Immediate Access Accounts
Investors in these Immediate Access Accounts can get their money back with interest immediately, though in practice five days should be allowed for clearing funds.
| Institution | Account | Interest Rate (AER) | Min/Max | Net Interest on £10,000 | Details |
|---|---|---|---|---|---|
| Alliance & Leicester | DirectSaver(1) | 6.30% | £5,000 / £100,000 | £504.00 |    |
| ICICI Bank | HiSAVE Savings | 6.30% | £1 / £1,000,000 | £504.00 | |
| Scarborough Building Society | Click & Save Issue 6(2) | 6.30% | £1,000 / £1,000,000 | £504.00 |  |
| Sainsburys Bank | Internet saver | 6.25% | £1 / £2,000,000 | £500.00 | |
| Birmingham Midshires | WebSaver - April 2007(3) | 6.20% | £1 / £5,000,000 | £496.00 | |
- Covered by the Scheme
- Variable Rate
- Paid Monthly
- Paid Annually
Important Notes
- (1) No interest paid in any month in which a withdrawal is made.
- (2) Rate fixed until 30/9/2008, thereafter variable
- (3) Rate includes bonus of 0.75% for first year. Maximum of 6 penalty free withdrawals permitted annually.
What is the Scheme?
The Financial Services Compensation Scheme was established under the Financial Services and Market Act 2000. The Scheme affords 100% protection to the first £2000 of a depositor's total deposits with the Institution and 90% of the next £33,000 amounting to a maximum payout of £31,700.
What is AER?
This is the Annual Equivalent Rate and specifies what the interest rate would be if interest were paid and added to the Account once a year. As every Institution which quotes an interest rate must include an AER, we are comparing like with like.
Why is Net interest quoted?
Institutions will pay interest net of Income Tax at the statutory rate (currently 20%), unless you advise them you are not liable to Income Tax and complete the appropriate Inland Revenue form.