SAVINGS GUIDE

No Notice Accounts

These accounts do not require notice to be given to withdraw funds (although due to the nature of postal, telephone and Internet operated accounts there will be a delay in receiving funds). It may be possible to operate some of these accounts via branch, post, telephone or the Internet.

Account features such as minimum balance requirements, minimum amount of transaction, whether a cash card is available, any limits to the number of withdrawals, and any rate of bonuses or guarantees will vary depending on which account you choose.

Monthly Income Accounts

These accounts pay monthly interest. They may be no notice accounts (those which do not require any notice to be given to withdraw funds), or notice accounts (those where notice must be given to withdraw funds without penalty).

It may be possible to operate some of these accounts via branch, post, telephone or the Internet. Account features such as minimum balance requirements, minimum amount of transaction, whether a cash card is available, any limits to the number of withdrawals, and any rate of bonuses or guarantees will vary depending on which account you choose.

Current Accounts

These accounts offer the facility of a chequebook / cashcard and do not require any notice to be given to withdraw funds.

The accounts vary in the facilities offered such as cheque guarantee cards, debit cards and overdrafts etc. It may be possible to operate some of these accounts via branch, post, telephone or the Internet.

Account features such as minimum balance requirements, minimum amount of transaction, whether a cash card is available, any limits to the number of withdrawals, and any rate of bonuses or guarantees will vary depending on which account you choose.

Notice Accounts

These accounts require notice to be given to withdraw funds to avoid any penalty, such as loss of interest.

The amount of notice that needs to be given varies depending upon which account you choose. In the case of bonds there will be a maturity date that marks the end of the term of the account.

It may be possible to operate some of these accounts via branch, post, telephone or the Internet. Account features such as minimum balance requirements, minimum amount of transaction, whether a cash card is available, any limits to the number of withdrawals, and any rate of bonuses or guarantees will vary depending on which account you choose.

Fixed Rate Accounts

These accounts offer a fixed rate of interest over a defined period. This means that the interest paid on the account will not be affected by changes in interest rates for a specified term.

The fixed term may be for a number of years or until a specific date. Early access to capital in these accounts is usually on closure only or may be subject to a penalty, such as loss of interest.

Mini Cash ISAs

The Individual Savings Account (ISA) was introduced on 6th April 1999. Individuals who are both resident and ordinarily resident in the UK for tax purposes and aged 16 and over are eligible to open to an account.

Returns from an ISA are free of income tax and capital gains tax.

The maximum investment permitted per tax year is £3,000. ISAs can be instant access accounts (those which do not require any notice to be given to withdraw funds) or notice accounts (those where notice must be given to withdraw funds without penalty).

Withdrawals may be made without loss of tax relief, but once the maximum amount has been deposited into the account in a year no further deposits (top-ups) will be allowed that year, regardless of how much is withdrawn. Some ISAs may conform to the CAT Standard that covers three areas, fair Charges, easy Access and decent Terms.

A CAT Standard is not a guarantee of performance. It may be possible to operate ISA accounts via branch, post, telephone or the Internet. Some institutions will not accept transfers into their ISA accounts from other institutions. These and other account features such as minimum balance requirements, minimum amount of transaction, whether a cash card is available, any limits to the number of withdrawals, and any rate of bonuses or guarantees will vary depending on which account you choose.

TESSA Only ISAs

The Individual Savings Account (ISA) was introduced on 6th April 1999. Individuals who are both resident and ordinarily resident in the UK for tax purposes and aged 16 and over are eligible to open to an account.

Returns from an ISA are free of income tax and capital gains tax. Maturing TESSA (Tax Exempt Special Savings Account) capital can be deposited into a TESSA Only ISA without affecting the amount that can be invested into the cash component of an ISA.

ISAs can be instant access accounts (those which do not require any notice to be given to withdraw funds), or notice accounts (those where notice must be given to withdraw funds without penalty).

Withdrawals may be made without loss of tax relief, but once the maximum amount has been deposited into the account in a year no further deposits (top-ups) will be allowed that year, regardless of how much is withdrawn. Some ISAs may conform to the CAT Standard that covers three areas, fair Charges, easy Access and decent Terms.

A CAT Standard is not a guarantee of performance. It may be possible to operate ISA accounts via branch, post, telephone or the Internet. Some institutions will not accept transfers into their ISA accounts from those of other institutions. These and other account features such as minimum balance requirements, minimum amount of transaction, whether a cash card is available, any limits to the number of withdrawals, and any rate of bonuses or guarantees will vary depending on which account you choose.