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Matured Funds Access Account (31.Mar.2022)

Variable rate of interest
earn 2.25% AER*
2.25% gross pa

Key features

  • Variable Rate Access Account
  • Account can be managed by Internet Banking or by phone
  • Open with maturing balance from existing Fixed Rate Bond
  • Minimum £1,000 operating balance
  • Minimum £1,000 for each subsequent deposit
  • Maximum £1,000,000 account balance (excluding credit interest)
  • Maximum £1,000,000 aggregate balance across all products held (excluding credit interest)
  • Electronic payments only; cheques not accepted
  • Unlimited withdrawals can be made to your Nominated Account without notice
  • Interest paid annually into a Nominated Account or credited to this account
  • Statements issued quarterly
  • Statements are provided via Internet Banking, with the ability to download and print or the option to change to paper if required

Pros and cons

  • Access your money without notice
  • Manage your account online or by phone
  • Additional deposits must be £1,000 or more
  • Interest rate is variable - could increase or decrease

Summary

Matured Funds Access Account (31.Mar.2022)

2.25% AER* / 2.25% gross pa

Interest is calculated daily and paid on 31 December. Your interest will be added to your Matured Funds Access Account or paid away to your Nominated Account, as per your maturing Bond.

Yes, we can vary your interest rate. We will notify you as per your Terms and Conditions - please see clause 13 of the General Terms and Conditions for more information.

Your estimated balance would be £1,022.50 based on a deposit of £1,000 after 12 months.

This is for illustrative purposes only, does not take into account individual circumstances and makes the following assumptions:

  • Your initial deposit is paid into the Account when it is opened
  • No further deposits are made
  • Interest is added to your Account

An account will automatically open following the maturity of your Fixed Rate Bond where no instructions are received.

The initial deposit into the Account will be from your existing Fixed Rate Bond.

Subsequent deposits must be a minimum of £1,000 from your Nominated Account by electronic payment; cheques are not accepted.

If we cannot electronically verify that funds have been sent from an account in your name, they will be returned.

How to manage the account:

Accounts are managed by Internet Banking or by telephone on 0345 111 7092.

Statements are provided via Internet Banking, with the ability to download and print or the option to change to paper if required.

Yes, you can make unlimited withdrawals to your Nominated Account. You can do this via Internet Banking or calling our Customer Service team.

Withdrawals can be made without providing notice. Instructions received by 2pm will be processed on the same business day. Instructions received after 2pm or on a non-business day will be processed on the next business day.

Any interest earned will be paid gross; we will not deduct tax from interest accrued on your savings. Tax treatment may be subject to change in the future. For more information, please visit HMRC at www.gov.uk