Matured Funds Access Account (31.Mar.2022)
Please read the Terms & Conditions
* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.
Key features
- Variable Rate Access Account
- Account can be managed by Internet Banking, app or 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
Account name
Matured Funds Access Account (31.Mar.2022)
What is the interest rate?
1.50% AER* / 1.50% 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.
Can Secure Trust Bank change the interest rate?
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.
What would the estimated balance be after 12 months based on a £1,000 deposit?
Your estimated balance would be £1,015.00 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
How do I open and manage my 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, app or phone.
Statements are provided via Internet Banking, with the ability to download and print or the option to change to paper if required.
Can I withdraw money?
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. We apply cut-off times to payments to allow time for these to be processed.
| Instructions received | When you can expect your funds | Example |
|---|---|---|
| By 2.30pm on a Business Day | By close of business that day | Instruction received at 1pm on Tuesday. You will receive your funds by close of business on the same day. |
| After 2.30pm on a Business Day | By close of business on the next Business Day | Instruction received at 4pm on Thursday. You will receive your funds by close of business on Friday. |
| On a non-Business Day | By close of business on the next Business Day | Instruction received on a Saturday. You will receive your funds by close of business on Monday. |
Additional information
Any interest earned will be paid gross; we will not deduct tax from interest accrued on your savings. Please consider your Personal Savings Allowance as to whether you need to pay tax on the interest earned.
Tax treatment may be subject to change in the future. For more information, please visit HMRC at www.gov.uk