Saving & deposit options
- Business Reserve
- Treasury Reserve
- Direct Reserve
- Tax Saver
- Treasurer's Account
- Bonus Saver
- Liquidity Manager Notice Accounts
Clients' Monies
Useful information
Direct Reserve
Saving & deposit options
This instant access savings account is specifically designed for customers who prefer to manage their surplus funds exclusively via online or telephone banking.
Open a Direct Reserve account for the first time and you will receive an additional interest bonus of 1.00% for 12 months.
Direct Reserve benefits
- Convenient banking – carry out your day-to-day transactions over the phone or online 24/7
- Instant access – get your funds when you need them
- Tiered interest – save more, earn more
- Monthly interest – calculated daily
- No minimum balance – or maximum balance
- No monthly charges – it costs you nothing to run your Direct Reserve account
Details about the bonus interest
- Standard and bonus interest is paid monthly, at the end of the month
- The bonus starts on the last working day of the month after your account was opened, and is paid until further notice. If your account was opened in May 2011, your bonus rate will commence on 30 June 2011.
- The bonus interest of 1.00% is only payable on the first £1 million in your Direct Reserve account.
- Customers are permitted to receive the interest bonus on one Direct Reserve account per customer.
- This offer is only available to customers with a turnover under £25 million.
- Customers (other than Trusts) whose bank mandates require more than one signatory to operate the account are eligible save that the Bank must be permitted to accept instructions for online and telephone banking from a single authorised party. Trusts operated by more than a single signatory are not eligible.
| Amount | Gross Rate % p.a. | AER% | Net Rate % p.a. | New rates effective from |
|---|---|---|---|---|
| Direct Reserve ... | ||||
| £250,000 + | 0.25 | 0.25 | 0.20 | 19/03/2009 |
| £100,000 - £249,999 | 0.15 | 0.15 | 0.12 | 19/03/2009 |
| £25,000 - £99,999 | 0.15 | 0.15 | 0.12 | 19/03/2009 |
| £10,000 - £24,999 | 0.10 | 0.10 | 0.08 | 19/03/2009 |
| £2,000 - £9,999 | 0.10 | 0.10 | 0.08 | 19/03/2009 |
| £0 - £1,999 | 0.10 | 0.10 | 0.08 | 19/03/2009 |
| Direct Reserve Including Bonus ... | ||||
| Gross Rate % p.a. for first 12 months | AER% first 12 months | Net for first 12 months | ||
| Amounts in excess of £1 million | 0.25 | 0.25 | 0.20 | 01/05/2010 |
| £250,000 - £1 million | 1.25 | 1.26 | 1.00 | 01/05/2010 |
| £100,000 - £249,999 | 1.15 | 1.16 | 0.92 | 01/05/2010 |
| £25,000 - £99,999 | 1.15 | 1.16 | 0.92 | 01/05/2010 |
| £10,000 - £24,999 | 1.10 | 1.11 | 0.88 | 01/05/2010 |
| £2,000 - £9,999 | 1.10 | 1.11 | 0.88 | 01/05/2010 |
| £0 - £1,999 | 1.10 | 1.11 | 0.88 | 01/05/2010 |
The bonus rate is fixed, however the standard rate of interest is variable.
Payment of interest gross or net depends upon individual circumstances.
Gross rate - is the interest rate paid before the deduction of tax.
Annual Equivalent Rate (AER) - illustrates what the interest rate would be if paid and compounded each year.
Net Rate - is the interest rate paid after deduction of tax.
Rates Effective from 19th March 2010
