Savings Direct 7 Day Notice Account

• You can open your Savings Direct 7 Day Notice Account by post only.
• Lodgements can only be made by cheque and electronic transfer.
• Minimum balance on the account is £1, maximum balance on the account is £1,000,000.
• You can withdraw money from this account to a bank account in your name, nominated at account opening.
• This account can only be operated by phone and by post.
• Interest is calculated daily and paid yearly in April.
• You can access your funds by serving the relevant notice period.
• You don’t need to make regular deposits - but if you wish to save regularly you can by means of a standing order from any current account or demand deposit account.
• We understand that under exceptional circumstances you may require emergency access to your funds. If you make a withdrawal without the full, specified notice period being served, you will be charged. This is calculated as follows:

Withdrawal Amount x Interest Rate x Notice Days Not Served/ 36,500

Example: You wish to withdraw £1000 from your Savings Direct 7 Day Notice Account on which you have not served any notice. The variable interest rate on your account, on the day of withdrawal, is 1.15%. (The variable rate used in the calculation is indicative, and has been chosen for illustrative purposes only). The following Breach of Notice Cost would apply:

£1000 x 1.15 x 7/36,500 = £0.22

From 6 April 2016 - Credit interest on all accounts will be paid gross (under new legislation tax will not be deducted when credit interest is paid). If your credit interest is more than your personal Savings Allowance you may still have to pay tax. Please see www.gov.uk for information on the Personal Savings Allowance or speak to a tax advisor.