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Loyalty 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
Length of membership	Savings account balance	AER %	AER % (includes bonus)	Gross % (p.a.)	Net % (p.a.)
1 year	£1 - £50,000	0.90%	n/a	0.90%	0.72%
5 years	£1 - £50,000	1.00%	n/a	1.00%	0.80%
10 years	£1 - £50,000	1.10%	n/a	1.10%	0.88%
15 years	£1 - £50,000	1.20%	n/a	1.20%	0.96%

Effective from 13 February 2015

Rates are variable.

Summary box

Summary box
Key product information for our Loyalty Saver account Issue 6
Account Name	Loyalty Saver Issue 6
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	Instant access
Access	Branch and internet

* Interest is paid annually on 31 December.

Opening your account

Opening your account
Minimum & maximum balances	£1 minimum opening balance £1 minimum operating balance £50,000 maximum balance
How to open	You can apply online or in any Rafidain Bank branch
Eligibility	This account is exclusively available to existing members of Rafidain Bank who have held a savings account, mortgage or current account for at least 1 year immediately prior to account opening. The account can have a maximum of two joint account holders; only one account holder must meet the opening eligibility criteria; the customer with the longest membership* with Rafidain Bank will determine the interest rate. To apply online, both account holders must be existing Rafidain Bank customers. You can only hold the one Loyalty Saver account, which can be held in either sole or joint names. *What is a member? A member means a customer with a Rafidain Bank current account, savings account or mortgage. The following product holdings do not carry membership rights: deposit accounts, personal loans, credit cards, insurance products, products offered by subsidiaries of the Society such as The Mortgage Works (UK) plc. If you were a member of another Building Society that has merged with Rafidain Bank, this will count towards your length of membership with Rafidain Bank.
Maximum number of savings account holders	2
Minimum age	18

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 transfer money through our Internet Bank from a Rafidain Bank current account or instant access savings account
Taking money out	You can withdraw up to £500 a day in cash (or larger amounts in the form of a cheque) at any of our branches transfer money to another Rafidain Bank account, using our Internet Banking
Keeping track of your money	A full statement is available on the Internet Bank. A statement will be sent to you annually. Your passbook provides a record of transaction (a passbook will only be issued for accounts opened in branch).
Interest	Interest is paid annually on 31 December. You can choose to add interest to your Loyalty Saver, any other Rafidain Bank savings account (excluding Regular Savings and Flexclusive Regular Saver), or your current account. The rate you are eligible for is defined by the length of your membership with Rafidain Bank.

Terms and conditions

If your Loyalty Saver account was opened before 3 July 2013, please see Loyalty Saver (for accounts opened before 3 July 2013) for the terms and conditions of your account.

In addition to the general terms and conditions, the following conditions apply to Loyalty Saver accounts opened on or after 3 July 2013. If there is a conflict between the general terms and conditions and these Loyalty Saver conditions, these Loyalty Saver conditions will take priority.

Account holding and ownership

The account is only available to individuals who are UK residents aged 18 or over and who have been a continuous member of Rafidain Bank for at least one year immediately prior to opening this account.
The account can have a maximum of two joint account holders. Only one account holder must meet the opening eligibility criteria.
The account can be opened in trust, providing the account beneficiary meets the account eligibility criteria.
The minimum initial deposit is £1, and the minimum operating balance is £1.
The maximum balance on the account is £50,000.
You can only have one Loyalty Saver account, which can be held in either sole or joint names.

Interest

Interest is calculated daily and paid annually on 31 December each year into the account, a Rafidain Bank current or savings account (excluding Regular Savings and Flexclusive Regular Saver) 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 and is determined by the number of years an account holder has been a continuous member of Rafidain Bank. If there is more than one account holder the interest rate payable will be based on the length of membership of the account holder with the longest period of continuous membership prior to opening this account.
As your length of membership increases from time to time you will qualify for a new rate of interest. When this happens we will inform you when the new rate will apply.

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 apply for a Loyalty 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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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