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- 1 AER stands for the Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added to the capital balance? each year.
- 2 Gross P.A. is the rate of interest paid to eligible non-taxpayers without the deduction of tax.
- 3 The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax?.
- 4 Net is the annual rate of interest payable after deduction of basic rate income tax (currently 20%). Interest will be paid net or, if we receive the necessary declaration from you, gross. Where the tax deducted exceeds your tax liability (if any) you may make a repayment claim to HM Revenue & Customs. If your income falls within the basic rate band the tax deducted will match your tax liability on the interest and you will have nothing further to pay. If you are liable to tax at the higher rate(s) you will have an additional tax liability. For more information please visit www.hmrc.gov.uk/individuals/babsi.htm.
- 5 By Bank of England Base Rate we mean the Bank of England’s official dealing rate (the Official Bank Rate) as set by the Monetary Policy Committee.
- * Call our UK-based Contact Centre between 8am to 8pm business days, 8am to 4pm Saturday and 10am to 3pm Sunday. Calls are charged at your service provider’s prevailing rate and may be monitored and recorded.
- All illustrations are calculated over the first year of investment into the accounts and are based on the current rate for these accounts providing no withdrawals are made. The only exceptions to this are the L&G Growth Deposit accounts which are calculated over the full term of the account.