Closed issue - Monthly Income accounts
Overview
The Monthly Income account lets you use the interest on your savings as a regular source of income. Interest is paid monthly into your bank or building society account.
Key features:
- Can be operated on the Internet
- Tiered rates of interest - the more you save, the more you could earn.
- The interest rates that we pay on this account may go up and down from time to time
- Interest paid monthly into a bank or building society account of your choice
- Easy access to your savings without notice or loss of interest on the amount withdrawn
- A bonus of 0.5% gross p.a. paid on the anniversary of the account opening (calculated on the average daily balance of the account) provided that no withdrawals of capital have been made during the preceding 12 months
- A Minimum investment and balance of £1,0001
- Share account for personal customers only.
1. The minimum gross rate of interest paid on this account whilst the balance is at or above the minimum balance is 3% below Bank Base Rate. (Bank Base Rate means the rate currently referred to at the Bank of England UK Repo Rate as varied from time to time or, in the event of this rate not being available, the average of the variable base lending rates of the four largest clearing banks in the London market from time to time.) If a withdrawal takes the balance of your account below the minimum balance, subsequent withdrawals can be made without notice or loss of interest until the minimum balance is restored. If the Society varies the rate(s) payable due to a change in the Bank Base Rate, the Society will make the variations(s) within 30 days of the change.