Interest rates 

Interest rates are variable. Current rates effective from 18th June 2009.

Key features

• A high interest Cash ISA paying tax-free interest.
• Minimum investment £500.
• Maximum subscription during the 2009/2010 tax year is £3,600 (up to £5,100 for anyone aged 50 or over). Maximum subscription during the 2010/2011 tax year is £5,100. 
• Our Members’ Notice ISA accepts transfers in from existing cash ISAs held with other providers.
• You choose between giving us 60 days' notice before taking money out of the account or taking out cleared funds from your account immediately and paying 60 days' interest penalty on the amount withdrawn.
• You can draw your account down to £500. 
• After taking money out of your account, you are not allowed to subsequently top up your balance if you had already paid in the maximum subscription for the tax year.
• Interest is calculated daily and paid annually on 31st December. 
• Interest is tax-free and is paid with no tax deducted as long as your account qualifies as an ISA.
• The interest rate is variable and may change from time to time.
• We provide you with a passbook to help you keep track of your savings and interest.
• This account is exclusively available to existing members who have held a savings or mortgage account with us for at least three months. 
• This account does not meet the Government's Stakeholder standards

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

The Annual Equivalent Rate (AER) is a notional rate which illustrates what the gross interest rate would be if interest was paid and added to the account annually.

Cash Individual Savings Accounts (ISAs) pay interest tax-free provided all terms and conditions of the account are met.

Tax assumptions are based on current legislation which may change in the future. Tax treatment or the rate of interest payable depends on your individual circumstances and may be subject to change in the future.