Bonus Saving Account

Interest is calculated daily and credited monthly.

Bonus interest is not paid in any calendar month where a withdrawal is made or the account is closed.

Bonus interest is paid in any month where a withdrawl is not made or the account not closed.

Balances up to £25,000 will earn the higher rate of interest. Only the part of the balance above £25,000 will earn the lower rate of interest.

For the purpose of these calculations it is assumed:-

• initial deposit of £1,000 and £35,000
• no additional deposits
• the interest rate remains the same during the 12 months
• the with bonus calculation assumes no withdrawals are made in any of the 12 months
• the without bonus calculation assumes a withdrawal is made in each of the 12 months.

Projection provided for illustrative purposes only and does not take into account individual circumstances.

Eligibility:

• you must hold a first direct 1st Account, our current account
• this account can only be opened in sole names
• only one account per person permitted.

How to open the account:

• Apply by phone.

Minimum/Maximum Balance:

• a minimum of £1 must be deposited to open the account
• there is no maximum balance.

How to manage the account:

• once opened you can manage your account via Online Banking, by phone or by post.

• A 14 day cancellation period applies to this account.
• We do not deduct tax from any interest paid to you.
• Tax benefits depend on individual circumstances and could change in the future.

Definitions

• AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
• Gross is the rate of interest if interest were paid and not compounded each year.

Information correct at 17 June 2020