Projected/Net Interest Information
What is Projected Interest at Maturity (Net/Gross)?
Projected Interest at Maturity (Net/Gross)* is the estimated amount of interest you will earn at the end of the term based on the current balance in your Account.
What is Interest Earned to Date (Net/Gross)?
‘Interest Earned to Date (Net/Gross)’ is the actual interest which has accumulated to date but not yet paid to the account.
This figure is for illustrative purposes only.
From the 6 April 2016 credit interest on all accounts will be paid gross (under new legislation tax will not be deducted when credit interest is paid). If your credit interest is more than your Personal Savings Allowance you may still have tax to pay. Please see www.gov.uk for information on the Personal Savings Allowance or speak to a tax advisor.
Any reference to tax is based on our understanding of current legislation and HM Revenue & Customs practice.
*Gross stands for contractual rate of interest payable before the deduction of income tax at the rate specified by law.