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Your interest rates explained

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What you need to know

If you are an existing customer and you are looking for interest rates for savings accounts that are no longer available to new savers then you need to look at the relevant document in the Interest Rates section under Savers.

Gross interest is the rate payable to you. We will not take tax off the interest you earn. It is your responsibility to declare any interest you earn over your personal savings allowance directly to HMRC. The Society is required by law each year to supply to HMRC particulars of all interest paid or credited to investors.

  • Basic rate taxpayers can earn up to £1,000 interest on savings tax free.
  • Higher rate taxpayers can earn up to £500 interest on savings tax free.
  • Additional rate taxpayers will pay tax on all savings interest earned.

Interest is paid either annually at 31st December or monthly according to the type of account.

Glossary of terms

  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to two decimal places.
  • When interest rates reduce, and the change is material, we will personally tell you about it at least 14 days before we make the change. Please refer to the ‘Terms and Conditions for Savers' for a more detailed explanation.

Investments

  • Maximum investment for personal accounts is normally £500,000. Maximum investment in Junior Saver accounts will depend on the terms of each account. 
  • Maximum investment for organisations is £500,000

For ISA’s

  • Monthly interest cannot be compounded back into a cash ISA.
  • Annual limits for cash ISAs are set by HMRC. 
  • Cash Individual Savings Accounts (ISAs) pay interest tax-free provided all terms and conditions of the account are met.

For Base Rate Trackers

Changes to base rate will be effective on this account from the 1st of the month following the base rate change.