Interest on a HiSAVE Remittance Account FAQs

How is interest calculated?


We calculate interest on a daily basis on the total balance in your account at the end of the day, at the relevant gross rate.

 

Deposits: Interest is calculated from the business day on which we receive the deposit of funds into your HiSAVE Remittance account

 

Withdrawals: Interest is paid on money transferred from your account up to the day of (but not including) the day of transfer.

When is interest paid?


Interest is paid into your HiSAVE Remittance account on the last day of each month. If the last day is not a business day we will pay your interest on the following business day.

Can interest be paid to my linked current account?


No. However you can set up regular payments of a set amount from your HiSAVE Remittance Account to your linked current account.

What is the difference between net and gross interest?


Gross interest is the interest credited to your account; tax is not deducted. Net interest refers to the interest that’s left over after tax is deducted.

How do I register for gross interest?


To register for gross interest, please send us a completed HM Revenue and Customs R85 form. Please ensure that your account details are complete on the form. Incomplete or incorrectly filled R85 forms will not be registered for gross interest and will be returned to your correspondence address within two weeks of receiving the form.

Will you tell me when interest rates change?


We are committed to keeping our savers informed about our interest rates. We may change the interest rates we pay on the savings you have in your HiSAVE Remittance Account. If we do so we will post a notice on our website, inform through our Customer Service Centre or write to you (by post or email) in the following ways:

  • If the change is to your advantage, we will tell you about the change within 30 days of the change
  • If the change is not favourable to you, we will tell you about it at least two months in advance of making the change