The Cambridge Community Account
Features & Benefits
- Available to charities, clubs and societies
- Open with just £1 and invest up to £1,000,000
- The more you save, the more you earn; we pay higher interest on larger balances
- Instant access – no notice – no penalties
- Interest paid annually on 31st December
Product Summary
Key Product Information for our Savings Account |
|
|---|---|
| Account name | The Cambridge Community Account |
| Interest rates (AERs) | Interest rates are variable. Current interest rates can be found in the interest rates tab. |
| Tax status | Interest is paid net of tax unless you have registered to receive interest with no tax deducted. If you have registered, interest will be paid gross. |
| Conditions for bonus payment | Not applicable. |
| Withdrawal arrangements | Take out cleared funds from your account at any time and without interest penalty. |
| Access | You may operate your account at any of our local branches, via post and payments can be made into the account over the telephone using a debit card. |
Interest Rates
Current rates
| The Cambridge Community Account Rates effective from 3rd April 2009 |
|||
|---|---|---|---|
| Minimum investment | Gross p.a.% | AER% | Net p.a.% |
| £1+ | 0.05 | 0.05 | 0.04 |
| £500+ | 0.05 | 0.05 | 0.04 |
| £5,000+ | 0.10 | 0.10 | 0.08 |
| £50,000+ | 0.25 | 0.25 |
0.20 |
Interest rates are variable.
Interest paid annually on 31st December.
Interest will be paid at the net rate after the appropriate rate of income tax (currently 20%) has been deducted, or gross on receipt of the required declaration form. Where interest is paid net, the income tax may be reclaimed if the amount deducted exceeds the investor’s tax liability. Higher rate taxpayers will have to pay the extra due (the difference between tax deducted at 20% and the higher/additional rate). Tax treatment and rate of interest payable will depend on individual circumstances and may change in the future. Net rates are illustrative only and have been rounded to two decimal places.
We calculate interest on the balance of your account at the end of each day. You earn interest from the day you pay funds into your account until the day before you withdraw your funds.
When interest rates increase we will advertise the new rates, within three working days of the change, in at least two local newspapers (usually Cambridge News and Weekly News) and by placing notices in our branches. We will also place a notice on our website.
When interest rates reduce, we will personally tell you about it at least 14 days before we make the change if the change is material. Please refer to condition 7.7 of the ‘Terms and Conditions for Savers' for a more detailed explanation.
Previous rates
| The Cambridge Community Account Rates effective from 6th March 2009 to 2nd April 2009 |
|||
|---|---|---|---|
| Minimum investment | Gross p.a.% | AER% | Net p.a.% |
| £1+ | 0.05 | 0.05 | 0.04 |
| £500+ | 0.05 | 0.05 | 0.04 |
| £5,000+ | 0.10 | 0.10 | 0.08 |
| £50,000+ | 0.25 | 0.25 |
0.20 |
Terms & Conditions
Please read all the terms and conditions before applying to open an account
Download Terms and Conditions for Savers
Download The Cambridge Community Account Special terms and conditions
Apply Now
Phone
Call our Customer Contact Centre on
0845 601 3344
Monday to Friday: 8.30am - 8.30pm
Saturdays: 9.00am - 6.00pm
Sundays: 11.00am - 5.00pm
Request a callback
Let us call you
Branch
Pop into your local branch
