Island Regular Savings Interest Rates

Current Interest Rates

Interest rates are correct as at 01 April 2009

Interest on Credit Balances (paid annually)	% Per Annum Gross Rate*	% Per Annum AER**
£1+ (0-2 Withdrawals)	0.40	0.40
£1+ (3-6 Withdrawals)	0.20	0.20
£1+ (7+ Withdrawals)	0.10	0.10

Previous Interest Rates

Interest rates from 02 March 2009

Interest on Credit Balances (paid annually)	% Per Annum Gross Rate*	% Per Annum AER**
£1+ (0-2 Withdrawals)	0.85	0.85
£1+ (3-6 Withdrawals)	0.60	0.60
£1+ (7+ Withdrawals)	0.25	0.25

*GROSS RATE: The contractual rate of interest payable before deduction of income tax at the rate specified by law.

**AER - AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advert for a savings product will contain an AER - Annual Equivalent Rate - you can compare more easily what return you can expect from your savings over time.