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Business banking > Rates and charges > School banking account rates 

School Banking account rates

The table below shows interest rates paid monthly for School Banking account:

Current rates

 
AER%
Gross%
Net%
£1+

0.10

0.10

0.08

These interest rates are correct as at 14/04/2009.

Interest rates may vary from time to time.

Previous rates

 
AER%
Gross%
Net%
£1+

0.10

0.10

0.08

These interest rates are correct as at 09/03/2009.

Interest rates may vary from time to time.

 

Interest is normally paid at the net rate unless the account falls within an exempt category or the account-holder qualifies to receive interest gross. Interest rates may vary from time to time. All rates are per annum except where stated.

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 advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
GROSS – Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
NET – The rate of interest which would be payable after allowing for the deduction of income tax at the rate specified by law. Interest is normally paid at the net rate, unless the account falls within an exempt category or the account-holder qualifies to receive interest gross.