Local Council Easy Access Tracker

For balances over the minimum of £20,000 the rate of interest is guaranteed to track 0.10% below the Bank of England Base Rate until 30th September 2028. To monitor the Bank of England Base Rate visit bankofengland.co.uk.

There is a ceiling rate on this account of 4.15%. This is the maximum interest rate we will pay, no matter what the Bank of England base rate may be.

The minimum interest rate is 0.00%. This means that we may pay you no interest dependent on your account balance and the defined margin below Bank of England base rate at that time.

If your balance falls below £20,000, your account will no longer track the Bank of England Base Rate. Instead, you will receive and interest rate of 1.35% Gross pa/AER.

Interest is calculated daily and paid annually at 31st December, and at the end of the term (30th September 2028), which is also known as ‘maturity’, into this account or a nominated account as stated on your application form.

Yes. The interest rate is variable, so it can go up or down dependent on the Bank of England base rate.

If the Bank of England Base Rate changes, the new interest rate on your account will be updated on the first day of the following month without prior notice. This means that we won’t write to you or otherwise contact you before or when the change takes effect.

The estimated balance after 12 months based on a deposit of £20,000 would be £20,736.59.

This estimation assumes that:
- £20,000 is deposited on opening the account.
- No additional deposits or withdrawals are made.
- Interest is paid annually and added to the account.
- The Bank of England base rate as at 18 December 2025 remains unchanged at 3.75% during the 12 month period.

This projection is provided for illustrative purposes only and does not take into account your individual circumstances.

• This account can be opened online, in branch or by post.
• The account is only available to Local Councils in the UK. This includes Town Councils, Parish Councils and community Councils (Wales).
• You can open the account with a minimum investment of £20,000 and you can save up to a maximum of £750,000.
• The initial deposit must be made by cheque in the Council’s name or by transfer from the Council’s nominated bank account stated on the application form.
• The account may not be opened with cash.
• The nominated bank account must be held with a UK bank. We do not accept transfers from overseas.
• You can manage your account by post or in branch.

• Yes, you can take your money out at any time.
• You can withdraw funds by cheque, or bank transfer to your nominated account.
• We do not permit withdrawals to third parties.
• Withdrawal requests can be made in person at our branch, or in writing via post.
• All withdrawals are subject to our daily limits which are outlined in our General Savings Terms and Conditions.
• On maturity (30th September 2028), your savings will automatically move into a variable rate easy access account that doesn’t track the Bank of England
• Base Rate, unless you tell us you’d like to do something different.
• We’ll be in touch before the maturity date to let you know what account your money will move into and the options available to you.

• Gross rate is the rate of interest payable before the deduction of tax. We will pay interest at the gross rate.
• You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please contact HMRC.
• AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
• We have no current plans to withdraw this product although it can be withdrawn without notice.