AER. Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross rate interest is the interest payable without taking account of any tax payable. From 6th April 2016 we no longer deduct tax from the interest earned on your savings, following the introduction of a Personal Savings Allowance. If you earn interest over your Personal Savings Allowance you will be required to pay any tax due yourself directly to HM Revenue and Customs. If you would like to read more about your Personal Savings Allowance, please visit the government’s website www.gov.uk (link opens in a new tab).
|Account name||B Instant Savings|
|What is the interest rate?||
Interest is calculated on a daily basis and is paid on the last business day of each calendar quarter.
|Can Yorkshire Bank change the interest rate?||Yes, if we decrease your rate we will provide at least 2 months’ notice as described in Section 9 of the Terms and Conditions. We may increase your rate without giving you notice.|
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
This is only an example and does not take into account your individual circumstances.
The examples assume that:
|How do I open and manage my account?||
You may only open a B Instant Savings Account if you have a B Current Account with us in the same name(s). The B Instant Savings Account will remain open, provided the B Current Account is maintained as described in the Terms and Conditions.
There are no minimum or maximum balance restrictions or need to pay in on a regular basis.
B is available for anyone from the age of 16. If you want to apply online, you’ll need to be at least 18. Subject to status.
|Can I withdraw money?||You may only withdraw funds by transfer to your B current account or any other account that we allow you to make a transfer into using internet/telephone banking/Bapp/Mobile Banking Service or in branch.|
Interest will be paid gross.
Gross rate interest is the interest payable without taking account of any tax payable.
AER (Annual Equivalent Rate). The Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded once each year.
It only takes 7 working days to switch your current account to B. So before you know it you could have current and instant savings accounts you can manage through a super-smart app. Even better, we’ll do all the leg work to transfer your account.