50 Plus Savings Account (Issue 2)
The 50 Plus Savings Account is available if you're aged 50 or over and want to earn a fantastic rate of interest, safe in the knowledge that you can access your money easily without notice.
All you need to know about the 50 Plus Savings Account.
Current rates
| Account balance | Gross* | Net** | AER*** | |
|---|---|---|---|---|
| Current rates effective from 06/11/08. Guarantee that the interest rate will be no lower than 0.25% below Bank Base Rate until 1st January 2011 | ||||
| Annually | 4.60% | 3.68% | 4.60% | |
| Monthly | 4.51% | 3.61% | 4.60% | |
Definitions
* Interest will be paid gross (that is before the deduction of income tax) to non-taxpayers subject to eligibility and the required registration. Otherwise interest will be paid after deduction of income tax at the appropriate rate. Please note that gross interest can only be paid to customers aged 16 or over if they are the named account holder.
** 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%.
*** AER means Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year.