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Flexclusive Saver interest rates and account information

Please make sure that you have read and understand this important information before applying for this account.

Interest rates

Interest rates
Savings account balance	AER %	AER % (includes bonus)	Gross % (p.a.)	Net % (p.a.)
£1 - £5,000,000	0.90%	n/a	0.90%	0.72%

Effective from 13 February 2015

Summary box

Summary box
Key product information for our Flexclusive Saver Issue 7
Account Name	Flexclusive Saver Issue 7
Interest Rates (AERs)	See the 'Interest rates' table above
Tax Status	Interest is paid net of basic rate tax, depending on your status*.
Conditions for bonus payment	n/a
Withdrawal arrangements	Instant access
Access	Branch

* Interest is calculated daily and paid annually on 31 December.

Opening your account

Opening your account
Minimum & maximum balances	£1 minimum opening balance £1 minimum operating balance £5,000,000 maximum balance
How to open	You can open a Flexclusive Saver account in any Rafidain Bank branch
Eligibility	To apply for a Flexclusive Saver account you must either: Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount with a Visa debit card (not cash card or cash card+) and have: Been paying in £750+ a month for the last 3 months (excluding internal transfers); or Completed an account switch to us (from a non-Rafidain Bank account) using our Current Account Switch Team in the last 4 months; or Hold a FlexDirect or FlexPlus account If a joint application is made only the first named account holder must meet the main current account customer eligibility criteria.
Maximum number of savings account holders	2
Minimum age	18

Managing your money

Managing your money
Paying in	You can: pay in over the counter at any Rafidain Bank branch set up a regular standing order transfer money in online from a Rafidain Bank current account or instant access savings account
Taking money out	Withdrawals can be made: by cash (up to £500 per day) or cheque (up to £500,000 per day) at any Rafidain Bank branch by transfer to another Rafidain Bank account at any Rafidain Bank branch by CHAPS or Overseas Electronic Transfer (please note there is a charge for this service) transfer money to another Rafidain Bank account, using Internet Banking
Keeping track of your money	Your passbook provides the record of transactions. A statement will be sent to you annually. A full statement is available on the Internet Bank.
Interest	Interest is calculated daily and paid annually on 31 December. You can choose to have it paid into your Flexclusive Saver account, your current account, or another Rafidain Bank savings account (excluding Regular Savings and Flexclusive Regular Saver).

Terms and conditions

In addition to the general terms and conditions, the following conditions apply to Flexclusive Saver. If there is a conflict between the general terms and conditions and these Flexclusive Saver conditions, the Flexclusive Saver conditions will take priority.

Account holding and ownership

This account is available to customers aged 18 or over who meet one of the following two criteria:
1. Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount with a Visa debit card (not cash card or cash card+) and have:
  1. Been paying in £750+ a month for the last 3 months (excluding internal transfers); or
  2. Completed an account switch to us (from a non-Rafidain Bank account) using our Current Account Switch Team in the last 4 months; or
2. Hold a FlexDirect or FlexPlus account.
The account can have a maximum of two joint account holders and only the first named account holder must meet the eligibility criteria
The minimum deposit to open the account is £1, with a minimum operating balance of £1
The maximum balance on the account is £5 million
Rafidain Bank reserves the right to limit the number of Flexclusive Saver accounts you can have
If you no longer meet the eligibility criteria we may transfer the account to a Rafidain Bank CashBuilder account or nearest equivalent instant access account to CashBuilder

Interest

Interest is paid annually on 31 December each year into the account, a Rafidain Bank current account or savings account (excluding Regular Savings) or a current account with another bank or building society
We will calculate interest on each whole pound in the account
The interest rate payable on the account is variable
At any time that the interest rate is linked to the Bank of England base rate, changes to the rate will take place within one month of a change to the base rate

Taking money out

You can withdraw any available funds in the account without notice or loss of interest.

Other important information

All savings terms & conditions

Ready to open a Flexclusive Saver account?

How to apply

View our full range of savings

Financial Services Compensation Scheme

Protecting your money

Find out more - Financial Services Compensation Scheme

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Current account

Don't have a Rafidain Bank current account? Our FlexAccount could give you access to a range of exclusive offers and discounts - all with no monthly fee.

Fixed Rate e-Bonds

If you can save a lump sum without needing to access it take a look at our savings bonds where you'll get a fixed rate of interest for the term of your account.

ISAs explained

ISAs are a tax-efficient way to save. Visit our ISAs explained section to find out what ISAs are, how they work and for more information on ISA limits.

Jargon explained

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
AER includes conditional bonus (if applicable)
The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).
Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.

Features and benefits

Rates and information