The Cambridge Easy Access Council Saver Issue 2

Features & Benefits
Product Summary
Interest Rates
Terms & Conditions
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Features & Benefits

Available to local parish and town councils
Minimum investment is £1,000
Withdrawals restricted to two per calendar month, but no notice is required
Interest paid annually on 31st December
Account must be opened with a cheque drawn from a UK bank account bearing the name of your Council
Once opened, additional funds will only be accepted into the account via a cheque drawn from a UK bank account bearing the name of your Council
Withdrawals can only be made by cheque payable to your council

Product Summary

Key Product Information for our Savings Account
Account name	The Cambridge Easy Access Council Saver Issue 2
Interest rates (AERs)	Interest rates are variable. Current interest rates can be found in the interest rates tab.
Tax status	Interest is paid with no tax deducted.
Conditions for bonus payment	Not applicable.
Withdrawal arrangements	Take out cleared funds from your account, subject to a maximum of two withdrawals in any calendar month, without interest penalty. Withdrawals from your account can only be made by cheque payable to your Council.
Access	You must operate your account via your dedicated account manager.

Interest Rates

The Cambridge Easy Access Council Saver Issue 2 Rates effective from 14th July 2011
Minimum investment	Gross p.a.%	AER%
£1,000+	1.00	1.00

Interest rates are variable.

Interest paid annually on 31st December.

Interest will be paid with no tax deducted.

Tax treatment and rate of interest payable will depend on individual circumstances and may change in the future.

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.