120-Day Notice Account
Overview
The 120 Day Notice Account is your longer term notice account for those who are prepared to have greater access restrictions for a higher rate.
Special 1% bonus
Your savings will earn a 1% bonus for the first 12 months (calculated on the average daily balance) which will be paid to the account on the first year anniversary of the account opening. So, your account must remain opened for at least 1 year.
Interest Rate Guarantee
The underlying interest rate will be no lower than 1% below Bank Base Rate until 1st January 2011.
Withdrawals
Penalty free withdrawals on 120 days notice or earlier withdrawals subject to a loss of equivalent to 120 days interest on the amount withdrawn.
What’s the minimum and maximum investment?
The minimum investment and balance is £1. The maximum you may invest is £1 million.
Other information
Only one account per person over the life of the product – an account can be held either in joint or sole names but not both.
Interest Paid
Annually on anniversary of account opening (back to the account or to another account).
Monthly where interest is calculated on the underlying rate minus any bonus and must be paid out to another account. The bonus would be paid separately on the anniversary and must be paid back to the account.
Summary
Summary Box Key Product Information for our Savings Accounts |
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| Account Name | 120 Day Notice Account |
| Interest rates (AERs) | Variable rate. Please click here for current rate. |
| Tax Status | Interest is paid net. Gross interest can be paid subject to eligibility and required registration |
| Conditions for bonus payment | There is an introductory 1% bonus for the first 12 months (calculated on the average daily balance) and paid back to the account on the anniversary of account opening. If the account is closed at any time other than on the anniversary date of account opening, no bonus or part bonus will be paid for that year. |
| Withdrawal arrangements | Withdrawals with no loss of interest after 120 days notice or earlier withdrawals subject to a loss equivalent to 120 days interest on the amount withdrawn. |
| Access | This account can be opened and operated at any of our branches or by post. It can also be operated via the internet. |