Fixed Rate Savings Questions

Fixed Rate Savings are deposit based savings where the interest rate is fixed for a specified period of time.

We are currently offering Fixed Rate Savings over one year, two years and three years.

We may withdraw these Fixed Rate Savings at any time and decline further applications.

Individuals who are aged 16 or over and are UK resident can apply. Fixed Rate Savings cannot be held in joint names.

You may deposit a minimum of £500 to a maximum of £1,000,000 into Fixed Rate Savings for each of the one, two or three year periods.

Investments via the Internet must be less than £50,000 for any single online application. If you wish to deposit a higher value, please call us on 0808 001 1111 and one of our Representatives will be able to help you.

Find out the fixed rates of interest applicable on the one, two and three year Fixed Rate Savings.

Interest will be paid after the deduction of the lower rate of tax, currently 20%.

Basic rate taxpayers will not have any further tax to pay. However, higher rate taxpayers may have an additional tax liability.

If you are entitled to receive interest without tax deducted, you can complete HM Revenue & Customs Form R85. You can download Form R85 from www.hmrc.gov.uk/individuals/fagr85.shtml, or obtain one from your local tax office.

If following your deposit in our Fixed Rate Savings you become a non UK resident you can complete HM Revenue & Customs Form R105 and receive your interest gross. You can download a Form R105 from www.hmrc.gov.uk/nonresidents/fagr105.shtml, or obtain one from your local tax office.

The rates and basis of taxation may change in the future. You should remember that the tax law applicable depends on your own personal situation. If you are unclear as to your tax position you should seek professional advice or contact your local tax office for further information.

If you think that you may need access to your money you should consider carefully any deposit into our Fixed Rate Savings as any withdrawal before maturity will be subject to a Withdrawal Charge. This Withdrawal Charge will be deducted from the final interest credited on withdrawal and if this is insufficient, from the amount deposited. Therefore withdrawal before maturity may result in you getting back less money than you deposited.

You can make a full withdrawal of any Fixed Rate Savings held. Partial withdrawals of a Fixed Rate Savings are not permitted. Withdrawal of a Fixed Rate Savings prior to maturity will be subject to the following Withdrawal Charges:

• 1 year Fixed Rate Savings - £50
• 2 year Fixed Rate Savings - £75
• 3 year Fixed Rate Savings - £100

Payment of amounts withdrawn will be by cheque made payable to you or direct to your bank or building society account.

We will write to you at least 14 days before your Fixed Rate Savings mature outlining the options open to you. This will include the option to withdraw and have your deposit and interest earned returned to you. We may also give you the option to transfer to any new Fixed Rate Savings, or other savings option we make available. If you do not respond by selecting one of the options, we reserve the right to make that choice for you and we will tell you which option will apply in such circumstances when we write to you.

You can make a deposit via Debit Card, which must be less than £50,000 for each online application. We accept Maestro, Visa Debit or Solo cards, which must be in your name and have enough cleared funds in the account.

Please note that we will only be deemed to be in receipt of your deposit when payment has been authorised by your debit card issuer. For online debit card payments received between 8am - 6pm Monday to Friday and 9am - 1pm on Saturdays the authorisation process will be completed immediately on receipt of your application. Outside these hours it may not be possible to carry out the debit card authorisation process immediately. This could delay the opening of your Fixed Rate Savings until the next business day.

We believe that customers want to make up their own minds about our plans so we do not offer advice but can provide factual information about any products. If you require advice, please contact an authorised financial advisor.

You can choose whether to have interest automatically credited to your Fixed Rate Savings annually or paid direct to your nominated bank or building society account.