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Savings & Investments
Flexible Freedom
Competitive high interest rate account with easy access and exceptional branch service…
Annual interest rate of: 2.00% Gross§ p.a./AER† (Variable)
Monthly interest rate of: 1.75% Gross§/1.76% AER† (Variable)
The interest rate payable on the account is guaranteed not to be less than 1% below Bank of England base rate until 1 September 2011.
The account is available to people aged 50 years and above, and will require at least one direct pension credit to be paid into the account on a regular basis (i.e. weekly/monthly). However, lump sums can also be added.
The Flexible Freedom account is operated through your local branch which also brings you all the benefits of our professional, friendly service. Every time you drop into your local branch we’ll be happy to give you advice on your account - no appointment required!
| Summary Box Key Product Information for our Savings Account(s) |
|
|---|---|
| Account Name | Flexible Freedom |
| Interest Rates (AERs) | See the "How much interest will I earn?" table below. |
| Tax Status | The gross rate(s) of interest shown will be payable net of the appropriate rate of income tax (which may be reclaimed by non-taxpayers) or, subject to the required certification, gross. |
| Conditions for bonus payment | There is no bonus available on this account. |
| Withdrawal arrangements | Withdrawals can be made at any time subject to the minimum operating balance or £500 being maintained. If the account balance falls below £500 at any time, the account will be closed. The account can be closed at any time without notice or loss of interest. |
| Access | Account can be opened and operated through any of our branches or by post. |
How much interest will I earn?
| Investment | Annual Interest % Gross§ p.a./AER† (Variable) |
|---|---|
| £500+ | 2.00* |
| Investment | Monthly Interest % Gross§/AER† (Variable) |
| £500+ | 1.75 / 1.76* |
Interest rates effective from 22 October 2009
*Guaranteed not to be less than 1% below Bank of England Base Rate until 1 September 2011.
Other Product Features:
Minimum and maximum investment and operating balance:
The minimum investment is £500 and the maximum investment is £1,000,000 (£2,000,000 for joint accounts). One direct pension credit must be paid into the account each month.
When is interest paid?
Interest is paid annually on 1 September or monthly on the last working day of the month.
How is interest paid?
Annual interest can be either added to the account or transferred either to another
building society/bank account or to another account held with the Society.
Monthly interest must be transferred either to another building society/bank account or to another account
held with the Society.
Eligibility
The account is available to people aged 50 years and above, and will require at least one direct pension credit to be paid into the account on a regular basis (weekly/monthly).
