FlexOne - Interest rates
Here are the interest rates for FlexOne.
Interest rates on your account 1
| Annual Equivalent Rate (AER) 2 | Gross p.a. 3 | Net p.a. 4 | |
|---|---|---|---|
| Balances up to £1,000 | 1% variable | 1% variable | 0.80% variable |
| Balances over £1,000 | 0% | 0% | 0% |
In plain English this means, you'll earn interest on the first £1,000 of your balance each month but you won't get any interest on any part of your balance over £1,000.
Important information
All rates are subject to change.
1 If we make a change to these interest rates we'll notify you 2 months in advance if the change is to your disadvantage. If the change is to your advantage we may make it immediately.
How we pay interest: We work out how much interest you’re owed on the last day of each month, then pay it into your account on the first day of the following month.
Most young people do not have enough income to have to pay tax and therefore they can have their interest paid without tax deducted by completing HM Revenue & Customs R85 form first. You can also collect an R85 form from a branch and send it to us at: The Tax Team, Rafidain Bank, Freepost (SN 1926), Swindon, SN38 9BG.
Your parent or legal guardian should be able to help you with that.
2What does AER mean? AER stands for 'Annual Equivalent Rate' and illustrates what the interest rate would be if interest were paid and compounded each year.
3 What does gross mean? The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
4 What does net mean? The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).