Enviro Saver Account (Issue 2)

Enviro Saver account (Issue 2)

The interest rate paid on this account is as below:

Rate effective from 13 September 2023.

Annual interest is calculated each day on the available money in your account and is paid on 31st December every year.

Monthly interest is calculated each day on the available money in your account and is paid on the last day every month.

The interest rate for this account is variable. This means we can change it at any time. You can find full details in our Savings Terms and Conditions.

If your account falls below the minimum balance, the interest rate we'll pay you will reduce to 0.05% Gross p.a/AER variable*.

This is based on no further money being paid in or taken out of the account and no change to the interest rate.

• You must be 16 or over and a UK resident to have this account.
• You can open your account online. We'll need your email address and mobile phone number.
• You need to pay money into your account within 30 days of opening it. If you don't we'll close the account.
• You'll need to keep a minimum balance of £10.00 in your account to get the interest rate.
• The maximum amount you can pay into this account is £500,000.00.
• You're only allowed to pay money in electronically.
• You'll need to provide details of your nominated bank account. This will be a current account in your name. When you want to take your money out, we'll send it to this current account.
• You can manage the account online, on the mobile app.

Yes, you can take money out of this account anytime, in line with our daily withdrawal limits. This means you can also close your account anytime.

Our Savings Promises provide you with additional peace of mind, including penalty-free access to your money if your life circumstances significantly change (e.g. serious illness, redundancy, etc). For more information please click here or ask us.

If the total amount of interest you earn is more than your tax-free Personal Savings Allowance, you may have to pay tax to HM Revenue & Customs (HMRC). For more information visit gov.uk. 

There is a commitment for the ‘overall rate’ to always be in line with or above our on-sale e-saver whilst the Enviro saver is on-sale. The ‘overall rate’ is the interest rate payable to the customer plus the interest rate of the charity donation.

Annually we will donate a sum equal to an interest rate of 0.10% of the average money held in the Enviro Saver for each 12 month period, starting on 1 June, to an Environmental Charity.

* Interest Rate definitions: Gross is the interest rate without the tax deducted. AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year.