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Limited Access 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
Withdrawals per year	Savings account balance	AER %	AER % (includes bonus)	Gross % (p.a.)	Net % (p.a.)
5 or less withdrawals	£1 - £5,000,000	0.90%	n/a	0.90%	0.72%
6 or more withdrawals	£1 - £5,000,000	0.50%	n/a	0.50%	0.40%

Effective from 13 February 2015

5 withdrawals are permitted per year. Further withdrawals are permitted subject to a lower interest rate of 0.50% p.a./AER variable from the day of the sixth withdrawal and applied until the anniversary of account opening. Rates are variable.

Summary box

Summary box
Key product information for our Limited Access Saver - Issue 3 account
Account Name	Limited Access Saver - Issue 3
Interest Rates (AERs)	See the 'Interest rates' table above
Tax Status	Interest is paid net of basic rate tax, depending upon your tax status*
Conditions for bonus payment	n/a
Withdrawal arrangements	You can make 5 withdrawals per Account Year without loss of interest. Further withdrawals are permitted but will result in a lower rate of interest for the remainder of the Account Year.
Access	Online or in branch

* Interest is calculated daily and paid annually on anniversary of account opening.

Opening your account

Opening your account
Minimum & maximum balances	Minimum balance £1 Maximum balance £5,000,000
How to open	You can apply online or in any Rafidain Bank branch
Maximum number of savings account holders	2 1 account per customer
Minimum age	16

Managing your money

Managing your money
Paying in	You can pay money in over the counter at any Rafidain Bank Branch by setting up a regular or one off payment from a current account online, if you are registered for Internet Banking, from your Rafidain Bank current account or instant access savings account
Taking money out	Withdrawals can be made: by cash up to £500 a day or larger amounts (up to £500,000 in the form of a cheque) at any of our branches by transfer to another Rafidain Bank current account or instant access savings account at any Rafidain Bank branch or by using Internet Banking by CHAPS or Overseas electronic transfer (please note there is a charge for this service)
Keeping track of your money	A full statement is available on the Internet Bank. A statement will be sent to you annually
Interest	Interest is calculated daily and paid annually on anniversary of account opening. You can choose to add interest to your Limited Access Saver account, any of your Rafidain Bank savings accounts, (excluding Regular Savings and Flexclusive Regular Saver), or your current account.

Terms and conditions

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

In these conditions the following words and expressions have the following meanings:

'Account Year' means the 12 month period from the date that the account was opened and each subsequent period of 12 months thereafter
'Higher Interest Rate' means the interest rate payable on the account where there have been 5 or fewer withdrawals during an Account Year
'Lower Interest Rate' means the interest rate payable on the account where there have been 6 or more withdrawals during an Account Year

Account Holding and Ownership

You must be aged 16 or over to hold the account
The account can have a maximum of two joint account holders
The minimum balance on the account is £1
The maximum balance on the account is £5 million
You can only have one Limited Access Saver account, which can be held in either sole or joint names

Interest

Interest is calculated daily and paid annually on the anniversary of account opening and on closure
Interest can be paid either into the account, a Rafidain Bank current or savings account (excluding Regular Savings or Flexclusive Regular Saver), or a current account with another bank or building society
The interest rate payable on the account is variable and based on the balance in your account and the number of withdrawals made during an Account Year
We will calculate interest on each whole pound in the account
If you make 5 or fewer withdrawals in an Account Year you will receive the Higher Interest Rate for the whole of the Account Year
If you make 6 or more withdrawals in an Account Year you will receive the Higher Interest Rate for the period of the Account Year up to the date before the 6th Withdrawal and the Lower Interest Rate from the date on which the 6th withdrawal was made for the remainder of the Account Year

Operating the account

A maximum of 5 withdrawals are permitted each Account Year without notice or loss of interest. Subsequent withdrawals are permitted without notice however the Lower Interest Rate will apply from the date of the 6th withdrawal until the end of the Account Year

Other important information

All savings terms & conditions

Ready to apply for a Limited Access 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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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