6% gross/AER3Gold Savings Account
Our Gold Savings Account is as good as gold
We’ll come clean: this regular savings account pays savers 6% gross/AER3 interest because we really want you to save with us.
Sounds like a fantastic rate. How do I get it?
It’s very simple. Our Gold Savings Account goes hand-in-hand with our Gold Current Account. When you open a Gold Current Account, you can also open a Gold Savings Account. To get the 6% gross/AER3, you simply transfer a monthly sum into each account.
What’s in it for me if I open a Gold Current Account?
A lot! When you’re in the black, your money will earn up to 35 times more interest than in a standard branch-based current account from one of the big four banks (Barclays, Lloyds TSB, NatWest and HSBC all currently pay 0.1% AER on credit balances on their standard current accounts assuming you credit £500 per month into these accounts).
What are the minimum and maximum amounts that can be paid in?
To qualify for the 6% gross/AER3 savings rate, you need to transfer between a minimum of £20 and up to a maximum of £250 into your Gold Savings Account every month for a full 12 months. In addition, you need to pay at least £1,000 into your Gold Current Account every month for the same period.
So the Gold Savings Account is just for 12 months?
That's right. All good things come to an end, as they say. And as the Gold Savings Account is a very good thing, we've had to limit it to 12 months and you can only ever have one Gold Savings Account. After the 12 months, your money will be transferred into our N&P Easy Plus Account.
Can I make withdrawals from my Gold Savings Account during the 12 months?
Afraid not. Still, that’s a small price to pay for a fantastic rate of interest at the end.
Going back to the Gold Current Account, is it true it pays up to 35 times more interest than a standard branch based account from the big four banks†?
Absolutely. The rate paid is head and shoulders above those paid on standard, branch based current accounts from NatWest, Barclays, Lloyds TSB and HSBC. In every other way, it’s just like an ordinary current account. You can use it for everyday stuff like paying in your salary, standing orders, direct debits and so on. (†Barclays, Lloyds TSB, NatWest and HSBC all currently pay 0.1% AER on credit balances on their standard current accounts assuming you credit £500 per month into these accounts.)
Can I manage both my Gold Accounts online?
Yes you can - 24 hours a day, 7 days a week.
How do I open the accounts right away?
Either go into a branch (for branch locations and opening times use the branch locator above) or call us on 0845 300 2511 (our contact centre is open Monday to Friday 8am to 8pm and on Saturdays from 9am to 5pm). We also have a text phone number: 0845 1219921.
Or we can call you, using our ‘Call me back’ service.
Click here for 'Call me back', enter your details and we will contact you.
What else do I need to know?
GOLD SAVINGS ACCOUNT:
Gross rate compounded. Interest paid on anniversary of account opening when your money will be transferred to an “Easy Plus” instant access account with variable interest rates. Details of the “Easy Plus” account can be obtained from any branch of NPBS, on www.npbs.co.uk or by calling 0845 300 2511. You must hold a Gold Current Account and pay a minimum of £1,000 into the Gold Current Account each month. To receive 6% gross/AER3 you must pay a minimum of £20 and a maximum of £250 or any sum in between into your Gold Savings Account every month for the life of the account. No withdrawals permitted. The Gold Savings Account may be withdrawn at any time without notice.
GOLD CURRENT ACCOUNT:
If you are accepted for a Gold Current Account and pay on average £500 per month into the account, you will currently be paid 2.95% gross 1. (2.36% net 2. 2.99% AER 3.) Basic Banking customers do not qualify for this interest rate.
To find out how we calculate the amount of money paid into your account on average each calendar month please refer to our “Conditions, Interest Rates and Charges” leaflet. A copy of this will be provided when you apply for your Gold Account and at any other time on request.
Better rates may be available with online current accounts or where the account specifies a minimum monthly payment of £1,000 or more. Interest is calculated on an annual basis and credited to your account monthly.
INTEREST RATES EXPLAINED.
(1) Interest will be paid gross (that is before the deduction of income tax) to non-tax payers subject to eligibility and the required registration. Otherwise interest will be paid after deduction of income tax at the appropriate rate. (2) Net rates (that is after the deduction of income tax) shown are for illustrative purposes only. The interest you earn on this account will currently be taxed at the rate of 20%. (3) AER means Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year.
The above should be read in conjunction with the Gold Savings Account Conditions and General Savings and Investment Conditions. - pdf 298KB
Summary
Summary Box Key Product Information for our Savings Accounts |
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| Account Name | Gold Savings Account |
| Interest rates (AERs) | Fixed rate for 1 year. After 12 months, funds are transferred to the variable rated, easy access Easy Plus account. 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 | No bonus is payable on this account. |
| Withdrawal arrangements | No withdrawals are allowed in the first year. Once funds are transferred into Easy Plus, there is easy access without notice or loss of interest |
| Access | This account can be opened and operated at any of our branches or by post. It can also be operated via the internet. |
- You must save at least £20 and up to a maximum of £250 each month for a full 12 months. The maximum sum that may be invested in a Gold Savings Account is £3,000.
- You must also deposit at least £1,000 into your Gold Current Account every month.
- Interest will be added to the account on the first anniversary of account opening.
- You can only be named on one Gold Savings Account, although you can hold an account jointly with someone else. You cannot open a new Gold Savings Account after it has been transferred to Easy Plus or if it is closed during the first year.
- Share account, for personal customers only.