For example, if your balance is £1,000.00 when you transfer the account to us, after 12 months you will have a balance of £2,212.00 after interest is paid.
Or, if your balance is £13,000.00 when you transfer the account to us, after 12 months you will have a balance of £14,290.80 after interest is paid.
This assumes:
- You don’t withdraw any money or interest
- The interest rate stays the same
- You make regular deposits of £100.00 in the middle of each month.
If you have more than £12,000 in your account, you’ll get two different interest rates on your balance. The higher rate applies to everything up to £12,000 and the lower rate to any excess above £12,000.
Also, if your balance is £1,600 or more when you close the account, you'll get a 25% bonus on your final balance. This is paid by the UK Government if you buy a house up to the value of £250,000 outside London or £450,000 inside London. The minimum bonus of £400 is payable on closing balances of £1,600. The maximum bonus of £3,000 is paid on closing balances of £12,000 or more.