account will be called ‘90 Day Notice Monthly’ from 30 March 2020

Minimum balance, interest rates and notice period as at 22 January 2020
£100,000 1.75%
£50,000 1.50%
£25,000 1.30%
£10,000 1.00%
£5,000 0.80%
£2,000 0.65%
Notice of withdrawal If account balance is £15,000 or below, 30 days notice is required. Withdrawals without notice are subject to loss of 30 days interest on the amount withdrawn. If account balance is above £15,000, notice of withdrawal is not required and withdrawals are allowed without loss of interest.

Minimum balance, interest rates and notice period as at 30 March 2020

£25,000 1.30%
£500 1.00%
Notice of withdrawal 90 days required. Without notice, withdrawals are subject to loss of 90 days interest on the amount withdrawn.

30 Day Growth (Monthly Interest) – This account will be called ‘90 Day Notice Monthly’ from 30 March 2020

Minimum balance, interest rates and notice period as at 22 January 2020

£100,000 £1.75%
£50,000 1.50%
£25,000 1.30%
£10,000 1.00%
£5,000 0.80%
£500 0.65%
£1 0.45%
Notice of withdrawal If account balance is £10,000 or below, 30 days notice is required. Withdrawals without notice are subject to loss of 30 days interest on the amount withdrawn. If account balance is above £10,000, notice of withdrawal is not required and withdrawals are allowed without loss of interest.
Minimum balance, interest rates and notice period as at 30 March 2020
£25,000 1.30%
£500 1.00%
Notice of withdrawal 90 days required. Without notice, withdrawals are subject to loss of 90 days interest on the amount withdrawn.

These accounts can be closed without charge before 6 April 2020.

One Month Notice (Annual Interest) – This account will be called ‘30 Day Notice’ from 4 March 2020

Minimum balance, interest rates and interest payment date as at 29 January 2020
£10,0000 1.80%
£50,000 1.55%
£25,000 1.35%
£10,000 1.05%
£5,000 0.90%
£500 0.75%
£1 0.45%
Interest Payment Date 31 December
Minimum balance, interest rates and interest payment date as at 4 March 2020
£25,000 1.30%
£500 £1.00
Interest Payment Date 31 March

90 Day Notice Issue 1 (Annual Interest) – This account will be called ‘90 Day Notice’ from 4 March 2020

Minimum balance, interest rates and interest payment date at 29 January 2020
£100,000 1.90%
£50,000 1.75%
£25,000 1.45%
£2,000 1.15%
Interest Payment Date 30 September
Minimum balance, interest rates and interest payment date at 4 March 2020
£25,000 1.35%
£500 1.05%
Interest Payment Date 31 March

90 Day Notice Issue 2 (Annual Interest) – This account will be called ‘90 Day Notice’ from 4 March 2020

Minimum balance, interest rates and interest payment date at 29 January 2020
£100,000 1.90%
£50,000 1.75%
£25,000 1.45%
£2,000 1.15%
Interest Payment Date 30 September
Minimum balance, interest rates and interest payment date at 4 March 2020
£25,000 1.35%
£500 1.05%
Interest Payment Date 31 March

180 Day Notice (Annual Interest) – This account will be called ‘90 Day Notice’ from 4 March 2020

Minimum balance, interest rates and notice period as at 29 January 2020
£100,000 3.00%
£50,000 2.65%
£25,000 2.00%
£10,000 1.70%
Notice of withdrawal 180 days required. Without notice, withdrawals are subject to loss of 180 days interest on the amount withdrawn.
Minimum balance, interest rates and notice period as at 4 March 2020
£25,000 1.35%
£500 1.05%
Notice of withdrawal 90 days required. Without notice, withdrawals are subject to loss of 90 days interest on the amount withdrawn.

Monthly Income Bond Issue 1 (Monthly Interest) – This account will be called ‘90 Day Notice Monthly’ from 4 March 2020

Minimum balance, interest rates and notice period as at 22 January 2020
£75,000 2.30%
£50,000 2.00%
£25,000 1.75%
£10,000 1.55%
£2,000 1.05%
Notice of withdrawal 90 days required. Without notice, withdrawals are subject to loss of 90 days interest on the amount withdrawn.
Minimum balance, interest rates  and notice period as at 4 March 2020
£25,000 1.30%
£500 1.00%
Notice of withdrawal 90 days required. Without notice, withdrawals are subject to loss of 90 days interest on the amount withdrawn.

Monthly Income Bond Issue 2 (Monthly Interest) – This account will be called ‘90 Day Notice Monthly’ from 4 March 2020

Minimum balance, interest rates and notice period as at 22 January 2020
£100,000 3.05%
£50,000 2.85%
£25,000 2.25%
£10,000 2.15%
Notice of withdrawal 180 days required. Without notice, withdrawals are subject to loss of 180 days interest on the amount withdrawn.
Minimum balance, interest rates  and notice period as at 4 March 2020
£25,000 1.30%
£500 1.00%
Notice of withdrawal 90 days required. Without notice, withdrawals are subject to loss of 90 days interest on the amount withdrawn.

180 Day Notice (Monthly Interest) This account will be called ‘90 Day Notice Monthly’ from 4 March 2020

Minimum balance, interest rates and notice period as at 22 January 2020
£100,000 3.00%
£50,000 2.65%
£25,000 2.00%
£10,000 1.70%
Notice of withdrawal 180 days required. Without notice, withdrawals are subject to loss of 180 days interest on the amount withdrawn.
Minimum balance, interest rates  and notice period as at 4 March 2020
£25,000 1.30%
£500 1.00%
Notice of withdrawal 90 days required. Without notice, withdrawals are subject to loss of 90 days interest on the amount withdrawn.

90 Days Notice Account Issue 1 (Monthly Interest) – This account will be called ‘90 Day Notice Monthly’ from 4 March 2020

Minimum balance, interest rates and notice period as at 22 January 2020
£100,000 1.85%
£50,000 1.70%
£25,000 1.35%
£2,000 1.10%
Notice of withdrawal 90 days required. Without notice, withdrawals are subject to loss of 90 days interest on the amount withdrawn.
Minimum balance, interest rates  and notice period as at 4 March 2020
£25,000 1.30%
£500 1.00%
Notice of withdrawal 90 days required. Without notice, withdrawals are subject to loss of 90 days interest on the amount withdrawn.

 

*AER stands for Annual Equivalent rate and illustrates what the interest rate would be if interest was paid and added each year. Tax free stands for the rate where interest is exempt from income tax. Gross interest is the contractual rate of interest payable (without deduction of tax) and you will be responsible for paying any tax you owe on interest as per your individual personal savings allowance.

These accounts can be closed without charge before 6 April 2020.

eSavings Account Issue 1 – This account will be called ‘eSavings’ from 4 March 2020

Minimum balance, interest rates and maximum balance at 29 January 2020
£1 1.65%
Maximum Balance

Sole Account: £25,000
Joint Account: £50,000

Minimum balance, interest rates and maximum balance at 4 March 2020
£1 1.20%
Maximum Balance £50,000 (Sole & Joint)

eSavings Account Issue 2 – This account will be called ‘eSavings’ from 4 March 2020

Minimum balance, interest rates and maximum balance at 29 January 2020
£1 1.50%
Maximum Balance

Sole Account: £25,000
Joint Account: £50,000

Minimum balance, interest rates and maximum balance at 4 March 2020
£1 1.20%
Maximum Balance £50,000 (Sole & Joint)

eSavings Business Account Issue 1 – This account will be called ‘eSavings Business’ from 4 March 2020

Minimum balance, interest rates and maximum balance at 29 January 2020
£25,000 1.40%
£10,000 0.90%
£1 0.65%
Minimum balance, interest rates and maximum balance at 4 March 2020
£1 1.20%

eSavings Business Account Issue 2 – This account will be called ‘eSavings Business 2’ from 4 March 2020

Minimum balance, interest rates and maximum balance at 29 January 2020
£100,000 1.25%
£10,000 1.00%
£1 0.75%
Minimum balance, interest rates and maximum balance at 4 March 2020
£1 1.20%

 

*AER stands for Annual Equivalent rate and illustrates what the interest rate would be if interest was paid and added each year. Tax free stands for the rate where interest is exempt from income tax. Gross interest is the contractual rate of interest payable (without deduction of tax) and you will be responsible for paying any tax you owe on interest as per your individual personal savings allowance.

FAQs

  • Why are you making these changes?

    To simplify our range of products. As a savings provider we’re constantly checking our product terms and savings rates, and sometimes we have to make interest rate changes or changes to terms to reflect market conditions and balance the needs of all our savings and borrowing members. Depending on the type of account and balance, your rate(s) may increase or decrease.

  • Will my account number(s) change?

    No. Your existing account number(s) will stay the same.

  • Can I close my existing account(s)?

    Yes. Depending on the product, accounts can be closed without charge before either 6 April 2020 or 30 April 2020 (please see above for which dates apply to specific products). After this date standard closure conditions will apply. The new rates are still competitive compared to the rest of the market.

  • Will there be any changes to the date my monthly interest is paid?

    No. Your interest will continue to be paid on the last day of the month.