What is the interest rate?
1.96% Gross / AER*. Interest is calculated daily but paid annually.
*AER stands for Annual Equivalent Rate. It illustrates what the interest rate would be if interest were paid and added each year. Please note, interest is not compounded. Gross PA means Gross Per Annum, i.e. before tax is deducted (at the legal rate).
What would the estimated balance be after 12 months based on £1,000 deposit?
The rate is fixed for the whole term, so you can calculate the actual amount of interest you'll earn annually and at maturity, based on the amount you deposit.
|Initial deposit ||Interest earned |
after 12 months
|Balance after |
|£1,000.00 ||£19.60 ||£1,019.60 |
|£10,000.00 ||£196.00 ||£10,196.00 |
|£50,000.00 ||£980.00 ||£50,980.00 |
These amounts are for illustration purposes only, the minimum deposit on this product is £10,000