Saving & deposit options
Clients' Monies
Useful information
Direct Reserve
Saving & deposit options
This instant access savings account is specifically designed for customers who prefer to manage their surplus funds exclusively via online or telephone banking.
Direct Reserve benefits
- Convenient banking – carry out your day-to-day transactions over the phone or online 24/7
- Instant access – get your funds when you need them
- Tiered interest – save more, earn more
- Monthly interest – calculated daily
- No minimum balance – or maximum balance
- No monthly charges – it costs you nothing to run your Direct Reserve account
| Amount | Gross Rate % p.a. | AER% | Net Rate % p.a. |
|---|---|---|---|
| Direct Reserve | |||
| £250,000 + | 2.50 | 2.53 | 2.00 |
| £100,000 - £249,999 | 2.25 | 2.27 | 1.80 |
| £25,000 - £99,999 | 2.00 | 2.02 | 1.60 |
| £10,000 - £24,999 | 1.50 | 1.51 | 1.20 |
| £2,000 - £9,999 | 1.25 | 1.26 | 1.00 |
| £0 - £1,999 | 1.25 | 1.26 | 1.00 |
Gross rate - is the interest rate paid before the deduction of tax.
Annual Equivalent Rate (AER) - illustrates what the interest rate would be if paid and compounded each year.
Net Rate - is the interest rate paid after deduction of tax.