How is interest calculated?
Interest is calculated daily and is paid:
Annual interest accounts:
Interest is calculated daily and paid annually on the anniversary of the deposits account opening and being funded and on maturity. Interest can be added to your selected savings product or paid into your nominated bank or building society current account.
Monthly interest accounts:
Interest is calculated daily and paid monthly into your selected savings product or paid into your nominated bank or building society current account and on maturity.
Can Masthaven Bank change the interest rate?
No, the interest rate is fixed for the duration of your fixed rate bond.
Can I withdraw money?
No. To enjoy the fixed rate you must not take money out before the end of the fixed term of your chosen product.
Within a reasonable period of time before the maturity date of your account, we will provide you with the options available to you through the online account manager.
We can return funds to your nominated bank account or help you to invest in other products with Masthaven Bank. If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds to your nominated account because, for instance, it has been closed, your account will automatically become a Masthaven Bank instant savings account.
What would the estimated balance be after 12 months
| Initial deposit at account opening |
Balance after 12 months |
Interest earned |
| £1,000 |
|
|
| £10,000 |
|
|
| £50,000 |
|
|
We've based the above examples on your selected interest rate and assume the following:
- You selected the annual interest payment option.
- You made a single deposit when you opened the account.
How do I open and manage my account?
You can apply to open an account if:
- You’re aged 18 or over.
- You’re a UK resident and a UK or EU citizen.
- You can manage your account online providing you have a personal email address and mobile number.
- To open an account you must put in at least £500 and up to a maximum balance of £250,000. Once we have confirmed with you that your account has been opened, you will have a period of 7 calendar days, including the day we open your account, to fund your account.
- We will credit the deposit to your account on the same day that we receive the funds from you. You can transfer funds by electronic transfer but not by cheque.
Terms and Conditions
To view the terms and conditions of our savings products click here.
Other important information
- We reserve the right to withdraw any of our savings products at any time without notice.
- This product is not a ‘Qualifying Time Deposit’ (QTD) as defined by HMRC.
- Since 6 April 2016 you can earn up to £1,000 on your savings tax free, if you pay the basic rate of tax, and up to £500 a year if you pay the highest rate of tax. When we pay you the interest you’ve earned we won’t take the tax off. If you go over your allowance, it’s your responsibility to register and declare your tax and residency status and to pay any tax due to HMRC.
- All deposits you make into your account must be from the nominated bank account you
provide when you open your account.
- You can make additional payments in to the account up to 7 calendar days from application.
- There is an account balance minimum of £500 on your account and a maximum of £250,000. You may have numerous savings accounts with us at any one time. However, there is a maximum total balance of £1,000,000 that you can have deposited across all of your fixed savings accounts with us at any one time. Any accounts held jointly, or funds held in a joint account, will count towards each of your own individual limits.’
Annual Equivalent Rate (AER)
This is a notional rate that shows you how much the interest rate would be if the interest was paid and compounded once a year. It’s designed to make it easier for you to compare different financial products.
Gross Rate
This is the interest rate you are paid without any deduction of income tax.
The information provided is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.