Changes to Savings Accounts

Customer notice

To help simplify our range of products, we’re making changes to some of our savings accounts from 5 September 2019. This means that the interest rates on these products are changing. Depending on the account and balance, rate(s) may increase or decrease, but will remain competitive with the rest of the market.

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

Instant Savings Issue 1 – This account will be called ‘Instant Access Savings’ from 5 September 2019

Minimum balance and interest rates at 29 July 2019
£50,000 1.30%
£25,000 1.05%
£10,000 0.90%
£5,000 0.70%
£1 0.45%
Minimum balance and interest rates from 5 September 2019
£25,000 1.00%
£1 0.70%

*AER stands for Annual Equivalent rate and illustrates what 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.

You can continue to use your account as you do now. However, if these changes aren’t right for you, you can choose another of our accounts or you can close your account(s) or for ISAs, transfer to a different provider, without charge. See Frequently Asked Questions below for further details.

30 Days Notice Account Issue 2 – This account will be called ‘30 Days Notice’ from 5 September 2019

Minimum balance and interest rates at 29 July 2019
£100,000 1.80%
£50,000 1.55%
£25,000 1.35%
£10,000 1.05%
£5,000 0.90%
£500 0.75%
Minimum balance and interest rates from 5 September 2019
£25,000 1.30%
£500 1.00%

*AER stands for Annual Equivalent rate and illustrates what 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.

You can continue to use your account as you do now. However, if these changes aren’t right for you, you can choose another of our accounts or you can close your account(s) or for ISAs, transfer to a different provider, without charge. See Frequently Asked Questions below for further details.

ISA Cash Instant Access / ISA Cash Instant Access 2 – These accounts will be called ‘Instant Access Cash ISA’ from 5 September 2019

Minimum balance and interest rates at 29 July 2019
£1 1.65% AER*/tax-free (variable)
Minimum balance and interest rates from 5 September 2019
£1 1.20% AER*/tax-free (variable)

*AER stands for Annual Equivalent rate and illustrates what 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.

You can continue to use your account as you do now. However, if these changes aren’t right for you, you can choose another of our accounts or you can close your account(s) or for ISAs, transfer to a different provider, without charge. See Frequently Asked Questions below for further details.

FAQs

  • Why are you making these changes?

    To simplify our range of products. As a savings provider, we’re also constantly checking our savings rates, and sometimes we have to make interest rate changes to reflect market conditions and balance the needs of all our savings and borrowing members. Depending on the 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.

  • Do I have to do anything as a result of these changes?

    No. You can continue to use your account(s) as you do now. If we don’t hear from you by 7 October 2019, we’ll take this to mean you accept these changes.

  • Can I close my existing account(s)?

    Yes or for ISA’s, you can transfer to a different provider. Further details of how to do this can be found on our website. Accounts can be closed without charge before 7 October 2019, after this date standard closure conditions will apply. The new rates are still competitive compared to the rest of the market.