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Personal Current account - with effect from 6 March 2009 0.05% gross
Interest payable monthly on all credit balances
OVERDRAFTS with effect from 1 April 2009
- Agreed overdraft facilities are charged at 5% above
Reliance Bank base rate - 5.50%
- Unauthorised overdraft facilities usage is charged at
12.00% above Reliance Bank base rate - 12.50%
Instant Access Saver - with effect from 6 March 2009
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Balance |
Gross Rate PA% |
AER% |
Net Rate PA% |
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£1-£4,999 |
0.05 |
0.05 |
0.04 |
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£5,000 - £24,999 |
0.10 |
0.10 |
0.08 |
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£25,000 - £99,999 |
0.20 |
0.10 |
0.16 |
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£100,000+ |
0.40 |
0.40 |
0.32 |
Interest is paid quarterly in March, June, September &
December on the last working day of the month.
Cash ISA - 2.25% variable, with effect from 6 April 2011
(interest paid annually & credited to the account on 5th April or previous working day)
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Balance |
Gross Rate PA% |
AER% |
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£1-£5,340 (current tax year allowance) |
2.25 |
2.25 |
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£1 plus (previous tax years allowance) |
2.25 |
2.25 |
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KIDZ Saver (interest paid annually on 31 March)
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Balance |
Gross Rate PA% |
AER% |
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£1-£10,000 |
2.00 |
2.00 |
TEENZ Saver (interest paid annually on 31 March)
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Balance |
Gross Rate PA% |
AER% |
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£10-£20,000 |
2.00 |
2.00 |
Personal Loans with effect from 1st August 2010
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Amount Borrowed |
Typical APR |
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£500-£2,499 |
15.90% |
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£2,500-£4,999 |
13.90% |
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£5,000-£20,000 |
9.90% |
Reliance Bank Limited reserves the right to increase the above rates by 1% for
borrowing for debt consolidation.
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Please contact us to check our current rates or visit our website, as interest rates may change at any time without notice. |
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Gross Rate – The rate before deduction of tax applicable to interest on savings
Net Rate – The rate after deduction of tax applicable to interest. Current tax rate is 20%
AER (Annual Equivalent Rate) – A notional rate which shows the gross rate as if paid and compounded on an annual basis
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Please note - interest will ordinarily be paid with tax deducted on all accounts except Cash ISA accounts
If you believe you are exempt from paying tax on interest on deposits in the UK and you have received the appropriate, valid tax exemption form, please contact us.
For more information on tax exemptions, visit the HM Revenue & Customs website.
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We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we as a Bank fail to meet our financial obligations. Depositors, including most individuals and small businesses are covered by this scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each, making a total of £170,000. The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the Bank, including their share of any joint account, and not to each separate account.
Further details of the Scheme are available on request or refer to the FSCS at
www.fscs.org.uk
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