1 Year Online Smart Saver (TAR10)

1 Year Online Smart Saver

Interest is variable, calculated on a daily basis and is paid annually on 31 August.

†Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to two decimal places.

Gross is the rate of interest if interest were paid and not compounded each year. Interest is calculated daily from the day of receipt in the case of a deposit by cash or transfer and from the following day of receipt in the case of a deposit by cheque.

As the interest rate is variable, we may change the rate if we reasonably believe that the change is needed. If we reduce the interest on your account, we will write to you 14 days before we make the change.

For full details on how and why we will change the interest rate on your account, please refer to Section 8 of the Savings Terms and Conditions.

Based on the current interest rate, and 12 regular deposits of £100 in this account after 12 months you would have £1,243.20. This figure is for illustration purposes. The estimation assumes that £100 is deposited on the first day of each month and no withdrawals or changes in interest rates within the 12 month period.

The account can only be opened and managed online.

To open a savings or mortgage account you must be aged 18 or older, UK resident, and permanently reside within the UK. Only 1 Online Branch Smarter Saver per customer is permitted.

The minimum balance is £25 the maximum balance is £3,600.
A subscription of between £25 and £300 should be received each calendar month and you can vary the amount you wish to save. You can make more than one subscription per month providing the maximum subscription is not exceeded. You can make subscriptions by Standing Order, Bank Transfer or Debit Card. Please note Debit Card deposits can be only be made via the Online Portal/Mobile App.

If no subscriptions are made for 3 consecutive months or if 3 or more monthly subscriptions are missed throughout the anniversary year the Society, after giving you 60 days notice of our intention to do so, reserves the right to close the account and either return the balance or transfer it to an Instant Access Account.

You can withdraw 2 times without penalty per tax year (6th April – 5th April) All
other withdrawals are subject to 30 days loss of interest on the amount withdrawn.

On maturity the Society will open a new variable rate Instant Access savings account with the society and transfer the balance.

Minimum age 18 years.

UK residents only.

The treatment of your account for tax purposes will depend on your individual circumstances and you may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please visit HM Revenue & Customs’ (HMRC) website: hmrc.gov.uk . The tax information provided is based on our understanding of current law and HMRC practice, both of which may change.

Yes if

You want to save between £25 and £300 each month.

You are happy that the interest rate may change at any time.

You want to open and manage your account online.


No if


You want a fixed rate of interest for a fixed term.

You want unlimited penalty free access to your funds.

You want to open your account in branch and manage your account in branch or via the post.