Easy Saver Direct
Easy Saver Direct is designed to encourage everyone to save, and as your savings grow you will be rewarded, as higher balances mean higher rates of interest. Easy Saver Direct is a telephone and postal account operated through our Investments Direct department. This account allows withdrawals without notice or charge, and offers the option of either annual interest or monthly income.
Our branch based accounts are Easy Saver and Easy Saver Special.
What rate of interest will I earn?
Rates effective at 1 May 2008.
| Annual Interest Rates for up to 3 withdrawals | |||
|---|---|---|---|
| Balance | Gross p.a.* | Net p.a.* | AER** |
| £5,000 - £1,000,000 | 4.50% | 3.60% | 4.50% |
| £1,000 - £4,999.99 | 4.15% | 3.32% | 4.15% |
| Annual Interest Rates for 4+ withdrawals | |||
| Balance | Gross p.a.* | Net p.a.* | AER** |
| £5,000 - £1,000,000 | 3.45% | 2.76% | 3.45% |
| £1,000 - £4,999.99 | 3.15% | 2.52% | 3.15% |
| Monthly Interest Rates for up to 3 withdrawals | |||
| Balance | Gross p.a.* | Net p.a.* | AER** |
| £5,000 - £1,000,000 | 4.40% | 3.52% | 4.49% |
| £1,000 - £4,999.99 | 4.05% | 3.24% | 4.13% |
| Monthly Interest Rates for 4+ withdrawals | |||
| Balance | Gross p.a.* | Net p.a.* | AER** |
| £5,000 - £1,000,000 | 3.35% | 2.68% | 3.40% |
| £1,000 - £4,999.99 | 3.05% | 2.44% | 3.09% |
All rates shown are variable. |
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Can I add to my account?
Yes. You can make additional payments into your account at any time by cheque or transfer from another Scarborough account or by bank standing order, up to the maximum limit of £1,000,000.
Can I make withdrawals?
Yes, you can make three withdrawals each anniversary year without notice or penalty, starting from the day you open your Easy Saver Direct account. If you need to make more than three withdrawals per anniversary year you can, but the rate of interest on your account will change to the '4+ withdrawal' rate.
After the anniversary of you opening the account, your interest rate will move back up to the higher rate of interest applicable to the 'up to 3 withdrawals' rate.
Related terms & conditions
Please ensure you have read all the above terms & conditions, as well as all terms and conditions contained within the terms and conditions section.
How can I apply for an account?
- Please ensure you have read and understood all of the above terms & conditions.
- Either complete our application form or call in to your nearest branch or telephone Investments Direct on 0845 634 3760†.
- Easy Saver Direct is only available through Investments Direct and may be withdrawn at any time without notice.
* The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. The net rate is the rate of interest which would be payable after allowing for the deduction of income tax at the specified rate (the net figures quoted assume liability at a tax level of 20% for illustrative purposes only).
** AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Please note that the account specific Terms and Conditions may preclude you from earning these rates.