The interest rates on some of our savings accounts are changing. This will affect our Cash ISA, Child Trust Fund Account and the Children’s Savings account.
A dividend is still payable on our Member Share Account, which is decided at our AGM – the rate last year was 0.5%.
Summary of interest rate changes
The current rate is 1.2% AER.
Child Trust Fund
The current rate is 2.5%.
Children’s Savings Account – Money Munchers
The current rate is 1.5%.
We are making these changes following widespread reductions in interest rates at other institutions which themselves followed the Bank of England’s Base Rate reduction in August.
Having now seen where competitor interest rates are ending up, and in order to maintain the competitiveness of our savings and loan products, as well as acting in the wider interests of all of our members we’re unable to maintain our interest rates at the previous level.
We are confident that our rates remain competitive with other savings account interest rates, many of which are now even lower.
Please don’t hesitate to let us know if you have any questions regarding this change by emailing us firstname.lastname@example.org, or by calling us on 0117 924 7309.
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