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These interest rates are correct as of 23 August 2021. Interest rates are variable, and any interest you accrue will be paid quarterly.
For accounts opened before 23 August 2021
We do not pay interest on amounts of £2,500 or more.
For accounts opened on or after 23 August 2021
We do not pay interest on amounts of £1,000 or more.
Keep in mind interest paid before 06 April 2016 will have been paid net (unless you registered the account with us to receive gross interest). Net is the rate of interest payable after allowing for the deduction of income tax at the rate specified by law (20% at the moment).
From 06 April 2016 interest is paid gross, meaning we will not deduct tax on your behalf. Dependant on your personal circumstances, tax may be due on your interest and it is your responsibility to disclose and pay any tax due directly to HMRC.
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You can open an account if you meet all necessary conditions after we check your circumstances. We may monitor and record calls.
Under 19s Account holders aged 18 or over do not have access to set up overdrafts or have Save the Change balances transferred to their account. Also, account holders need to be 16 or over to use the international payments service. The online daily payment limit is £500. If you need to withdraw more than this then you will need to visit your local branch.
Bank of Scotland plc, Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.
