What is the interest rate?
- Earn 0.30% interest AER* variable
- Interest is calculated daily and is applied at the end of March, June, September and December
Can Reliance Bank change the interest rate?
• We may change any of the rates and charges detailed in this Important Information Summary
• We’ll notify you of any changes by post, email, or any other form of communication
• If we increase the interest, we’ll make details of the rate change available on our website within 3 working days of the change
• If we decrease the interest rate, we’ll let you know personally and give you at least 14 calendar days notice before we do so. If you are not happy with the change, you can at any time up to 30 days from the date we tell you about the change, close or switch your Account without paying any penalty or other charges. If you do not do so, we will consider that you have agreed to it
What would the estimated balance be after 12 months based on a £1,000 deposit?
On a deposit of £1,000, the estimated balance would be £1,003.00. This is based on:
- An interest rate of 0.30% interest AER* variable from 14th July 2020
- Interest calculated daily and compounded quarterly
- £1,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period
- The interest rate as detailed in this Important Information Summary and doesn’t take into account any changes in the rate of interest over the 12 month period
How do I open and manage my account?
- You can apply to open a 35 Day Notice Personal Savings Account if you are 16 or over and a UK resident
- You can apply by completing an application form
- There is a minimum balance of £500 required to maintain the 35 Day Notice Personal Savings Account
- The maximum balance that can be held is £2m. Accrued interest will be transferred into your current account. Please contact us if your request is above £2m
- Should the balance of the Account fall below the minimum balance, an interest rate of 0.10% will apply until the balance meets the required level again
- Upon opening the account, there is a 14-day ‘cooling off’ period should you change your mind. If you are unhappy with your choice of account but have funded the account within this period, regardless of the number of days the funds have been held with us, we will either (1) return the full balance deposited ignoring any notice period or charges (2) help you switch to another of our accounts ignoring any notice period or charges. In either scenario, you forfeit any interest earned during this period
- You can manage your account on-line via our internet banking or by telephoning our Customer Service 020 7398 5400
- You can close your 35 Day Notice Personal Savings Account by providing us with 35 days notice
Can I withdraw money?
• A notice of withdrawal is not permitted within the first 35 days
• No early withdrawals
• You can withdraw funds by writing to our office or by i-mail (internet banking)
• All interest on UK savings accounts will be paid gross**
• If you earn more interest than the Personal Savings Allowance, you may have to pay extra tax yourself
• The Personal Savings Allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Additional rate taxpayers don’t receive a Personal Savings Allowance
• You will have to declare interest earned if you exceed your annual Personal Savings Allowance, as set by HMRC
• You are covered under the Financial Compensation Services Scheme
• For more details on current interest rates and charges call us on 020 7398 5400
*AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time
**Gross rate means that credit interest is paid without income tax being deducted.
Rates and information correct at 14/07/2020.