On 4th August 2016 the Bank of England announced a decrease in the Bank of England Base Rate from 0.50% to 0.25%.

Any change in the Base Rate forms part of our ongoing rate reviews across our current and savings product range.

Product Amount EXISTING RATES

(With effect from 21/05/15)

Gross %              AER %

NEW RATES

(With effect from 04/10/16)

Gross %         AER %

Current Account Sterling (£)   £1+ 0.10 0.10 0.05 0.05
Savings Account Sterling (£)   £1-£10,000 0.15 0.15 0.05 0.05
Savings Account /Sterling Savings  £10,001 – £50,000 0.25 0.25 0.05 0.05
Savings Account /Sterling Savings   £50,001+ 0.30 0.30 0.05 0.05
Savings Account US Dollar ($)  $1+ 0.00 0.00 0.00 0.00
Savings Account Euro  Euro1+ 0.00 0.00 0.00 0.00

AER means Annual Equivalent Rate and it illustrates a notional rate on what the gross rate would be if interest were paid and compounded each year. This allows you to compare expected returns on your savings with other savings products.

Gross Rate after deduction of the UK’s Basic Rate Tax. This usually will not apply to non residents of the UK where certain criteria are met.

Interest is calculated daily on the cleared balance at the end of the day and paid monthly on the last working day of the month.

For changes to interest rates that apply to money you have with us in your account, if the change is not favourable to you, we will notify you personally about the proposed change at least two months in advance of making the change