Online step bond rates and charges

Online Step Bond 3 Year - Annual

Balance AER/Gross%
Annual Interest Year 1
£50,000+ 1.75
£2,000-£49,999     1.65
Annual Interest Year 2
£50,000+ 1.85
£2,000-£49,999 1.75
Annual Interest Year 3
£50,000+ 1.95
£2,000-£49,999 1.85

These interest rates are correct as at 10/12/2013.

Online Step Bond 3 Year - Monthly

Balance AER% Gross%
Monthly Interest Year 1
£50,000+ 1.75 1.74
£2,000-£49,999 1.65 1.64
Monthly Interest Year 2
£50,000+ 1.85 1.83
£2,000-£49,999     1.75 1.74
Monthly Interest Year 3
£50,000+ 1.95 1.93
£2,000-£49,999     1.85 1.84

These interest rates are correct as at 10/12/2013.

Explanation of terms

AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts . As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

 

Previous rates

Online Step Bond 3 Year - Annual

Balance Annual Interest Year 1 Annual Interest Year 2 Annual Interest Year 3
Gross/AER% Gross/AER% Gross/AER%
£50,000+ 2.10 2.20 2.30
£2,000-£49,999 2.00 2.10 2.20

These interest rates were correct from 12/11/2013 to 09/12/2013.

Online Step Bond 3 Year - Monthly

Interest Tiers Monthly Interest Year 1 Monthly Interest Year 2 Monthly Interest Year 3
AER% Gross% AER% Gross% AER% Gross%
£50,000+ 2.10 2.08 2.20 2.18 2.30 2.28
£2,000-£49,999 2.00 1.98 2.10 2.08 2.20 2.18

These interest rates were correct from 08/07/2013 to 07/10/2013.

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