3 Year Fixed Term Deposit
|Name||Issue||Date Issued||Date Closed||AER*||Gross Annual Interest**||Min Deposit||Max Deposit|
|3 Year Fixed Term Deposit (Pay Away Interest)||1||19 Feb 2019||16 May 2019||2.40%||2.40%||£10,000||£250,000|
* AER (Annual Equivalent Rate) represents the actual interest rate you will receive on your product by the end of the fixed term, if compound interest is paid on an annual basis.
** Gross Interest – we pay interest gross. Under the Personal Savings Allowance, the first £1,000 of income of any interest earned is tax free for basic rate taxpayers. The first £500 is tax free for higher rate taxpayers, and no Personal Savings Allowance applies if you’re an additional rate taxpayer.
If the interest you earn is less than your Personal Savings Allowance, you don’t have to do anything; if the interest you earn is more than your Personal Savings Allowance, you must pay tax on the difference. If you fill in a Self Assessment tax return you should carry on doing this as normal. For further details on how tax will be collected, refer to the HMRC guidance on Tax on Savings Interest or visit gov.uk.