Rainbows – Issue 2
Your savings can make a difference
|Gross* / AER** %|
Interest is paid annually on 31 December and can be added to your Rainbows account or paid to your bank account.
*Interest is paid without tax deducted. Some savers will be required to pay tax on savings interest; this should be arranged directly with HMRC through your tax return.
**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.
|Estimated balance after 12 months|
The estimated balance would be £1,001.50 after 12 months based on £1,000 deposit, further examples are shown in the table.
This is for illustrative purposes only and is based on no withdrawals or further deposits being made and interest being added to the account.
You can open and manage this account online, in branch or by post.
The minimum balance is £1 and the maximum balance is £500,000 (£1m joint).
You can pay into your account by electronic payment, or by cash or cheque.
Customers may hold more than one Rainbows account but the maximum holding in all accounts with the Society is £500,000 per person.
Yes, penalty free withdrawals are available at any time.
You can access your account online, in branch or by post.
Saving in this account will help Rainbows because 0.50% of the average balance in the account will be donated to Rainbows each year. This donation will be made by the Society, so it won’t reduce your account balance or the amount of interest you are paid.
You must be a permanent UK resident.
For under 18s the account must be opened by an adult in the capacity of Trustee and can only be opened and managed in branch or by post.
For full terms and conditions for savings accounts, please see separate leaflet.
In the event of any apparent conflict between these conditions and the General Savings Account Terms and Conditions, these conditions take precedence.
This product may be withdrawn from sale at any time without notice.