Access 50
| Amount | *Annually Gross % PA | *Annually Net % PA | *Monthly Gross % PA | *Monthly Net % PA | *A.E.R Rate % PA |
|---|---|---|---|---|---|
| £5,000+ | 1.00% | 0.80% | N/A | N/A | 1.00% |
| £10,000+ | 1.50% | 1.20% | N/A | N/A | 1.50% |
| £25,000+ | 2.00% | 1.60% | N/A | N/A | 2.00% |
| £50,000+ | 2.30% | 1.84% | N/A | N/A | 2.30% |
| Available To: | Personal savers resident in the U.K. Available to existing customers and new customers who are personal savers resident in the U.K. A minimum of £5,000 will be required to open an account and must be maintained. |
|---|---|
| Investment: | Minimum: £5,000. Maximum: £500,000 (representing the overall limit for savings with the Society for each individual). |
| Withdrawals: | 50 Days Notice required on balances below £10,000; or 50 days interest will be forfeited on amount withdrawn. |
| Interest: | Interest paid annually on 31st March. |
| Other Criteria: | If the balance falls below the minimum £5,000 the account will automatically revert to the Dudley Building Society Instant Tracker account. |
| Example: | To provide you with an example of how the Access 50 account works; if your balance is £15,000 and you wish to withdraw £6,000, unless you provide 50 days' notice, you will forfeit 50 days' interest on £1,000 (this being the amount by which your balance falls below the £10,000 instant access limit. Further withdrawals from your account with its updated balance of £9,000 would then require 50 days notice or 50 days loss of interest on the amount withdrawn). |
Notes
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
- Gross is the interest paid before the deduction of income tax at the rate specified by law.
- Net is the interest paid after the deduction of income tax at the rate specified by law.
- Interest will be payable net of income tax at the rate required by law. Tax may be reclaimed from HM Revenue & Customs where the amount deducted exceeds an investor's liability to tax (if any). Individuals who are liable at the higher rate of income tax of 40% will have to pay additional tax on the interest to cover the difference between the tax deducted and the higher rate of tax due.
- If you are entitled to receive your interest gross, complete the HM Revenue & Customs form R85 in accordance with HM Revenue & Customs regulations and forward to your nearest Dudley Building Society branch.
- The interest rate is variable and not linked to any of the Society's other savings rates.
- This information should be read in conjunction with the account Terms and Conditions, Members Guide and the Interest Rate Guide.
- Full Terms and Conditions of Dudley Building Society savings accounts are available on request.