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 November 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.

For a small number of products, notice of withdrawal terms and minimum balances will also change. All interest rates are shown as AER*/Gross Interest (variable) unless otherwise stated.

Product Changes

ISA Cash Instant Access Issues 3,4,5,6 & 7 – These accounts will be called ‘Instant Access Cash ISA’ from 5 November 2019

Minimum balance and interest rate at 26 September 2019
£1 1.65% AER*tax-free (variable)
Minimum balance and interest rate from 5 November 2019
£1 1.20% AER*tax-free (variable)

ISA Cash Instant Access Issues 8 & 9 – These accounts will be called ‘Instant Access Cash ISA2’ from 5 November 2019

Minimum balance and interest rate at 26 September 2019
£1 1.55% AER*tax-free (variable)
Minimum balance and interest rate from 5 November 2019
£1 1.20% AER*tax-free (variable)

Instant Cash ISA Issue 10 – This account will be called ‘Instant Access Cash ISA2’ from 5 November 2019

Minimum balance and interest rate at 26 September 2019
£1 1.45% AER*tax-free (variable)
Minimum balance and interest rate from 5 November 2019
£1 1.20% AER*tax-free (variable)

Instant Cash ISA Issues 11 & 12 – These accounts will be called ‘Instant Access Cash ISA3’ from 5 November 2019

Minimum balance and interest rate at 26 September 2019
£1 1.15% AER*tax-free (variable)
Minimum balance and interest rate from 5 November 2019
£1 0.95% AER*tax-free (variable)

Instant Cash ISA Issue 13 – This account will be called ‘Instant Access Cash ISA3’ from 5 November 2019**

Minimum balance and interest rate at 26 September 2019
£1 0.95% AER*tax-free (variable)
Minimum balance and interest rate from 5 November 2019
£1 0.95% AER*tax-free (variable)

**Product name change only

ISA Cash 120 Days Notice – This account will be called ‘60 Day Notice ISA’ from 5 November 2019

Minimum balance, interest rate and notice period at 26 September 2019
£500 1.85% AER*tax-free (variable)
Notice of withdrawal 120 days required.  Without notice, withdrawals are subject to loss of 120 days interest on the amount withdrawn
Minimum balance, interest rate and notice period from 5 November 2019
£1 1.30% AER*tax-free (variable)
Notice of withdrawal 60 days required.  Without notice, withdrawals are subject to loss of 60 days interest on the amount withdrawn

ISA Cash 60 Days Notice – This account will be called ‘60 Day Notice ISA’ from 5 November 2019

Minimum balance and interest rate at 26 September 2019
£500 1.75% AER*tax-free (variable)
Minimum balance and interest rate from 5 November 2019
£1 1.30% AER*tax-free (variable)

 

*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.

Instant Access  – This account will be called ‘Instant Access Savings’ from 5 November 2019

Minimum balance and interest rates at 26 September 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 November 2019
£25,000 1.00%
£1 0.70%

Instant Savings Issue 2  – This account will be called ‘Instant Access Savings’ from 5 November 2019

Minimum balance and interest rates at 26 September 2019
£50,000 1.30%
£25,000 1.05%
£10,000 0.90%
£5,000 0.70%
£100 0.45%
Minimum balance and interest rates from 5 November 2019
£25,000 1.00%
£1 0.70%

Instant Savings Issue 3  – This account will be called ‘Instant Access Savings’ from 5 November 2019

Minimum balance and interest rates at 26 September 2019
£25,000 1.05%
£10,000 0.90%
£5,000 0.70%
£100 0.45%
Minimum balance and interest rates from 5 November 2019
£25,000 1.00%
£1 0.70%

Instant Savings Issue 4  – This account will be called ‘Instant Access Savings 2’ from 5 November 2019

Minimum balance and interest rates at 26 September 2019
£25,000 0.85%
£10,000 0.75%
£5,000 0.70%
£100 0.45%
Minimum balance and interest rate from 5 November 2019
£1 0.60%

Instant Savings Issues 5 & 6  – These accounts will be called ‘Instant Access Savings 2’ from 5 November 2019

Minimum balance and interest rates at 26 September 2019
£25,000 0.75%
£5,000 0.70%
£100/£1 (issue 6) 0.45%
Minimum balance and interest rate from 5 November 2019
£1 0.60%

 

*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.

One Months Notice  – This account will be called ‘30 Day Notice’ from 5 November 2019

Minimum balance and interest rates at 26 September 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 November 2019
£25,000 1.30%
£500 1.00%

30 Days Notice  – This account will be called ‘30 Day Notice’ from 5 November 2019

Minimum balance, interest rates and notice period at 26 September 2019
£100,000 1.80%
£50,000 1.55%
£25,000 1.35%
£10,000 1.05%
£5,000 0.90%
£500 0.75%
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 from 5 November 2019
£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

Capital  – This account will be called ‘30 Day Notice’ from 5 November 2019

Minimum balance, interest rates and notice period at 26 September 2019
£100,000 1.75%
£50,000 1.55%
£25,000 1.30%
£10,000 0.90%
£5,000 0.80%
£500 0.75%
Notice of withdrawal If account balance is £5,000 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 £5,000, notice of withdrawal is not required and withdrawals are allowed without loss of interest
Minimum balance, interest rates and notice period from 5 November 2019
£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

30 Days Notice Issue 3  – This account will be called ‘30 Day Notice’ from 5 November 2019

Minimum balance and interest rates at 26 September 2019
£50,000 1.70%
£25,000 1.40%
£10,000 1.15%
£5,000 0.90%
£500 0.75%
Minimum balance and interest rates from 5 November 2019
£25,000 1.30%
£500 1.00%

30 Days Notice Issue 4  – This account will be called ‘30 Day Notice2’ from 5 November 2019

Minimum balance and interest rates at 26 September 2019
£10,000 1.15%
£5,000 0.90%
£500 0.75%
Minimum balance and interest rate from 5 November 2019
£500 0.90%

40 Day Notice Issue 1  – This account will be called ‘30 Day Notice2’ from 5 November 2019

Minimum balance, interest rates and notice period at 26 September 2019
£10,000 0.90%
£5,000 0.80%
£500 0.60%
Notice of withdrawal 40 days required.  Without notice, withdrawals are subject to loss of 40 days interest on the amount withdrawn
Minimum balance, interest rate and notice period from 5 November 2019
£500 0.90%
Notice of withdrawal 30 days required.  Without notice, withdrawals are subject to loss of 30 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.

40 Days Notice Issue 1   – This account will be called ‘30 Day Notice’ from 5 November 2019

Minimum balance, interest rates and notice period at 26 September 2019
£500,000 1.60%
£100,000 1.55%
£25,000 1.40%
£10,000 1.15%
Notice of withdrawal If account balance is £50,000 or below, 40 days notice is required.  Withdrawals without notice are subject to loss of 40 days interest on the amount withdrawn.  If account balance is above £50,000, notice of withdrawal is not required and withdrawals are allowed without loss of interest
Minimum balance, interest rates and notice period from 5 November 2019
£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

40 Days Notice Issue 2  – This account will be called ‘30 Day Notice’ from 5 November 2019

Minimum balance, interest rates and notice period at 26 September 2019
£500,000 1.60%
£100,000 1.55%
£25,000 1.40%
£10,000 1.15%
Notice of withdrawal 40 days required.  Without notice, withdrawals are subject to loss of 40 days interest on the amount withdrawn
Minimum balance, interest rates and notice period from 5 November 2019
£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

40 Days Notice Issue 3  – This account will be called ‘30 Day Notice’ from 5 November 2019

Minimum balance, interest rates and notice period at 26 September 2019
£250,000 1.30%
£100,000 1.20%
£50,000 1.00%
£10,000 0.90%
Notice of withdrawal 40 days required.  Without notice, withdrawals are subject to loss of 40 days interest on the amount withdrawn
Minimum balance, interest rates and notice period from 5 November 2019
£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

40 Days Notice Issue 4  – This account will be called ‘30 Day Notice2’ from 5 November 2019

Minimum balance, interest rates and notice period at 26 September 2019
£250,000 1.10%
£100,000 1.00%
£50,000 0.90%
£10,000 0.65%
Notice of withdrawal 40 days required.  Without notice, withdrawals are subject to loss of 40 days interest on the amount withdrawn
Minimum balance, interest rate and notice period from 5 November 2019
£500 0.90%
Notice of withdrawal 30 days required.  Without notice, withdrawals are subject to loss of 30 days interest on the amount withdrawn

Business Instant Access Issue 1  – This account will be called ‘Instant Access Savings 2’ from 5 November 2019

Minimum balance and interest rate at 26 September 2019
£1,000 0.75%
Minimum balance and interest rate from 5 November 2019
£1 0.60%

 

*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 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 6 December 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 6 December 2019, after this date standard closure conditions will apply. The new rates are still competitive compared to the rest of the market.