Current interest rates
|Account opened||Balance||Gross rate pa%||Net rate pa%||AER%|
For information on previous rates on this account, please see the previous interest rate tab.
Previous interest rates
This previous interest rates tab sets out all rates that have applied to Direct Access. To find out how much interest you are currently earning on your money, please click on the current interest rates tab.
|Rates effective from||Balance||Gross rate pa%||Net rate pa%||AER%|
|12 December 2011 - present||£1+||0.70||0.56||0.70|
|Mortgage offset:||Yes. Remember, if you offset your savings account against your mortgage, you won't earn any interest on your account.|
|Interest rate:||Rates are variable. Interest is paid monthly on the first working day of the month.|
|Gross:||‘Gross’ is the rate of interest payable before income tax is deducted at the basic rate. Interest is payable gross to UK non-taxpayers subject to the required certification.|
|Net:||‘Net’ is the rate payable after we take off basic rate tax (which non-taxpayers may reclaim from HMRC).|
|AER:||Annual Equivalent Rate. This illustrates what the interest rate would be if interest was paid and compounded once each year.|