|Account Name||Post Office Money® Reward Saver Issue 16|
What is the interest rate?
|Annual interest option||Monthly interest option|
|Interest rate without bonus||0.25% gross*/AER^ variable||Interest rate without bonus||0.24% gross*/0.25% AER^ variable|
|Interest with bonus (includes a bonus of 0.50% gross**)||0.75% gross*/AER^ variable||Interest with bonus (includesa bonus of 0.49% gross**)||0.74% gross*/0.75% AER^ variable|
|Annual interest is calculated daily and paid on the anniversary of your account being opened (or the closest business day).||Monthly interest is calculated daily and paid each month on the same day your account was opened (or the closest business day).|
|Can Bank of Ireland UK change the interest rate?||We have the right to change the interest rate on Reward Saver. The reasons we may change your rate are outlined in Section 2, Clause 46 of the Terms and Conditions.|
If we change your interest rate to your disadvantage, we will give you notice in writing not less than 14-days before the change takes effect, as long as you have at least £100 in your account.
What would the estimated balance based on a £1,000 deposit?
|After 12 months|
After 24 months
|Projection based on annual interest option with interest paid into the account (compound interest).|
These assumptions are based on a £1,000 deposit with no further deposits or withdrawals during the 24 months of the projection.
How do I open and manage my account?
- Reward Saver is only open to individuals aged 18 or over.
- You must be a resident of the UK and ordinarily resident in the UK for tax purposes. This doesn't include the Channel Islands and the Isle of Man.
Opening and Managing your account
- You can apply for an account in branch, by post or online. Or you can ring us and request an application pack.
- Minimum balance to open the account - £500. Maximum balance £2 million
- The account will be closed if the balance falls below £50
- You can manage your account online, by phone or by writing to us
If you wish to switch into this or out to another product please select the 'Online Savings – find out more' link on your online banking page or visit your local branch.
Can I withdraw money?
|Reward Saver offers you the ability to make both 30-day notice withdrawals and no-notice withdrawals.|
- Withdrawals are free of charge with 30-days' notice.
- Notice requests can be made in-branch, by phone, by post or online.
- Only one 30-day notice withdrawal can be pending at any one time.
- No-notice withdrawals incur a withdrawal fee equivalent to the loss of 30-days gross interest on the amount withdrawn (minimum charge £1)
- Minimum withdrawal amount is £50.
- There is a £50,000 daily withdrawal limit to any requests made by phone.
|*Gross rate is variable and paid without the deduction of income tax.|
**Gross rate is fixed and paid without the deduction of income tax.
^AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.