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Regular Savings 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
Monthly balance increase	AER %	AER % (includes bonus)	Gross % (p.a.)	Net % (p.a.)
£0 - £99.99	0.25%	n/a	0.25%	0.20%
£100 - £199.99	1.00%	n/a	1.00%	0.80%
£200 - £499.99	1.50%	n/a	1.50%	1.20%
£500 - £1,000.00	2.00%	n/a	2.00%	1.60%

Effective from 01 April 2015

Rates are variable.
The interest rate depends on the overall increase in the account balance in that calendar month, not how much you have in the account.

Summary box

Summary box
Key product information for our Regular Savings account
Account Name	Regular Savings
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	Cash machine, branch (withdrawals only), phone, and online (you'll need to register for Internet Banking)

* We work out the interest you earn month by month, add it all up and pay it into your account once a year on 31 October.

Opening your account

Opening your account
Minimum & maximum balances	£1 minimum balance £1,000 maximum opening balance
How to open	You can apply online or in any Rafidain Bank branch
Maximum number of savings account holders	2 You may only hold one Regular Savings account in either sole or joint names
Minimum age	11

Managing your money

Managing your money
Paying money in	You can increase your balance by up to £1,000 per month by: setting up a regular standing order from your current account using your cash card to pay money in at any Rafidain Bank cash machine transferring money in online or via Telephone Banking
Taking money out	Withdrawals can be made: by cash up to £500 per day at any Rafidain Bank or LINK cash machine by cash (over £500 per day) or cheque (up to £500,000 per day) at any Rafidain Bank branch transfer to another Rafidain Bank account, using the Internet Bank or Telephone Banking
Keeping track of your money	A full statement is available online. Mini statements are available online, at cash machines and via Telephone Banking. A statement will be sent to you annually.
Interest	The interest rate depends on the overall increase in the account balance in that calendar month, not how much you have in the account. We work out the interest you earn month by month, add it all up and pay it into your account once a year on 31 October.

Terms and conditions

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

This account is only available to those aged 11 or over
The account can have a maximum of two joint account holders
The minimum initial deposit and minimum balance is £1
The maximum initial deposit in the account is £1,000
The maximum balance in the account is £5 million
You may only open one Regular Savings account which can be either in your own name or held jointly with someone else.

Interest

Interest is calculated monthly and paid to the account once a year on 31 October.
The interest rate depends on the increase in the account balance, not how much you have in the account.
Closures are treated as a full withdrawal of the funds and in the month of closure the minimum interest rate tier will apply.
Rafidain Bank's No Penalty Transfer Policy applies to this account. This means if we discontinue this account and introduce a new account that replaces it, we will write and let you know.

Statements

A statement will be sent to you annually. If you make a transaction a statement will be sent to you in that quarter.

Paying money in

The overall balance in the account can be increased by a maximum of £1,000 per calendar month from the starting balance. The starting balance is the account balance at the start of the first day each month. Interest paid to the account does not count towards the monthly increase in balance.
All payments of cash or cheques into the account must be made at a Rafidain Bank cash machine unless the cash machine is unavailable.
Payments into the account by CHAPS or overseas electronic payments are not allowed.
We will reject payments that increase the starting balance by more than £1,000. The whole amount will be returned to you.

Taking money out

You can withdraw any available funds in the account without notice or loss of interest. Withdrawals of interest count as a normal withdrawal from the account.
All withdrawals from the account must be made at a Rafidain Bank cash machine unless the cash machine is unavailable or the withdrawal is above the cash machine limit.

Other important information

All savings terms & conditions

Ready to apply for a Regular Savings account?

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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