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Key product information

How it works

Our Online Bonus Saver account gives you a variable rate of 0.75% AER/gross (including bonus interest) for any calendar month you don't make a withdrawal. You'll get a variable rate of 0.25% AER/gross in any calendar month you do make a withdrawal or close your account.

You can open an Online Bonus Saver with £1 or more. If you have more than £50,000 in your account, interest is paid at a lower rate on balances above that amount.

Summary Box

Product name Online Bonus Saver
Interest rates We pay interest monthly at a variable rate.

Interest is calculated daily and is paid monthly into your Online Bonus Saver or another account if you prefer.

See our current Online Bonus Saver Interest rates
Tax status Interest is paid net of basic rate income tax. This means the tax is deducted before you receive the interest.

If you are eligible for gross interest payments, please fill in an R85 form and take it in to your local branch or complete the R85 form online within Personal Internet Banking.
Conditions for bonus payment Bonus and standard interest is paid for any calendar month in which no withdrawals have been made and the account hasn't been closed.
Withdrawal arrangements You have instant access to your money.
Access Once the account is open, it can only be managed online.

Definitions

AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.

Net is the interest rate you'll receive after applicable tax has been deducted, currently 20%. Higher rate tax payers will have an additional liability.

Gross is the interest rate you'll receive before applicable tax is deducted from your account.

Are you eligible for an Online Bonus Saver? Check the full details

How to apply